In this Community Summit North America 2022 News Desk, Laurent Charpentier, CEO, Yooz and Aaron Back, VP/Principal Analyst, Acceleration Economy Analyst Network discuss how Yooz has assisted customers in various challenges and define the ways in which the company is “industry agnostic.”
00:29 – Laurent Charpentier is the CEO of Yooz. Yooz is a cloud-based, AP automation that started in Europe and moved to the US in 2015.
01:11 – Are e-payables starting to increase in use? Are they more secure than traditional payment methods?
01:38 – Typically, the most common types of e-payables are made through automated clearing houses (ACH) and virtual credit cards. The advantage behind these payment methods is that they are:
- Simple to use
- Get to the vendor faster
For vendors who accept the virtual credit card, users will receive cash back, like using a personal credit card – similar to a rewards program.
03:22 – Yooz recently announced its partnership with Shelor Motor Mile. Shelor Motor Mile was faced with the challenge of wanting to go completely paperless – the company generates between 2,700 and 5,000 invoices a month. How did Yooz assist Shelor Motor Mile in addressing this challenge?
04:24 – Shelor Motor Mile has many locations across various states which creates a decentralized structure. The company selected Yooz to be its partner to handle automating its account payables and digitizing all of its incoming invoices from vendors. Since Yooz is a cloud-based platform, all Shelor Motor Mile employees have full digital visibility to account payables.
06:00 – The biggest takeaway for both companies was how much time was saved on closing processes. Shelor Motor Mile was able to save a great deal of time as having all its financial systems digitized took its closing process from 10 days to two days.
06:35 – Yooz is tackling unique challenges across various industries. What is next for Yooz from an industry-focused perspective?
07:12 – The automotive and construction industries are a key focus for Yooz that the company is continuing to expand on, in addition to focusing on the non-profit industry. Yooz considers itself “industry agnostic,” meaning that the company can “speak the language” of any industry and easily configure its platform for any sector.