The cloud-based accounts payable automation industry is seeing a new player climbing its ranks. Yooz announced Tuesday (July 28) a slew of new U.S. clients, a signal, the company said, of the market’s increasing successes.
“AP automation has clearly come into its own in 2015 as more and more businesses realize how much money and time they can save,” said CEO of Yooz North America Matt Williams in a statement. “A cloud-based service like Yooz is the perfect platform to modernize an organization’s financial workflow across many locations and even across multiple brands in a snap.”
The statements followed the announcement that Falcon Holdings would become Yooz’s newest corporate client, revealed last month, bringing Yooz’s AP automation tools to more than 250 of Falcon’s franchise restaurants.
The hospitality, automotive and health care markets have been particularly eager to adopt AP automation software, Williams said, as these industries struggle with a lack of payments oversight because they are often spread out geographically.
The executive added that Yooz can save corporate clients up to 70 percent through its spend management solutions and even more when those companies collaborate with Yooz’s partners in the financial services and account management industries. The company works with B2B payments firm NvoicePay, cloud-based financial management firm Intacct and others.
“Integrating with a partner’s service enables companies to further streamline their accounts payable workflow from purchase to payment, all within a cloud financial platform,” the company said.
Yooz’s success in the cloud-based FinServ market is not a surprise. According to research from Cowen & Company, companies are boosting their spending on cloud-based technologies, with average spending increasing by seven or eight times its current levels this year alone.
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