Automation: The Future of Financial Centers?

Faced with this new situation, companies are equipping themselves with innovative solutions, combining performance requirements, search for competition and the widespread use of artificial intelligence and machine learning technology. Maggie Mitchell, Yooz’s COO EMEA, sheds light on this

Companies will be obliged to issue and accept an invoice in an electronic format, for example in factor X or BL2 format. We will no longer speak of a simple PDF sent by e-mail, but of a native electronic invoice.

What will be the billing landscape in the future if European countries implement these forthcoming reforms? According to Magali Michelle, “The paper will not only disappear, but other problems will arise, such as redistribution of tasks, which will help to optimize supplier relationships, budget monitoring analysis, time to manage performance through data, which will transform the financial role and position. And give administrative departments more power and influence over the overall management and strategic direction of their organization

New technology, performance is an unprecedented vector

Artificial intelligence, the flagship engine of these automation solutions, is a technology that develops in its own ecosystem, relying on both knowledge base and logic elements. Where an algorithmic system will repeat a pattern to get results, AI will enrich itself over time and continuously improve performance.

These technologies are a major productivity lever for companies. Accelerating the invoicing process saves considerable time and money for companies. By adopting a solution to automate its accounting processes, it is finally possible to greatly reduce human processing time, achieve significant savings, increase productivity, prevent the risk of document forgery, guarantee the traceability of the process, and strengthen the quality of supplier relationships.

Evaluate human activity and limit fraud

Fraudulent financial services black spots. From an accounting standpoint, this is mainly done through document modification.

When a supplier changes the volume of an IBAN or an invoice, the steganography technologies associated with AI will analyze the pixels of the document and realize that they have been modified. They will identify it as a possible case of forgery, warn the user and request intervention.“, Explains Maggie Mitchell.

Accounting automation solutions will also contribute to the creation of a reliable audit trail and a file of accounting entries when managing legal archives.

When an employee develops invoices that enter into a budget analysis mission, he or she is valued, such as the company image.

Magali Michelle,, COO EMEA, YOOZ 7

We see redefining human roles with our clients. As low-cost jobs are reduced, roles are redistributed and resources are redistributed. When an employee enters an invoice and moves on to a budget analysis mission, he or she is valued, much like the company’s image. “

These automation solutions therefore have a beneficial effect on human cost. From the company’s customer perspective, thanks to a better brand image or hiring their future employees, thanks to better evaluation of the profession, they can appear as a source of attractiveness.

The movement towards accounting automation is accelerating significantly. A trend that highlights companies like Yooz, providing automation solutions for financial and accounting decision makers.

Want to know more? Discover Yooz, the most advanced solution on the market.

Leave a Comment