Yoquard’s success in managing Accounts Payable in Transport and Logistics with FOS Desk

Introduction

About the Company

Yoquard, a transport and logistics company based in the United States, experiences several issues, from the fluctuations of fuel prices in trading. In all these challenges, there is one that sometimes goes unnoticed, the account payable modernization. Thus, the optimization of this vital support function can enable transport and logistics firms to improve operational performance and open the door to sustainable development in a challenging and unpredictable environment.

FOS Desk’s AI-based AP system has positively transformed our accounts payable department. It has largely eliminated manual work, made the data more reliable, and given a detailed view of our spending.

Dikedz
Transportation Manager

Challenges Faced

It is crucial to note that most transport and logistics companies no matter how small they are face a myriad of operating expenses. There is vehicle maintenance, optimizing the operation of fleets, and warehousing expenses, which depend on location, size, and stored products. Due to the large number and diverse nature of invoices, the process of AP using manual systems results in significant administrative expenses.

In most cases, basic automation systems are inadequate in dealing with all the intricacies of these invoices. For instance, purchase orders and invoices may slightly differ in appearance, with one containing a full company name while the other contains an abbreviated version.

These scenarios represent exceptions to straightforward rules-based automated AP systems, which cause companies to revert to manual processing. Nevertheless, intelligent AP software with an integration of AI can streamline such tasks even if there are issues with intricacy.

Solution

The automated accounts payable system under the FOS Desk is a powerful tool to tackle the complexity of the logistics sector using AI features. Using OCR and artificial intelligence, data from invoices are directly entered and matched with the purchase orders with minimal or no human interference.

FOS Desk’s system also enables firms to systematically and accurately categorize their expenses such as maintenance of vehicles, managing cargo, or routing services. Such fine segmentation ensures detailed reporting since the financial decision-makers have a well-articulated picture of where resources are being channeled and how they help the organization.

The efficiency of automating everyday tasks using artificial intelligence is noteworthy. It was noted that a mid-size enterprise spends about 9 processing a single invoice, totaling to significant costs for the companies that process thousands of invoices per year.

Results

In the highly competitive transportation and logistics industry, manual AP processes not only do not help achieve growth and improved service speed but are counterproductive. The industry has its problems and obstacles, such as high rate volatility, and heterogenic expense range. When it comes to AP solutions, AI-driven automated AP tools can help organizations transition from responding to certain issues to leveraging technology as a tool and an asset.

This kind of modernization also offers the potential for significant cost reduction and enables organizations to be more innovative, accountable, and adaptable. As a transport and logistics company, automation in the accounts payable procedures will be a key factor in leading these enterprises towards sustainable development and achieving unprecedented efficiency.

Conclusion

From Yoquard’s testimony on how FOS Desk’s AI-enabled AP system enhances the transport and logistics industry, it is evident that enhancing AP processes is a game-changer. The key to budget optimization is to automate complicated processes and present the potential savings in ways that make the costs impossible to ignore.

By now you will be ready to revolutionize your accounts payable function and take your business to a new level. Be sure to contact the FOS Desk today and find out how to reduce your operational costs and grow your business.