Ecovis automates the full expense process with Yokoy
Ecovis is a leading global consulting firm with its origins in Continental Europe. It has almost 8,500 people operating in nearly 80 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice. The subsidiary ECOVIS ws&p AG offers the whole range of services of the ECOVIS-Group in Switzerland from tax- and legal advice, finance- and accounting services to auditing and management consulting. We sat together with their Managing director Marcel de Boni and asked him about his experience with Yokoy.
How did you tackle company spending and expenses before Yokoy?
Receipts were stored physically and the information was extracted manually. All related financial journals were recorded manually in our ERP system.
What journey brought you to Yokoy?
We had heard via a business contact from Yokoy and challenged the new tool on its legal compliance and performance. We have tested other expense tools before but Yokoy is a new level of automation thanks to the Artificial Intelligence module and the well thought-through tool setup.
How does Yokoy help you as a Managing Director?
Yokoy automates the complete expense process, which has several advantages. One major plus is the real-time effect, which ensures that receipts get scanned on the go without waiting until the end of the month or quarter or even year. This results in fewer missing receipts. Also you don’t have to guess information anymore due to indecipherable old receipts.
What are some unique challenges your company faces when it comes to expenses?
As a service provider for accounting-, tax-, legal- and management consulting services, we want to be thought-leaders in the fields and aspire to be a role model for our customers. Therefore, we are very picky when it comes to new tools and therefore test and compare them intensively. Yokoy was developed by Finance- and Tech-professionals alike, which can be seen in the high quality of the product.
What would you advise other companies considering Yokoy?
We will recommend Yokoy to our customers and therefore recommend it to all other businesses as well. The high performance AI-module together with the intuitive app makes Yokoy the best expense and company credit card tool we’ve seen.
The high performance AI-module together with the intuitive app makes Yokoy the best expense and company credit card tool we’ve seen.
How did you pitch Yokoy to your team?
That was easy. Yokoy truly automates all repetitive tasks. You can either take a picture of a receipt, upload it or even just forward an email and Yokoy takes care of the rest. As a manager, it flags only exceptions, so I don’t have to check each and every receipt and trip anymore. Same for the Finance team, only VAT exceptions are manually looked at, the rest goes directly into our ERP system and is correctly booked there.
What impact does Covid19 have on your tasks and work with your customers? And how can technology help you?
The sudden change has triggered a certain push in digitisation and automation. Customers and employees are now more conscious of digital opportunities. We, as a Finance team, are working to ensure that data and receipts are increasingly passed on to us digitally and on a “real-time” basis. This allows us to automate processes and reduce seasonal fluctuations in workload.