Lean Mean Receivables Machine

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1 Lean Mean Receivables Machine Jesse Sandoval, AAP VP, Senior Product Manager Union Bank Nancy Atkinson, CCM Senior Analyst Aite Group Carolyn Swafford, CTP, AAP VP, Treasury Management Solutions Advisor Union Bank

2 Agenda Importance of a lean mean receivables machine Billing life cycle - invoicing to collection to posting cash Challenges within receivables processing and B2B payments Key goals to mitigate challenges Lean mean receivables machine solution Build a business case for automation Summary and questions 2

3 3 WHY IS A LEAN MEAN RECEIVABLES MACHINE IMPORTANT?

4 Importance of a lean mean receivables machine A Stronger Bottom Line Starts with a Stronger Receivables Solution Measurement is Critical A company that allows payments over time needs to have a good understanding of when they can be expect to be paid. This provides insight and an opportunity to benchmark against other companies (without measurement there is no baseline). Unlocking Cash Understanding Days Sales Outstanding (DSO) having a high DSO may cost your company money Exceptions and Deductions Straight Through Processing Reduce Manual Intervention Streamline payment / invoice matching and reduce write-offs Definition of Straight Through Processing Allows transactions to move seamlessly through the processing cycle, without manual intervention or redundant handling, typically involves data integration between Bank and Customer. 4

5 Importance of a lean mean receivables machine Reduce bad debt, improve cash flow and minimize administrative overhead Manual Process The manual process of reconciling invoices with payments is inefficient because of barriers and delays, which results in poor or high DSO rates. 5

6 Importance of a lean mean receivables machine Reduce bad debt, improve cash flow and minimize administrative overhead Automated Process DSO can be improved and write-offs reduced because manual processes are automated with pre-established business rules. Maximizing STP 6

7 7 THE BILLING LIFE CYCLE INVOICING TO COLLECTION TO POSTING CASH

8 The billing lifecycle The Billing Process a Typical Commercial Transaction Even though this process appears clear-cut, it is a complex process, more so with business-to-business transactions and the more payment channels offered 8

9 The billing lifecycle Typical Commercial Transaction Where is the Cash Trapped? Stage 2 (Billing) Invoice generation and dispatch Invoice adjustments Stage 3 and 4 (Accounts Receivables) Cash application Returns and chargeback Barriers Discounts Disputes Disparate reporting No remittance information received with payment Remittance information (and format) differs across payment types Tackling these problems reduces DSO and unlocks trapped cash 9

10 10 RECEIVABLES PROCESSING AND B2B PAYMENT CHALLENGES

11 Payments collection is growing more complex Regulatory demands increasing: Know Your Customer (KYC) Anti-money laundering (AML) Reg E Reg CC Check 21 Uniform Commercial Code (UCC) Office of Foreign Asset Controls (OFAC) Travel rules Extended remittance information for wires Data needs explode: Accounting (A/P, A/R, G/L) Receivables/collections Credit management Inventory Treasury Cash flow Working capital management Liquidity management Channels proliferate: In-person Point-of-sale - (POS) ATM/Kiosks Mail Internet Mobile CPU-to-CPU or other file transfers More to come Payments types expanding: Checks/check images ACH with many SEC codes PPD, CCD, CTX, WEB, TEL, POP, BOC, IAT Wire transfer Debit cards (consumer, small business, prepaid", gift) Credit cards (consumer, small business, procurement, corporate travel & entertainment, fleet) Mobile 11

12 Treasury and accounts receivables challenges of U.S.- based companies with US$1 billion or more in revenue Q. What is the top challenge that your company encounters regarding receivables processing? (n=80) Timeliness of payments 23% Internal processing issues and delays/errors 17% Matching and reconciling payments to invoices 15% None/ confidential 9% Other 3% Invoicing issues 11% System/ technology shortcomings 11% Weak economy and impact on strength of buyer 11% Q. What are the top three challenges your company encounters regarding receivables processing? (N=80) Matching and reconciling payments to invoices 19% Internal processing issues and delays/errors 19% None/ confidential 11% Other 5% Organization structure 2% System/ technology shortcomings 9% Invoicing issues 9% Timeliness of payments 17% Weak economy and impact on strength of buyer 9% 12 Source: Aite Group survey of 80 U.S.-based large corporate senior receivables and treasury managers, February to April 2010

13 Frequently more than one invoice per payment Large corporations (revenue > US$500 million): 1.7 invoices per payment Midsize companies (revenue of US$10 million to US$500 million): 1.4 invoices per payment Small businesses (revenue < US$10 million): 0.2 invoices per payment 13 Source: Aite Group survey of 150 receivables managers and experts at U.S.-based companies, January to March 2012

14 Most payments are not processed straight-through, as represented by reported 0% STP rates for all types of payments From U.S.-Based Companies: Q. From US companies, what percentage of payments is processed straight through (STP), that is, fully automated without operator intervention? From Companies Based Outside of the United States: Q. From companies based outside of the United States, what percentage of the below payments types are processed straight through that is, fully automated without operator intervention? (Respondents that receive at least 5% of their total payment) 66% 65% 52% 63% 62% 59% STP of 0% 73% 74% 68% 65% 0% Paper check or draft (N=141) Credit transfer (ACH) (N=74) Direct debit (ACH) (N=25) Wire transfer (N=70) Card (N=55) Cash (N=22) Card (n=30) Paper check or draft (n=82) Credit transfer (ACH) (n=53) Wire transfer (n=51) Most STP experienced: 48% of direct debits are STP Most STP experienced: 35% of wires are STP Least STP experienced: 34% of checks are STP Least STP experienced: 26% of checks are STP 14 Source: Aite Group survey of 150 receivables managers and experts at U.S.-based companies, January to March 2012

15 Majority of invoices are closed the same day not immediately by U.S.-based companies 66% same day or STP 60% same day or STP 52% same day or STP Q. When your company receives remittance information for one of the below payments types, what is the average length of time until your company closes the related invoices? Cash* (n=22) Paper check or draft* (n=142) Credit transfer* (ACH) (n=75) Direct debit* (ACH) (n=25) Wire transfer* (n=70) Card* (n=55) 10% 15% 8% 11% 7% 32% Immediately payment flows straight-through, fully automated, without operator intervention 41% 45% 52% 56% 47% 50% Same -day 44% 42% 30% 33% 36% 9% 9% *Respondents that receive at least 5% of their total payment 62% same day or STP 52% same day or STP 15 Source: Aite Group survey of 150 receivables managers or experts at U.S.-based companies, January to March 2012

16 Receivables factors negatively impacting business at companies with revenue of US$1 billion or more Percentage of Survey Respondents Who Consider Factor to Have a Negative Impact on Their Business (n=80) Large or growing number of exceptions and returns Incomplete or inaccurate data about receivables 74% 73% Inefficient credit evaluation and management process Large number of channels through which payments are received Inconsistent payments handling due to multiple payment types 56% 56% 54% Lack of real-time remittance reporting 50% Existing infrastructure does not support electronic payments well 48% Lack of timeliness of deposits 44% Lack of budget to spend on receivables solutions 29% 16 Source: Aite Group survey of 80 U.S.-based large corporate senior receivables and treasury managers, February to April 2010

17 One-fifth of large corporations (US$1B or more in revenue) experience unauthorized trade discounts of US$1M or more per year Q. What is the amount of unauthorized trade discounts or concessions taken by your clients annually? (N=80) US$500,000 to US$999,999, 16% US$1 million or more, 20% Less than US$500,000, 29% Not sure, 16% Company does not capture, 19% 17 Source: Aite Group survey of 80 U.S.-based large corporate senior receivables and treasury managers, February to April 2010

18 Efficiency opportunity: Almost 60% of respondents say they receive more than half of their payments as paper checks 3% 32% Q. Of the number of payments that your company receives each month from other companies, what percentage are...? (N=150) 6% 8% 5% 11% 6% 12% 5% 18% 26% 100% 59% 43% 76% to 99% 24% 43% 42% 51% to 75% 19% 26% to 50% 17% 1% to 25% Paper checks or drafts Wire transfers Credit transfers (ACH) Cards Direct debits (ACH) Cash 0% (Rounding) 18 Source: Aite Group survey of 150 receivables managers and experts at U.S.-based companies, January to March 2012

19 Remittance details channels VAN Value-added network 19

20 For check payments, mail is the most frequent delivery channel for receiving remittance details 20 Source: Aite Group survey of 150 receivables managers and experts at U.S.-based companies, January to March 2012

21 21 KEY CHALLENGE MITIGATION GOALS

22 Having the remittance details when the payment is received is the most important consideration Receivables Payables 22 Source: Aite Group survey of 240 U.S.-based companies, January to March 2012

23 is the most preferred method for receiving remittance details overall Q. Which three methods of receiving remittance information does your company most prefer? (N=150) 45% Preferred methods Small businesses (n=30) Midsize companies (n=60) Large corporation s (n=60) 43% 58% 32% Mail 23% Mail 43% 32% 5% Fax EDI Lockbox 18% 17% 14% Fax 23% 27% 7% EDI 7% 13% 25% Online portal 13% Lockbox 7% 7% 25% Electronically 10% Online portal -- 13% 20% Statement (Bank) Telephone In-person SWIFT 9% 5% 3% 1% Underlined entries are significantly different statistically from italicized and bolded entries per category Electronically 3% 5% 18% Statement (bank) -- 12% 12% Telephone 17% 3% -- In-person 13% 2% -- SWIFT % 23 Source: Aite Group survey of 150 receivables managers or experts at U.S.-based companies, January to March 2012

24 Reasons receivables respondents prefer remittance detail delivery Reasons Receivables Respondents Prefer for Remittance Details Delivery Large corporations (n=19) Level of details/ record of information exchange, 22% Easy/ convenient, 28% Quick and timely, 17% 6% Last resort, 17% 11% Midsize companies (n=24) Level of details/ record of information exchange, 17% Easy/ convenient, 38% Quick and timely, 38% 4% 4% Small businesses (n=24) Level of details/ record of information exchange, 46% Easy/ convenient, 25% Quick and timely, 21% 4% 4% Level of details/ record of information exchange Easy/ convenient Quick and timely Lower cost than alternatives (mail or telephone) Customer preference Automated process/ software Last resort Audit Not sure Easy/convenient, quick and timely, level of details/record of information exchange 24 Source: Aite Group survey of 150 receivables managers or experts at U.S.-based companies, January to March 2012

25 Corporate goals that will help mitigate challenges Improve the cash conversion cycle of payments Effectively manage deductions and exceptions Accelerate the application of cash and information Assist with discount/ deduction management Aggregate payments and their remittance details Provide consolidated reporting and account receivables feeds Establish acceptance policies and tolerance rules for payments received Apply trends analysis and ongoing learning to enrich rules 25

26 Companies evolving demands Predictive payments information for treasury to better plan working capital Better accountability for outstanding invoices and payments Electronify receivables processes for timely processing (STP is secondary, but important), including invoicing, exceptions and interfaces with banks and buyers 26

27 27 LEAN MEAN RECEIVABLES MACHINE SOLUTION

28 Lean mean receivables machine solution What is the significance? Broad view Measurement of receivables Forecasting and benchmarking Efficient processing Straight through processing Exceptions Deductions Reduce days sales outstanding (DSO) Meet liquidity goals Strengthen working capital management 28

29 Important functions of an integrated receivables hub for large corporations (US$1B or more in revenue) Q. If your company were to implement an integrated receivables hub, how important would it be to have these functions? (n=58) Automated invoice matching 14% 76% 10% Automated posting to internal accounting, credit, and treasury systems 10% 78% 12% Automated exceptions processing including work flow 10% 74% 16% Clearing and settling all payments types to your company s bank account(s) 10% 72% 17% Exports and extracts 9% 69% 22% Integration of check and remittance stub images from your lockbox provider 7% 72% 21% Consolidated reporting of receivables and exceptions for all forms of payments 5% 84% 10% Remittance data capture and processing for all payments types 5% 84% 10% Transaction aggregation 5% 78% 17% Payments and receivables analysis of trends and current activities 5% 67% 28% Automated returns processing 3% 74% 22% Better information regarding credit extensions 3% 67% 29% Essential; would not implement without this feature Important to very important Not particularly important or not at all important 29 Source: Aite Group survey of 80 U.S.-based large corporate senior receivables and treasury managers, February to April 2010

30 Designing a lean mean receivables machine Consolidate Standardize Expedite Invoice data All incoming payments and remittance details All payment channels Automate cash posting Business rules Address exceptions Manage deductions Workflows Single posting file including credits Integrate with Enterprise Resource Planning (ERP) system Post to General Ledger and update deduction codes Analytics 30

31 31 BUILD A BUSINESS CASE FOR AUTOMATION

32 Build a business case for automation Reduce paper Cost reduction Electronic payments Electronic invoicing Automate posting Increase accuracy Spend less time researching and analyzing data Staff reduction or redeployment Deduction and exception management Increase collection of unauthorized deductions Reduce preventable deductions Minimize write-offs Reduce manual exception handling Accelerate cash application Reduce DSO Increase financial performance Improve collections cycle Monitor credit risk and aging receivables Trading partner negotiations Better forecasting Strengthen working capital management Less borrowing Better access to credit Receivables financing Longer investment timeframes Higher investment rates 32

33 33 SUMMARY AND QUESTIONS

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