Driving AP Automation Efficiencies Through Payments Transformation. Minnesota AFP April 19, 2011

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1 Driving AP Automation Efficiencies Through Payments Transformation Minnesota AFP April 19, 2011 Zorica Stojanovic Vice President Lawrence Heavey Senior Vice President

2 Agenda Payments Transformation Challenges in today s business climate Today s payments landscape Benchmarking key metrics Building the Business Case for Change Understanding current state Stakeholder engagement Defining goals Case Study Closing 2

3 Payments Transformation

4 Challenges brought on by today s economy How can my AP department process the same payments volume with reduced staff? Is there a better way to increase payment visibility and better take advantage of early pay discounts? Can we reduce processing costs while maintaining or improving internal controls? Can we help the company generate revenue? In today s environment, how can we cost-effectively reduce the amount of paper we process and achieve our corporate green goals? How can we better manage our vendors and suppliers? 4

5 Automation and Outsourcing Invoice to Payment Automation and Outsourcing Why should you care? Most best in class companies leveraging AP automation outperform their peers Performance Area Invoice Processing costs Processing Cycle-time Late payments Staff time responding to inquiries Best in Class Advantage 91% lower 46% shorter 12% fewer 30% less Automation can drive: Better working capital management, more efficient terms management and visibility Improved vendor relationships, as automation drives value for both parties in the transaction Improved controls, audit and compliance, and transaction transparency Source: Aberdeen Group Card Solution Selection, September

6 Your organization s payments: A broad view Types: At Point of Sale Retail purchases Employee expenses (T&E) eprocurement Common electric payment options: PCards, T&E cards, Pre-Paid cards,t&e Processing/Payment solutions Types: Payments through AP department Non-retail supplier purchases B2G, B2B, B2C, B2E payments eprocurement Common electric invoicing and payment options: ACH, WIRE, Ghost cards, T&E payment solutions Potential Benefits: Reduce invoice and payment processing costs Multiple strategic benefits Extend Days Payables Outsourcing Potential Benefits: Reduce invoice and payment processing costs Multiple strategic benefits Extend Days Payables Outsourcing 6

7 Accounts payable goals Implement scalable and flexible payments solutions to sustain company growth Create efficiencies by abandoning and automating labor intensive paper processes Reduce banking fees by employing payments transformation strategies to migrate from costly paper to lower cost electronic payments Leverage financial investment in ERP or AP system to limit use of proprietary bank applications Achieve straight-through-processing (STP) of payments through the elimination of human touch-points Establish system flexibility to take advantage of next generation payment types 7

8 Accounts payable: Possible transformation challenges Do more with less Limited AP staff Most companies have limited IT resources to support process change Any transformation solution must seamlessly integrate with existing workflows and the existing ERP or AP system There are inherent inefficiencies with processing checks Less-than-optimal trade terms or missing discounts» End-to-end electronic solutions may garner better payment terms High cost of paper processing, reconciliation and security Lack of liquidity visibility you never know when a check will be presented for payment! Despite dwindling float advantages, management may still be attached to traditional check float or physically signing checks Conversion to electronic payments can drain resources Difficult and time-consuming to determine supplier electronic readiness 8

9 Payments transformation: The mix within the payments model is changing Increase in utilization of Electronic Payment Methods (5.3%) Checks T & E Cards 6.7% Wire Transfer 7.4% P-Cards 8.2% ACH 9.7% -(10.0%) -(5.0%) (0.0%) (5.0%) (10.0%) 15.0% Despite epayments growth, 65%+ of all B2B AP Payments are still made via checks (a) Source: Aberdeen Group, June

10 Accounts payable payment mix: Historical payment types Checks despite increases in e-payments, checks still dominate Generally more expensive than other types of payments (e.g., ACH) Subject to certain types of fraud (e.g., alterations, counterfeit) Most companies have not assessed the true cost to produce a check Disbursement float continues to erode in a post-check 21 environment Wires used on an exception basis Expensive compared to other payment types (e.g., check or ACH) May be managed outside of the AP system by Treasury 10

11 Accounts payable: Driving paper to electronic ACH growing very rapidly Growth in traditional ACH (CCD and CTX) yet B2B remittance data delivery, vendor adoption challenges hinder faster growth rate Today: network solutions that enable vendor adoption, payment, and remittance delivery driving additional growth Card Historically used only for Corporate T&E or purchasing applications Card use established beyond Point-of-Sale transactions for eprocurement, card not present purchases Today: highest growth area is using cards for AP payments, as technology to deliver remittance data and onboard vendors has improved 11

12 Payment transformation benchmarking: How am I doing? Do you use benchmarking in AP? Top 10 Industry Metrics* No 54% Yes 46% 1. Invoices Processed / AP Staff 2. Cost to Process an Invoice 3. % of Discounts Captured 4. Invoice Input Errors 5. PCard Use (% of Spend) 6. # and Cost of Manual Checks 7. % of Invoices Rec d Electronically 8. Cost to Process an Expense Report 9. Vendor Inquiries 10. # and Cost of Exceptions *6 of 10 top metrics (highlighted in red) are linked to the payment initiation Source: IOMA AP Department Benchmarks and Analysis

13 Payments transformation: Benchmarking the value of paper to electronic payments migration Average Payment Processing Cost Best-in-Class Industry Average Laggards Paper-based checks $10.84 $11.03 $11.33 ACH Commercial Cards Wire Transfer Average electronic payment processing cost Percent savings by electronic payment method over paper-based checks* 38% 33% 26% Average payment processing cost (including paper-based checks, ACH, commercial cards and wire transfer) $7.55 $9.94 $11.12 * Excluding Wires, the savings can be even more substantial Source: Aberdeen Group, June

14 Building the business case for change

15 Key organizational considerations Companies best positioned to drive automation and processing improvements: AP viewed as strategic part of broader procure to pay process Strong relationships between procure to pay stakeholders to address divergent goals: Procurement drive down vendor prices/decrease COGS AP drive down transaction processing costs Treasury extend DPO and strategically manage Working Capital IT leverage investment in ERP System Shared service center structure Willingness to look outside the organization to identify and drive best practices: Vendor rationalization Supplier enablement Straight through processing Companies that understand their current processes: Strong visibility into current process Procedures and process detail clearly documented, and baseline costs for key tasks can be measured Executive commitment for change 15

16 Getting started Step 1: Conduct a high-level E2E audit by key payment types By payment-type (expense reimbursements, vendor payments, PO & Non-PO Payments) Document your key process flows Identify key points of pain, improvement opportunities Key questions What percentage of your AP payments is by check? Does the current process enable you to maximize early pay discounts? Are controls in place to identify and minimize potential late payments? Can you identify where a payment is within the approval process, and what (if any) disputes remain? Does the current process allow payments and cash flow visibility? Is reporting adequate to support effective working capital management? How many times is your organization copying, touching the paper? Are key processes documented and baseline costs measured? 16

17 Gaining organization buy-in for change Step 2: Selling the need for change Identify key internal stakeholders (Treasury, Finance, Controller, Procurement, Technology, Audit) Socialize the potential benefits for each stakeholder Develop the business case: Processing cost savings (labor, fees, cash flow, discount attainment) Audit, Risk and SOX compliance improvements Supplier benefits Working Capital Management goals IT project avoidance ROI and/or Cost Benefit Analysis supported by all Key Stakeholders. These include: Procurement Technology Resources Audit Tax Department Finance Accounting Treasury 17

18 Evaluating the Options Step 3: Evaluating the options a focus on epayments and remittance delivery Best-in-class solutions can enable the following Maximize vendor adoption by providing choice Single file, single-provider solution that leverages existing ERP & A/P systems: Allow you to expand up the Supply Chain Successful companies typically start with Payments, then leverage that success to drive P2E migration of Invoice processing Choose a vendor that offers modular solutions that allow P2E migration through the supply chain Move from epayments to EIPP (Electronic Invoice Presentment and Payment) with the same provider Leverage the same proven vendor adoption program 18

19 Evaluating the solution providers Step 4: Evaluating the options: a high-level checklist Will adopting the solution result in changing core payment processes and compromise (versus strengthen) existing controls in place? Does the provider have proven experience in interfacing with my specific AP system? Will the solution leverage my existing system? Is the solution scalable? Can I start with converting paper checks to Card payments, then expand to ACH, paper-check/wire, with one AP interface and single-file? einvoicing receipt and processing as well? How will the solution drive quick, meaningful vendor adoption with minimal disruption to my business? Is there an established network that will deliver Day 1 value? Is there flexibility to drive vendors to my preferred payment method (Card vs. ACH)? Will the provider deliver an ROI analysis based on proven historical vendor adoption and cost savings? Will the provider partner to develop and track milestone, KPIs? What is the provider s financial health? Are they committed to investing in the solution for the long term? 19

20 Establishing goals Step 5: With a detailed understanding of current processes and stakeholder needs, establish goals related to proposed changes Clearly defined goals, expected outcomes and benefits statement for each Examples include: Migrate 50% of target vendors from paper-check to Card/ACH in 6 months Reduce check run frequency from daily to weekly Reduce late payment penalties by 75% Take a multi-generational approach Create and communicate end-state vision Pick 1-2 goals that can be attained within the year; leverage success to expand initiative Link benefit of end-state to strategic objectives of organization Improve working capital management and extend DPO Leverage technology to offset FTE reductions Optimize vendor base Establish targets that are attainable and measurable celebrate success 20

21 Case Study

22 One Bank s approach to AP Automation and Outsourcing Solutions Single-file, single-provider solution Leverages existing financial systems and processes Modular Compelling business case and ROI Turnkey vendor outreach and onboarding services Client Comprehensive Payables Solutions ACH (ACH) Card Global Payments Electronic Invoice receipt, workflow and processing Check Outsourcing Employee Reimbursements 22

23 Case Study Company A is a large convenience store retailer and gasoline marketer with over 1,000 outlets in New England, the Mid-Atlantic States and Florida. Challenge Company A issues 88,000 paper checks and remittances to vendors annually. Having recently completed an ERP systems upgrade, a directive was made by Senior Management to further leverage their existing AP systems investment and current processes. Project objectives included: 1) Reduce the number of paper checks issued 2) Reduce costs and enable internal AP resources to be deployed in areas of greater value 3) Bring the accounts payable department payment processes in line with best practices. While they saw the potential value of migrating vendors to electronic AP Payments, they knew they had to develop a strong business case that delivered substantial, tangible cost benefits. Moreover, the mandate was to drive change with minimal IT resources. 23

24 Case Study Solution: Comprehensive Payables (Card and ACH ) A Comprehensive Payables solution was implemented in three months. A turnkey vendor enrollment program strategically driving vendor adoption first to Card, then to ACH, was completed within six months. Daily business processes have changed very little; ACH and Card transactions are automatically flagged in the new ERP system, a one-time change, and passed in a single file to Bank of America for processing. Consequently, IT resources and AP staff time needed to complete the implementation was minimal. Benefits Realized Within the first 9 months, Company A has migrated 36,000 paper checks (41% of total) to Card and ACH. Accounts Payable staffing was reduced 17%, as paper check printing moved from a daily to weekly process a savings of hours per week. Reductions in the number of voided checks, stop-payments, and phone calls and s related to the status of supplier payments were also realized. Internal controls were reinforced to enforce second signatures, cited as an area of improvement. Costs were eliminated associated with maintaining vendor bank account information and processing ACH returns. Company A is eligible for an annual cash rebate from their bank based on the dollar amount of purchases made via Card, and is in the process of adding a P-Card program to maximize the rebate potential. The speed in which the vendors were enrolled, and the number of vendors that adopted the solution exceeded our expectations. Our ability to project cash flow has been greatly enhanced which has proven to be a strong benefit to treasury. Our forecasts are more accurate, which limits the amount of working capital we need to maintain. The performance of the Comprehensive Payments solutions has far exceeded our expectations. 24

25 Pulling it all together The role of Accounts Payable and Treasury is more important than ever Technology improvements resulting in more options than ever to improve core processes, and drive meaningful bottom-line results However, increasing complexity in operating environments and expanding choice set can be daunting Keys to success - do not attempt to tackle all opportunities concurrently; prioritize solutions that: Can be quickly implemented Improve a core process Are easily adopted both internally and with customers and vendors Finally, engage your bank and technology providers for help! 25

26 Questions?

27 This presentation is for informational purposes only. It does not constitute an offer or commitment to buy or sell or a solicitation of an offer to buy or sell a security or any financial instrument, or a commitment to enter into a transaction, of the type generally described herein. The information contained herein, and any other communications or information provided by Bank of America, is not intended to be, and shall not be regarded or construed as, a recommendation for transactions or tax, business, legal, or investment advice, and Bank of America shall not be relied upon for the same without a specific, written agreement between us. Also, certain information contained in this presentation speaks as of the date of this presentation (or another date, if so noted) and is subject to change without notice. This presentation is intended solely for your use and under no circumstances may a copy of this presentation be shown, copied, transmitted, or otherwise given to any person other than your authorized representatives Bank of America Corporation.

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