Introduction. Table of Contents

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2 Introduction To stay competitive, you know how important it is to find new ways to streamline and save on your company s operations. Learning how leading companies handle commercial payments can give you deeper insights into where and how you can improve. Help you understand how to run your Procure-to-Pay processes more efficiently. Enhance visibility into corporate spend. Gain better control and compliance. And ultimately, help enable you to add more profit to your bottom line. Visa commissioned Deloitte Consulting to conduct 90 in-depth interviews in with more than 60 global/multinational, mid-size and large corporations as well as federal and local government agencies across the world. In 2010, Visa commissioned Deloitte Consulting to update each of the following 28 Travel and Corporate Card Best Practices from the comprehensive study to include current trends, updated case studies, and additional key findings. See the section entitled Study Methodology for additional detail. The Visa Global Procure-to-Pay and Commercial Card Best Practices Study describes how these organizations implement and optimize their Procure-to-Pay processes and commercial card programs. The study gives you access to best practices for a variety of topics: Maximizing the benefits of purchasing and corporate card programs. Streamlining travel and entertainment management. Taking advantage of the latest innovative best practices. And automating the entire Procure-to-Pay process. Each best practice is divided into three useful sections a recommendation overview, a benefits outline and steps for implementation so you can quickly find the information you need. For more information on the Visa Global Procure-to-Pay and Commercial Card Best Practices Study, contact your commercial banker. Table of Contents Automate the Payment Approval Process Study Methodology Note: Survey results, research and practice recommendations are intended for informational purposes only and should not be relied upon for marketing, legal, technical, tax, financial or other advice. When implementing any new strategy or practice, you should consult with your legal counsel to determine what laws and regulations may apply to your specific circumstances. Visa is not responsible for your use of the information, including errors of any kind, or any assumptions or conclusions you might draw from its use. Much of the information contained in this document applies internationally, but a certain amount of information applies only to certain countries or regions. Although Visa tries to mark all country- and region-specific information with a country indication, it does not warrant or represent that all information without indication applies internationally. You should check the applicability of any information in this document to you or your organization.

3 Automate the Payment Approval Process Best practice companies automate the payment approval process by conducting 3-way or 4-way matching, which integrates the purchase transaction data with receipt and invoicing data. The matching occurs for the following data elements: Purchase Order Quantity of goods received Invoice Quantity of goods accepted or supplier contract terms This automated process occurs within the e-procurement or ERP system and verifies that the purchase order, invoice, and receiving information matches within accepted tolerance levels. If all documents match within a designated tolerance, the invoice is authorized for payment. This automation minimizes the time Accounts Payable spends reviewing and matching invoices and enables the department to focus on managing the exceptions. Best practice organizations work with their suppliers to ensure that all invoices are received in a predefined format to facilitate automated 3-way or 4-way matching. Leading companies analyze exception patterns to set the appropriate tolerances for low risk variances. One global manufacturing organization built tolerances into its 3-way (Purchase Order, the quantity of goods received, and the invoice) matching process to minimize the amount of invoices rejected by the system. After implementing 3-way matching, the organization found that a significant portion of the invoices were rejected due to variances of less than a dollar between the amount invoiced and the amount defined in the purchase order. Therefore, the company built tolerances into its ERP system to allow positive matches for invoice / purchase order variances less than a dollar. Incorporating the tolerances in the system reduced the company's exception processing. While three-way matching was a best practice identified in the Visa 2002 Procure-to-Pay Best Practices Study, an emerging trend is the use of 4-way matching. Four-way matching entails the authorization of payment only after the Purchase Order, the quantity of goods received, the invoice, and either the contract price or quantity of goods accepted is verified. This helps ensure companies use the negotiated contract purchases and do not pay in full for incomplete orders or damaged goods. One global manufacturing company used 4-way matching with its largest global suppliers. This not only provided the organization with more control over payments but also provided metrics, such as the number of incorrect invoices / shipments that could be used to track supplier performance. Best practice organizations automate the 3-way and 4-way matching with the coordination of the following solutions: e-procurement systems 1 AUTOMATE THE PAYMENT APPROVAL PROCESS

4 Electronic Invoice Payment and Presentment (EIPP) ERP systems (e.g., Procurement and Accounts Payable modules) Scanners to create electronic invoices and receipts For 3-way and 4-way matching to function properly, employees must comply with order and receipt procedures. Leading organizations communicate and enforce these policies and procedures to minimize the time Accounts Payable spends reviewing and managing invoices and receipts. Options for Best Practice Adoption The degree of automated matching used depends on the technology sophistication of the company. Options for Adoption Option I Option II Option III Implement 2-way matching (Purchase Order and invoice) Implement 3-way matching (Purchase Order, invoice, and quantity of goods received) Implement 4-way matching (Purchase Order, invoice, quantity of goods received, and either contract terms or quantity of goods accepted) When implementing 3 or 4-way matching, organizations usually incorporate tolerances for invoice/purchase order matches to account for unforeseen taxes or shipping costs. Benefits Requires minimal Automates the Increases adherence development and matching of receipts to negotiated integration prior to payment contract pricing approval terms Improves payment Minimizes accuracy overpayments Key Considerations Potential for Potential for May require a inaccurate payments overpayment of significant amount of (e.g., for goods not goods delivered in coordination received) poor quality internally and with Requires definition of process to record suppliers to integrate data receipt of goods Benefits Implementing automated matching may provide companies with multiple benefits, including improved controls, cost savings and process efficiencies, user satisfaction, and supplier management. 2 AUTOMATE THE PAYMENT APPROVAL PROCESS

5 Category Control and Compliance Cost Savings and Process Efficiency Supplier Management User Satisfaction Benefit Obtained Matching helps to ensure that invoices being paid are valid. Cost savings can be achieved as the automated process streamlines the manual matching process and minimizes overpayments on goods that are not received or received in poor quality. Detailed data provided from the automated matching process enables organizations to track suppler performance metrics which can be used to enhance negotiating strength with suppliers and improve overall supplier management. Automated matching eliminates the need for employees to solicit signatures prior to payment which simplifies the overall purchasing process. "We use 4-way matching for all contractor invoices as it allows us to factor in an evaluation of the services provided." Global Accounts Payable Manager, U.S. Manufacturing Company Implementation Steps To implement 2, 3, or 4-way matching, organizations must follow the following steps. # Description of Action Step 1 Determine degree of matching best suited to organizational capabilities and needs 2 Identify and implement necessary supporting technology solutions 3 Incorporate formal receipt and matching process into Procure-to-Pay policies and procedures 4 Train end-users and Procure-To-Pay employees on formal receipt and matching processes 5 Track internal and vendor matching performance and use the results to manage supplier performance and modify the process as needed 3 AUTOMATE THE PAYMENT APPROVAL PROCESS

6 Study Methodology The objective of the Visa Procure-to-Pay and Commercial Card Best Practices Study was to better understand the changes in the segment and to gain a comprehensive understanding of best practices across the Procure-to-Pay process and within the commercial card program. Visa commissioned Deloitte Consulting to conduct 90 in-depth interviews in the summer of 2007 with more than 60 global/multinational, mid-size and large corporations as well as federal and local government agencies across the world. In 2010, Visa commissioned Deloitte Consulting to update each of the following 28 Travel and Corporate Card Best Practices from the comprehensive study to include current trends, updated case studies, and additional key findings. The evaluation of the Procure-to-Pay process included sourcing, order placement, payment and settlement, reconciliation, control and audit, and reporting activities. For the commercial card management process, the assessment focused on practices related to the purchasing and corporate card program strategy, management, and reporting. Interviewees included Regional Controllers, Chief Procurement Officers, Directors of Strategic Sourcing, Procurement Managers, Accounts Payable Managers, Global/Regional/Local Commercial Card Program Managers and Travel Managers. Study participants had a range of commercial card programs in place including purchasing card, corporate card and commercial one card programs with each of the top three card providers: Visa, MasterCard and/or American Express. 4 STUDY METHODOLOGY

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