Accounts payable automation benefits. Facts and best practices by leading analysts

Size: px
Start display at page:

Download "Accounts payable automation benefits. Facts and best practices by leading analysts"

Transcription

1 Accounts payable automation benefits Facts and best practices by leading analysts

2 Evidence of benefits in accounts payable automation Research-based evidence shows that automation is yet again the way forward for cost savings and improved efficiency. Enterprises are increasingly aware that paper and people-based processes lead to high AP transaction costs and missed business opportunities. In a recent survey, 1 approximately half the organizations interviewed stated that they had problems with manual data entry, inefficient processes and manual routing of invoices for review and approval. Other issues were lost or missing invoices, a high number of discrepancies and exceptions, an inability to see outstanding liabilities and no way to capture all discounts offered by suppliers. This white paper examines the recent research findings carried out by several independent business analysis companies, namely: Aberdeen Group Gartner Inc The Hackett Group PayStream Advisors Inc It breaks down the AP automation issues faced by organizations and highlights the numbers behind the proof that there are major benefits to be gained in implementing an AP automation system. It also shows the criteria for selecting a solution provider and how organizations need to make sure they choose an experienced provider such as Lexmark to guide them through a proven process. The sources of the facts and figures that support this evidence are provided in the conclusion of this document. These consulting companies conclude that there is tremendous potential for improvement by automating the AP process namely invoice receipt, invoice matching and approval workflow. Best-in-class Accounts Payable performance, according to the Aberdeen Group, 2 gives you 83% lower invoice processing costs 74% faster invoice processing cycle times Cycle time to process a single invoice (day) $23.30 Cost to process a single invoice (USD) $ $4.00 Best-in-Class Industry Average Laggard Source: The Aberdeen Group: 1 The Aberdeen Group, The 4 Pillars of A/P Success: Visibility, Collaboration, Control and Automation, Nov The Aberdeen Group, From the Shadows to the Forefront: AP automation and the Strategic Vision, October 2013

3 Key factors driving change Time and money Time and money are the key drivers for AP automation 1 along with high paper usage, most AP departments still suffer with high AP transaction costs and cycle times. The top two pressures driving organizations to reassess their AP function are lowering invoice processing costs and improving and standardizing the AP process. Research has shown that best-in-class enterprises report 2 : Invoice processing costs that are, on average, 83% below their peers Invoice processing time cycle times that are, on average, 74% faster than their peers Other drivers Other reasons why organizations 3 focus on electronic enablement of AP transactions are: Buyers and sellers gain savings opportunities by partnering and improving the process between each other Technology has become flexible to integrate with existing business systems, and more affordable Process, data and system standardization simplify implementing the technology Improved performance in areas such as complying with contracts and optimizing working capital Sarbanes-Oxley (SOX) drives organizations to adopt technology with the necessary controls as part of the application Top automation priorities Based on survey results, 4 the following emerged as top automation priorities: Implementing or increasing electronic invoicing was the most popular option with a majority (40%) of organizations stating this was the top priority on their automation plan. Enterprises are no longer interested in merely finding a better way to handle paper; they are looking to eliminate paper altogether. Automated approval workflow for invoices was another popular option with 21% of organizations stating they would focus their attention on this technology within the next 12 months. Automated workflow tools go hand-in-hand with electronic invoicing. Unless there is a mechanism to process invoices after they are received, e-invoicing delivers minimal benefits. Automating payment processing was also an important goal for 16% of organizations. A large number of organizations especially medium and large ones have already automated the payments process. 3 The Hackett Group, Automating the AP Process, June : PayStream Advisors, Invoice Automation Benchmarking Report, Q2 2010

4 AP automation elements for success In the current AP world there are four elements necessary for AP success: Visibility, Collaboration, Control, and Automation: Visibility Visibility into liabilities and operating expenses is the basic requirement for most major functions within an enterprise. It is used to give an overall view of operations and establish standards on which to base strategies for performance improvement. Research has shown 1 that best-in-class organizations are 43% more likely to have enterprise-level visibility for AP transactions. The rest suffer from higher transaction costs and longer cycle times. Not seeing material liabilities that are not yet entered affect the timing and accuracy when closing accounting periods. For a typical AP department, enterprise visibility remains out of reach. A high degree of visibility brings substantial advantages 3, 5 Low transaction costs Shorter processing cycle times Decreased financial risk Shorter response times-improved productivity by reducing time wasted in low-value activities Improved forecasting and management of near-term cash management requirements Greater ability to monitor billing discrepancies and overpayments, recognize unclaimed negotiated discounts, contracted payment terms, early payment discounts and late penalty fees Collaboration Cross-functional coordination among key stakeholders such as accounts payable, procurement, finance, treasury and suppliers creates an environment where key information flows easily between these stakeholders 6. Without this, treasury can t make optimal capital decisions; procurement can t identify negotiation opportunities with key suppliers, and suppliers and internal stakeholders can t track invoice processing status. It will also be difficult to set up different approval and routing rules based on different types of invoices or supplier arrangements, such as PO-based, non-pobased, preapproved and supplier maintenance. Research shows 1 that Best-in-class organizations are 56% more likely to have established a platform for collaboration between enterprise groups and functions that are impacted by AP operations. Also 1, organizations that have developed a collaborative framework provided by an automated integrated AP system process more than twice the number of payments electronically than all others, bringing significant savings in payment/settlement costs. Control Good audit controls help organizations enforce corporate policies and achieve contract compliance. Audit controls ensure that AP transactions are processed in a way that complies with policies, procedures and regulations. They help reduce late payment fees, capture negotiated discounts and early payment discounts, eliminate duplicate invoice payments, and prevent fraudulent payments. Research 5 has found the exception rates in top performing firms are 85% lower than other enterprises. 5 The Aberdeen Group, The CFOs View of Accounts Payable: Cash is King, Feb John E. Van Decker, Accounts Payable Invoice Automation, December 11, 2008

5 Automation Automation is a critical foundation to lowering costs and streamlining each of the four AP sub-processes: invoice receipt, approval and inquiry, validation and reconciliation, and settlements. Technology solutions to manage invoices and workflow, and electronic payment methods reduce the inefficiency of manual and paper-based processes. 1,6 While 44% of Best-in-Class enterprises utilize a single e-payables solution to fully automate their entire AP process, the majority of AP departments utilize a patchwork of solutions to automate certain processes. Electronic payments have the highest penetration among all AP automation solutions (80% for Best-in-Class ; 60% for all other enterprises). Organizations with on average 60% payments made annually via paper-based checks have an opportunity to greatly improve. Benefits An automated AP solution 6 streamlines and drastically improves performance by utilizing e-invoicing, scanning and workflow, online tracking and reporting capabilities, electronic invoice dashboards and supplier portals, supplier networks, payment services and spend analytics for all invoices. Using an automated AP solution, organizations will successfully drive transformation of their accounts payable departments to overcome the challenges of manual and paper-based processes. Benchmarking research on AP strategies across nearly 400 organizations 6 revealed the benefits that Best-in-class organizations achieve by developing efficient processes and mapping them to automated AP solutions: Performance area Best-in-class advantage Invoice processing costs 83% lower 2 Processing cycle time 74% shorter 2 Late payments Staff time responding to inquiries 12% fewer 30% less

6 What are the must-haves? Key areas required by organizations to ensure that a solution covers current and future needs as the process matures 5, 7 include: Automate your process: From arrival to post and archive, with efficient workflow to streamline verification and exception handling Any format, any source: Physical documents, electronic documents, and document images, via mailbox, , fax and file transfer Improve what you have: Integrate with the major ERP/financial system of your choice Increase visibility: Improve your cash flow and invoice management Better control of received and invoiced goods, automatic purchase order matching, optional automatic posting of invoices, enhanced security, less manual work, shorter total processing time, decreased total cost for supplier handling and early notification of errors Improved day-to-day information on financial status (regarding current projects, for example) and basis for business decisions. This saves a substantial amount of valuable time at the end of every month, quarter and year Shared service centers: A centralized or shared services approach will help ensure that AP tasks are streamlined and standardized; best practices are documented and shared, and AP technology budgets are consolidated And not just for large organizations AP automation technologies have been limited to larger companies until recently. Now there is evidence that small and medium sized businesses are adopting the technologies for the following reasons: 4 A competitive business environment means even small and medium-sized businesses need to focus on reducing processing costs and increasing efficiencies for invoices and employee expenses Streamlining the AP process has become extremely important in a tough economy where cash flow and greater control over payables is critical An increased interest in early payment discounts is driving smaller organizations to investigate tools and technologies that enable them to shorten their invoice receipt-to-approval cycles On-demand and Software-as-a-Service (SaaS) delivery models have lowered the initial cost of implementing AP solutions and make them easier to maintain The convergence of electronic invoicing and frontend invoice imaging gives organizations a single, comprehensive solution that can manage both paper and electronic invoices through a common process Value added-services delivered by solution providers for supplier recruitment tasks mean that buyer organizations can engage suppliers more quickly 7 The Aberdeen Group, Imaging & Workflow, April 2011

7 An end-to-end solution Organizations obtain maximum value by selecting the broadest possible solution set that can change user roles from exception and problem handling to oversight and process management. This requires end-to-end solutions for automating AP processes in any major Enterprise Resource Planning (ERP) or financial system; from invoice arrival, though information extraction, validation and verification, to approval workflow all with Sarbanes-Oxley (SOX) compliance support. Top performers are four times as productive as non-top performers 41,030 9,507 Number of invoices a full time employee can process per year Non-top performer Top performer Source: The Hackett Group, 2009 So which types of solutions make the most sense? Extensive research 6 has found that: Electronic invoicing solutions automate the invoice reconciliation and payment process and address most invoice types. Workflow and imaging solutions manage all aspects of in-house invoice scanning and documentation and provide an effective electronic archival system. They are often part of a cross-functional enterprise solution. Payment automation platforms specialize in accounts payable and accounts receivable processing. They offer relief in disbursements for payroll, benefits, regulatory and tax issues, as well as intra-company transfers. These solutions range from automated clearing house (ACH) and general payment processing to company-wide AP solutions. Enterprise financial solutions, which manage the budget and general ledger of an enterprise, consist mainly of Enterprise Resource Planning (ERP) providers. They typically offer functions such as a general ledger, and sometimes more advanced capabilities like supply chain auto-reconciliation and AP workflow. Purchasing cards (p-cards) are designed to streamline the front (purchasing) and back (payment and reconciliation) ends of the procure-to-pay process. They introduce greater levels of control and visibility for management of low-cost, high-volume categories. Supply chain finance solutions provide full AP invoice dashboards, so enterprises can manage payables more easily. With ERP integration and supplier portal capabilities, these solutions can help move to an automated AP platform. Treasury management services offer advanced financial administration by consolidating cash forecasting and handling foreign exchange affairs. These services provide management for deals and trades, and they also provide analytics and risk management.

8 Selecting suppliers When selecting a supplier, an organization should consider the supplier s strength and stability, its customer base and market share, its strength in the AP environment, and specific expertise in all aspects of the invoice-to-payment function. Does the supplier have experience with multinational installations and understand regulatory, procedural, and cultural differences between one part of the world and another? The accepted criteria framework recommends that enterprises assess automated AP solutions in 6 primary areas: 8 Receipt Approval and inquiry Validation and reconciliation Settlement Reporting and analytics Integration and services A supplier that fits the selection criteria 8 is Lexmark a global provider of supplier invoice solutions. Lexmark experience covers many different fields of industry, public service organizations and governmental bodies, in many countries with very specific legislation, rules and business practices. Accounts payable processes are basically the same regardless of industry type. Lexmark aims to standardize wherever possible to ease workflow between departments and organizations. Automated AP solutions from Lexmark Lexmark s business strategy of developing and marketing software for AP automation goes hand in hand with its vision of contributing to businesses success by providing the ideal software solutions for automating document driven processes. 4 Lexmark has an AP automation solution that handles paper as well as digital documents, according to the specific needs of AP departments. The Lexmark product suite offers data extraction, integration in any major Enterprise Resource Planning (ERP) or financial system, from invoice arrival, though information extraction, validation and verification, to approval workflow and final posting. The solution enables Sarbanes-Oxley (SOX) compliance support. Lexmark combines flexibility with powerful features The automated AP solution from Lexmark has been deployed for a wide range of organizations, and is proven for all major ERP and financial systems. Tailormade solutions can provide a combination of the following powerful monitoring and control features - flexible reports and graphs allow clear process tracking for document and data processing and provide performance monitoring for a wide range of parameters. The Lexmark solution is Certified by SAP: All required data can be accessed either through the normal SAP environment or through an easy-to-use web interface. It is also Certified by Oracle, whose functionality can be accessed either through the Oracle E-Business Suite or a simple web browser interface. 8 The Aberdeen Group, E-Payables Solution. Your Guide to A/P Transformation

9 Results that speak for themselves Lexmark continues to bring success for clients across diverse sectors. Their invoice processing solutions have recently: Helped to reduce the Danish Broadcasting Corporation s invoice process time from 30 to 7 days; a major contributor to them winning them a prestigious Danish E-business award. Brought RS Components (UK) substantial benefits by automating up to 90% of their SAP system invoicing and reducing their AP employment costs by 36%. Their Head of UK Finance said, Our UK team achieved star awards for ongoing process improvements, and we want to continue to be seen here as innovators within our global organisation. Enabled LexisNexis UK to streamline its invoicing and confidently move toward an outsourced business model. Helped the Midas Group (UK) to reduce their AP headcount by 40%, drastically reduce invoice cycle times and processing costs. Results were so successful, their Finance Controller is considering extending the system to other areas that are currently processed manually and said,...(the) track record of experience in the field (was) very reassuring. I was confident they knew what they were doing. Exceeded Graco Inc s expectations by helping them to achieve its AP 2- year goals in six months, promote half their AP staff to more fruitful tasks within four months and reduce invoicing time from an average of 24 days to just nine. Their AP Manager said, 56 to 60% of the invoices that come in go straight into our Oracle E-Business Suite system and we don t touch them. It s a huge savings. TransMontaigne (US) automated its accounts payable and achieved tremendous savings by capturing more discounts. The project manager said, Month over month improvement is roughly 1000% in terms of vendor term discounts and is getting better. Even with fewer associates, the department s utilization rates increased substantially, and lost invoices were now at a minimum, said the project manager at Starwood Hotels & Resorts Worldwide (US).

10 Five steps to success While the savings and strategic benefits of AP automation are compelling, only one third of all enterprises currently have any significant level of automation in place. Enabling solutions that handle unstructured content alongside financial/accounting transactions and improve workflow/process management will bring efficiency to financial processes through reductions in administrative support and costs. Visibility into accompanying content of financial transactions will bring business improvements and vastly improve relationships with customers and suppliers. Using Lexmark solutions, coupled with their vast consulting experience, small to very large enterprises can bring AP automation to the optimum level at a pace that matches their structure and resources and just as importantly, where they are in the maturation process. Experts from Lexmark help plot the course for AP transformation to make sure that enterprises can effectively 2 : 1. Define all the goals and objectives is it global, is it enterprise-wide? What is the time for deployment? 2. Engage with other key stakeholders to define requirements (including treasury and finance, procurement, IT, suppliers.) 3. Build the business case and agree on performance metrics and ROI targets 4. Gauge current invoice receipt and workflow capabilities such as invoice cycle time, data capture (and resulting quality of invoice data) and routing of invoices for approval. This will assist decisions regarding centralized data capture, standardizing processes across the Organization 5. Match the AP automation solution that provides the best-fit By utilizing the Lexmark framework for solutions, Organizations of all sizes can effectively implement AP automation and move to seamless AP transformation 2015 Lexmark and the Lexmark logo are trademarks of Lexmark International, Inc., registered in the United States and/or other countries. All other trademarks are the property of their respective owners.

Accounts Payable Automation Benefits

Accounts Payable Automation Benefits W H I T E P A P E R Accounts Payable Automation Benefits Facts and best practices by leading analysts Purchase to Pay by ReadSoft. Automated accounts payable processing Author:Paul Steele, Wille Dahl,

More information

Accounts Payable Automation Benefits

Accounts Payable Automation Benefits w h i t e pa p e r Accounts Payable Automation Benefits Facts and best practices by leading analysts Purchase to Pay by Medius, Powered by ReadSoft Author: ReadSoft, August 2011 Edited: Medius, June 2012

More information

AP Automation Best Practices and Trends Oracle E-Business Suite

AP Automation Best Practices and Trends Oracle E-Business Suite AP Automation Best Practices and Trends Oracle E-Business Suite October 17, 2012 Agenda The challenges of efficiently processing invoices Technology Evolution Invoice Capture ERP Integration Oracle EBS

More information

Making Automated Accounts Payable a Reality

Making Automated Accounts Payable a Reality Making Automated Accounts Payable a Reality www.merkur.com (800) 637-1704 Table of Contents Introduction...3 Executive Summary...4 Challenges in Accounts Payable...5 What is the problem?...5 How big is

More information

Mike Ventrella, Vice President, Sales

Mike Ventrella, Vice President, Sales Speed, Visibility and Control Best Practice AP Processing in Oracle E-Business Suite Presented by Mike Ventrella, Vice President, Sales Agenda 1. The Dilemma of Manual AP Inefficient Risky Costly 2. The

More information

Speed, Visibility and Control Best Practice AP Processing in Oracle E-Business Suite

Speed, Visibility and Control Best Practice AP Processing in Oracle E-Business Suite Speed, Visibility and Control Best Practice AP Processing in Oracle E-Business Suite Presented by Kevin Ryan, Regional Sales Manager ReadSoft Oracle Solutions Agenda 1. The Dilemma of Manual AP Inefficient

More information

Making Automated Accounts Payable a Reality www.esker.com

Making Automated Accounts Payable a Reality www.esker.com Making Automated Accounts Payable a Reality www.esker.com Table of Contents Introduction...3 Executive Summary...4 Challenges in Accounts Payable...5 What is the problem?...5 How big is the problem?...6

More information

5 Ways Senior Finance Executives are Improving Visibility Across the Procure-to-Pay Cycle

5 Ways Senior Finance Executives are Improving Visibility Across the Procure-to-Pay Cycle 5 Ways Senior Finance Executives are Improving Visibility Across the Procure-to-Pay Cycle An IOFM white paper, sponsored by 5 Ways Senior Finance Executives are Improving Visibility Across the Procure-to-Pay

More information

Driving more value from ERP system investments. Automating P2P processes and beyond in SAP

Driving more value from ERP system investments. Automating P2P processes and beyond in SAP Driving more value from ERP system investments Automating P2P processes and beyond in SAP Driving more value from ERP system investments In today s competitive business environment, even small and medium

More information

Electronic Invoice Adoption Benchmark Report

Electronic Invoice Adoption Benchmark Report Electronic Invoice Adoption Benchmark Report Based on the Results of PayStream s einvoice Survey Q1 2013 Featuring Insights on... Centralized vs. Decentralized AP Operations Underwritten in part by AP

More information

Automating Accounts Payable. Leaving the Paper Jam Behind. 1.800.682.2187 www.gexchange.com info@gexchange.com

Automating Accounts Payable. Leaving the Paper Jam Behind. 1.800.682.2187 www.gexchange.com info@gexchange.com Automating Accounts Payable Leaving the Paper Jam Behind 1.800.682.2187 www.gexchange.com info@gexchange.com FROM PAPER TO ELECTRONIC THE EVOLUTION OF AP PAYMENT PROCESSING For years now, accounts payable

More information

Leveraging Accounts Payable Automation as a Service www.esker.com

Leveraging Accounts Payable Automation as a Service www.esker.com Leveraging Accounts Payable Automation as a Service www.esker.com Table of Contents Introduction...3 Executive Summary...4 Challenges in Accounts Payable...5 What is the problem...5 How big is the problem...6

More information

A Compelling Case for AP Automation in the Cloud

A Compelling Case for AP Automation in the Cloud WHITE PAPER A Compelling Case for AP Automation in the Cloud ROCC Computers Ltd Stanford Gate South Road Brighton BN1 6SB Tel: 01273 274716 Email: info@rocc.co.uk Author: Andrew Westhead Date : February

More information

Invoice Automation for Small & Medium Enterprises (SME) Electronic Invoicing Strategies for the Mid Market

Invoice Automation for Small & Medium Enterprises (SME) Electronic Invoicing Strategies for the Mid Market Pay A D V I S O R S tream WHITE PAPER Invoice for Small & Medium Enterprises (SME) Electronic Invoicing Strategies for the Mid Market Featuring Insights on... Challenges with Current State Processing Factors

More information

Electronic Supplier Payments

Electronic Supplier Payments Electronic Supplier Payments Optimizing Working Capital through epayments Q3 2013 Featuring Insights on... Current Demand for Electronic Payments Underwritten in part by enett International Utilizing epayments

More information

Invoice automation: Three keys to AP prosperity

Invoice automation: Three keys to AP prosperity Invoice automation: Three keys to AP prosperity SSO name SSO title Solutions Sales Group Date 2014 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. What if you could... achieve a 37% risk-free

More information

Accelerating Your Cash Flow

Accelerating Your Cash Flow Accelerating Your Cash Flow Invoices On-Line Invoices On-Line (IOL) from Direct Insite delivers on-demand AP, AR and payments capabilities that are deployed fast, with minimal cost and operational impact,

More information

Achieving the Goals of Accounts Payable Automation. White Paper

Achieving the Goals of Accounts Payable Automation. White Paper Achieving the Goals of Accounts Payable Automation White Paper Contents Executive Summary... 2 The Manual AP Process... 2 Goals of Automation... 3 The Automated AP Process... 4 Measuring the Achievement

More information

Operational and Strategic Benefits in Automating Accounts Payable

Operational and Strategic Benefits in Automating Accounts Payable Operational and Strategic Benefits in Automating Accounts Payable REVISED 9/12 Published April 2013. Copyright 2013 by The Institute of Financial Operations All rights reserved. Reproduction or transmission

More information

The Impact of Payment Automation on Bottom-line Savings

The Impact of Payment Automation on Bottom-line Savings The Impact of Payment Automation on Bottom-line Savings In the current recessionary environment, finance professionals have intensified their focus on working capital as well as improving the bottomline

More information

ACCOUNTS PAYABLE AUTOMATION FOR SAP

ACCOUNTS PAYABLE AUTOMATION FOR SAP ebook: Accounts Payable ACCOUNTS PAYABLE AUTOMATION FOR SAP How Adding AP Workflow Automation to Vendor Invoice Processing Can Make Your AP Operation Best-in-Class Accounts Payable Automation for SAP 2

More information

Automating the Settlement Process

Automating the Settlement Process Automating the Settlement Process Agenda Discussion Outline Why automate payments Options to achieve automation Selecting a service provider Transforming your payment process Future of electronic payments

More information

Accounts Payable Trends & Best Practices May 19, 2011 Agenda Typical AP Challenges AP Automation Invoice Management B2B Payments Financial Supply Chain Q&A 2 Top Priorities CFO View Mitigate Risk 43% Forecast

More information

Paymode-X: Your Best Option for Order-to-Pay Automation

Paymode-X: Your Best Option for Order-to-Pay Automation Paymode-X: The Largest Business-to-Business Payments and Invoicing Network Paymode-X: Your Best Option for Order-to-Pay Automation Why Automate Your Order-to-Pay Process? Order-to-Pay automation frees

More information

Invoice & Workflow Automation Adoption

Invoice & Workflow Automation Adoption Invoice & Workflow Automation Adoption Benchmarking Survey Report Q3 2012 Featuring Insights on... 2012 AP Challenges and Automation Goals Usage of Front End Imaging Solutions Automated Workflow Adoption

More information

Electronic invoicing and payment:

Electronic invoicing and payment: Treasury Management Electronic invoicing and payment: Best practices and strategies for recruiting suppliers A Treasury Management White Paper Table of Contents Executive summary... 3 Paper invoicing and

More information

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

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

More information

A Compelling Case for AP Automation in the Cloud

A Compelling Case for AP Automation in the Cloud WHITE PAPER Purchase-to-pay by ReadSoft Author: Daneen Storc December 2012 Copyright ReadSoft - www.readsoft.com A Compelling Case for AP Automation in the Cloud A Compelling Case for AP Automation in

More information

CHAPTER 13: PROCUREMENT IN CHAOS - SUPPLEMENTAL MATERIAL

CHAPTER 13: PROCUREMENT IN CHAOS - SUPPLEMENTAL MATERIAL CHAPTER 13: PROCUREMENT IN CHAOS - SUPPLEMENTAL MATERIAL Brian G. Rosenberg From the book The Next Wave of Technologies: Opportunities in Chaos by Phil Simon Electronic Invoicing There is a significant

More information

Analysis. The Opportunity to Automate Accounts Payable. January 2014. Service Areas. Comments or Questions? Digital Peripherals Solutions

Analysis. The Opportunity to Automate Accounts Payable. January 2014. Service Areas. Comments or Questions? Digital Peripherals Solutions Analysis January 2014 The Opportunity to Automate Accounts Payable Service Areas Digital Peripherals Solutions Network Document Solutions Professional & Managed Print Services Comments or Questions? Table

More information

Finding Nirvana in AP Automation and Outsourcing

Finding Nirvana in AP Automation and Outsourcing WHITE PAPER Finding Nirvana in AP Automation and Outsourcing Gaining Control By Letting Go Nirvana: Joy, freedom from pain and worry an end to suffering. Suffering is something with which many Accounts

More information

Invoice and Workflow Automation Benchmark Report

Invoice and Workflow Automation Benchmark Report Invoice and Workflow Automation Benchmark Report Based on the Results of PayStream s 2013 IWA Survey Q3 2013 Featuring Insights on... Current AP Automation Trends Underwritten in part by AP Challenges

More information

Streamline Accounts Payable Processes with Cloud-Based Electronic Invoicing

Streamline Accounts Payable Processes with Cloud-Based Electronic Invoicing SAP Brief Ariba s Cloud-Based Financial s Ariba Invoice Management Objectives Streamline Accounts Payable Processes with Cloud-Based Electronic Invoicing Achieve touchless invoice processing on a global

More information

It all Starts with the Invoice

It all Starts with the Invoice It all Starts with the Invoice Speakers Mel Steals Director of Invoice Automation Solutions PNC Bank Amy Rush Shared Services Controller Courtney Caton Finance Manager Westmoreland Coal Company 1 Agenda

More information

How Your Accounts Payable Strategy Can Boost ROI ADP Procure-To-Pay Jeff White - Director of Implementations Session #1050

How Your Accounts Payable Strategy Can Boost ROI ADP Procure-To-Pay Jeff White - Director of Implementations Session #1050 How Your Accounts Payable Strategy Can Boost ROI ADP Procure-To-Pay Jeff White - Director of Implementations Session #1050 2 Manual Process : Complex, Slow and Tactical Invoice Processing Price Validation

More information

Kofax White Paper. Overcoming Challenges in AP Automation. Executive Summary. Benefits of Accounts Payable Automation

Kofax White Paper. Overcoming Challenges in AP Automation. Executive Summary. Benefits of Accounts Payable Automation Kofax White Paper Executive Summary Accounts payable automation presents unique challenges. It is characterized by large volumes of data, arriving in different formats and media that must be securely received,

More information

Accounts Payable Transformation. Better, Faster, Cheaper

Accounts Payable Transformation. Better, Faster, Cheaper Accounts Payable Transformation Better, Faster, Cheaper December 2007 Page 2 Executive Summary Enterprises constantly seek ways to drive savings to their bottom line and establish process efficiencies

More information

Kofax White Paper. Overcoming Challenges in Accounts Payable Automation. Executive Summary. Benefits of Accounts Payable Automation

Kofax White Paper. Overcoming Challenges in Accounts Payable Automation. Executive Summary. Benefits of Accounts Payable Automation Kofax White Paper Overcoming Challenges in Accounts Payable Automation Executive Summary Accounts payable automation presents unique challenges. It is characterized by large volumes of data, arriving in

More information

Integrating Payables and Receivables to Unlock Working Capital

Integrating Payables and Receivables to Unlock Working Capital Integrating Payables and Receivables to Unlock Working Capital Approved for 1 CTP / CCM recertification credit by the Association of Financial Professionals May 2009 Introductions David Kunz Treasury Management

More information

Liner Cost Management

Liner Cost Management Liner Cost Management Solverminds Solutions & Technologies Pvt Ltd September 2015 1. Introduction Introduction Knowledge and information are the lifeblood of any organization. The effective use of this

More information

Improving Accounts Payable Processes to Deliver Bottom-Line Cost Savings

Improving Accounts Payable Processes to Deliver Bottom-Line Cost Savings VISA COMMERCIAL SOLUTIONS visa accounts payable automation white paper Improving Accounts Payable Processes to Deliver Bottom-Line Cost Savings Author: Nick Marchetti, Senior Business Leader, Visa Inc.

More information

Automated Invoice/P2P Processing

Automated Invoice/P2P Processing Automated Invoice/P2P Processing Business Solutions Reduce processing costs Eliminate bottlenecks and delays Automate invoice capture Automate requisition processes Improve management reporting Improve

More information

The Case for Outsourcing Accounts Payable

The Case for Outsourcing Accounts Payable The Case for Outsourcing Accounts Payable Q4 2014 Featuring Insights on... Why companies outsource AP Underwritten in part by What AP functions should be outsourced Benefits of outsourcing AP Executive

More information

Automated Invoice/P2P Processing

Automated Invoice/P2P Processing Automated Invoice/P2P Processing Business Solutions Reduce processing costs Eliminate bottlenecks and delays Automate invoice capture Automate requisition processes Improve management reporting Improve

More information

Buried Beneath the AP Paper Crush?

Buried Beneath the AP Paper Crush? Buried Beneath the AP Paper Crush? Simple Steps for Automating Invoice Workflow and Approval within Oracle JD Edwards Environments As seen in Quest Q&A TM Magazine Fall 2007 Issue Today s accounts payable

More information

Accounts Payable Takes Center Stage in Cash-Constrained Economy

Accounts Payable Takes Center Stage in Cash-Constrained Economy Accounts Payable Takes Center Stage in Cash-Constrained Economy How CFOs are Maximizing Capital by Optimizing Accounts Payable Performance Cash is king in today s difficult economic circumstances. Chief

More information

Transforming Accounts Payable into a Profit Center

Transforming Accounts Payable into a Profit Center PROFIT FROM PAYMENTS: Transforming Accounts Payable into a Profit Center Leveraging Business Process Automation to Capitalize on Dynamic Discounts a New Breed of Early Payment Incentives BEGIN Table of

More information

About the Speakers Henry Ijams, CAPP/CPM

About the Speakers Henry Ijams, CAPP/CPM Electronic Payments: Six Supplier Savvy Steps Toward epayment Success About the Speakers Henry Ijams, CAPP/CPM Managing Director PayStream Advisors, Inc. Mr. Ijams' 25 years of experience focuses on trends

More information

Save Money, Save Trees: How Payment Automation Can Sustain Your Agency While Sustaining the Planet

Save Money, Save Trees: How Payment Automation Can Sustain Your Agency While Sustaining the Planet Save Money, Save Trees: How Payment Automation Can Sustain Your Agency While Sustaining the Planet 2010 Presented by: Elavon Financial Services Yves Delisle Assistant Vice President Public Sector Sales

More information

Accounts Payable. Consolidating AP Workflow. Outside the SAP System. www.esker.co.uk ESKER ON DEMAND

Accounts Payable. Consolidating AP Workflow. Outside the SAP System. www.esker.co.uk ESKER ON DEMAND Accounts Payable Consolidating AP Workflow Outside the SAP System www.esker.co.uk ESKER ON DEMAND Table of contents Introduction... 3 Impact on IT infrastructure and operations... 3 Why businesses automate

More information

SAP Solution Brief SAP ERP SAP Invoice Management by OpenText. Take Control with Invoice Management Software

SAP Solution Brief SAP ERP SAP Invoice Management by OpenText. Take Control with Invoice Management Software SAP Brief SAP ERP SAP Invoice Management by OpenText Objectives Take Control with Invoice Management Software Get ready for a new approach to invoice processing Get ready for a new approach to invoice

More information

Transform Invoice Management with a Hybrid of Cloud and On-Premise Software

Transform Invoice Management with a Hybrid of Cloud and On-Premise Software SAP Brief SAP Business Suite SAP Invoice Management Objectives Transform Invoice Management with a Hybrid of Cloud and On-Premise Software Achieve a higher level of performance Achieve a higher level of

More information

Perfect Payables. Scott Pezza Research Analyst Aberdeen Group Sush Koka Senior Director, Product Marketing ADP Procure-to-Pay Solutions

Perfect Payables. Scott Pezza Research Analyst Aberdeen Group Sush Koka Senior Director, Product Marketing ADP Procure-to-Pay Solutions Perfect Payables Best Practices for Performance Improvement and Supplier Participation December 15 th, 2011 Scott Pezza Research Analyst Aberdeen Group Sush Koka Senior Director, Product Marketing ADP

More information

BEST PRACTICES IN AP AUTOMATION

BEST PRACTICES IN AP AUTOMATION MINUTE READ TIME WHITE PAPER ACCOUNTS PAYABLE BEST PRACTICES IN AP AUTOMATION Consolidating Workflow Outside ERP Systems www.esker.com BEST PRACTICES IN AP AUTOMATION Consolidating Workflow Outside ERP

More information

Automating payment processes to deliver bottom line cost savings in a weak economy.

Automating payment processes to deliver bottom line cost savings in a weak economy. VISA COMMERCIAL SOLUTIONS payables automation white paper Automating payment processes to deliver bottom line cost savings in a weak economy. Author: Nicholas Marchetti, Senior Business Leader Commercial

More information

Accounts Payable Services. A strong foundation for sustained benefits. Accounts Payable

Accounts Payable Services. A strong foundation for sustained benefits. Accounts Payable Services A strong foundation for sustained benefits 2 Introduction The accounts payable (AP) function is changing. For the past decade, finance departments have focused on driving cost, complexity, risk

More information

Accounts Payable. How to Cut Costs and Improve Invoice Processing Efficiency

Accounts Payable. How to Cut Costs and Improve Invoice Processing Efficiency Accounts Payable How to Cut Costs and Improve Invoice Processing Efficiency Contents 3 4 Introduction The Challenges of Invoices 5 The Goals of Invoice Automation 6-7 The Key Elements of Invoice Automation

More information

Accounts Payable SMBs and their pain points

Accounts Payable SMBs and their pain points Accounts Payable SMBs and their pain points A survey of Finance departments in small and medium-sized businesses in Europe Canon (UK) Ltd Canon (UK) Ltd Canon Ireland canon.co.uk Woodhatch Reigate Surrey

More information

The Holy Grail of Accounts Payable

The Holy Grail of Accounts Payable The Holy Grail of Accounts Payable Achieving Truly Holistic Accounts Payable Automation Featuring insights on... Challenges with AP Compliance and Control Among Today s Organizations Shortfalls of Piecemeal

More information

Annual Expense Management Outlook. T&E Trends and Benchmarks for 2015

Annual Expense Management Outlook. T&E Trends and Benchmarks for 2015 2015 Annual Expense Management Outlook T&E Trends and Benchmarks for 2015 Contents 3 Executive Summary 4 The Manual Expense Process 5 The Benefits of Web-Based Systems 7 Case Study: Superior Energy Services

More information

Introduction. Table of Contents

Introduction. Table of Contents 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

More information

Boost the performance of your Accounts Payable and Treasury departments thanks to the Ariba Network

Boost the performance of your Accounts Payable and Treasury departments thanks to the Ariba Network Boost the performance of your Accounts Payable and Treasury departments thanks to the Ariba Network Franck Dupas, Business Networks Executive / SAP France September 9th, 2015 Optimizing Payables Via Invoice

More information

Electronic Invoice Management

Electronic Invoice Management Electronic Invoice Management A Move to the Middle Q1 2014 Featuring Insights on... Underwritten in part by Barriers to einvoice Adoption Building a Case for AP Automation Usage of AP Automation Factors

More information

2015 Travel and Expense Management Report

2015 Travel and Expense Management Report 2015 Travel and Expense Management Report Increasing Control, Compliance, and Productivity in a Modern Mobile Workforce Featuring Insights on...»» Current Market Trends in TEM Software Usage»» Benefits

More information

ACCOUNTS PAYABLE BUYER S GUIDE

ACCOUNTS PAYABLE BUYER S GUIDE Buyer s Guide: Accounts Payable ACCOUNTS PAYABLE BUYER S GUIDE 15 Questions to Differentiate Vendor Invoicing Automation Solutions Accounts Payable Buyer s Guide 2 Purpose of this Buyer s Guide Looking

More information

TRANSFORM YOUR FINANCIAL PROCESSES. Efficiently capture, share and communicate information seamlessly across the business.

TRANSFORM YOUR FINANCIAL PROCESSES. Efficiently capture, share and communicate information seamlessly across the business. TRANSFORM YOUR FINANCIAL PROCESSES Efficiently capture, share and communicate information seamlessly across the business. Meeting today s Information Management challenges Today, information can be your

More information

Accounts Payable Automation: Top 9 Reasons to Automate: The Essential Guide to Why Your Business Needs to Automate its Invoice Processing.

Accounts Payable Automation: Top 9 Reasons to Automate: The Essential Guide to Why Your Business Needs to Automate its Invoice Processing. Whitepaper Accounts Payable Automation: Top 9 Reasons to Automate: The Essential Guide to Why Your Business Needs to Automate its Invoice Processing. June 2014 Overview Reducing costs, improving performance,

More information

Accounts Payable. Consolidating AP Workflow. Outside ERP Systems. ESKER ON DEMAND

Accounts Payable. Consolidating AP Workflow. Outside ERP Systems.  ESKER ON DEMAND Accounts Payable Consolidating AP Workflow Outside ERP Systems www.esker.com ESKER ON DEMAND Introduction Today virtually all organizations running enterprise resource planning (ERP) systems know the value

More information

Pitch the paper clips.

Pitch the paper clips. Pitch the paper clips. MetaViewer and Microsoft Dynamics GP come together for the one fully integrated paperless ERP solution. MetaViewer + Microsoft Dynamics Go beyond the electronic filing cabinet to

More information

DocSavi. Expert Solution for Accounts Payable Invoice Automation. Accounts Payable Automation and ROI

DocSavi. Expert Solution for Accounts Payable Invoice Automation. Accounts Payable Automation and ROI Changing Role of Accounts Payables Accounts Payable Automation and ROI Over the last 5 years the role of the accounts payable department in all levels of enterprises has dramatically changed. Specifically,

More information

The CFO s motivation...

The CFO s motivation... The CFO s motivation... What do you consider to be the key financial priorities for your organization for the year ahead? Strategic Priorities 35% 48% 45% 43% 72% Improving operational efficiency Optimising

More information

ACCOUNTING DEPARTMENT

ACCOUNTING DEPARTMENT EMPOWERING YOUR ACCOUNTING DEPARTMENT WHITE PAPER ACCOUNTING & AP AUTOMATION SPONSORED BY: ACCOUNTING & AP AUTOMATION In order for an organization to properly implement and utilize an electronic document

More information

Accounts Payable Automation

Accounts Payable Automation A Simple Introduction to Accounts Payable Automation How to improve your Accounts Payable Process and get the results you really want A Publication of MEDI Table of Contents Introduction Chapter 1 Chapter

More information

Accounts Payable. Economy How CFOs are Maximizing Capital by Optimizing Accounts Payable Performance

Accounts Payable. Economy How CFOs are Maximizing Capital by Optimizing Accounts Payable Performance Accounts Payable Takes Center Stage in Cash-Constrained Economy How CFOs are Maximizing Capital by Optimizing Accounts Payable Performance Cash is king in today s difficult economic circumstances. Chief

More information

Pitch the paper clips.

Pitch the paper clips. Pitch the paper clips. MetaViewer and Microsoft Dynamics come together for the one fully integrated paperless ERP solution. MetaViewer + Microsoft Dynamics Go beyond the electronic filing cabinet to paperless

More information

Electronic Invoice Management

Electronic Invoice Management Electronic Invoice Management A Move to the Middle Q1 2014 Featuring Insights on... Underwritten in part by Barriers to einvoice Adoption Building a Case for AP Automation Usage of AP Automation Factors

More information

uplevl Empower data. Improve business ef f iciency. Go Paperless with End-to-End Accounts Payable Automation: An Uplevl White Paper

uplevl Empower data. Improve business ef f iciency. Go Paperless with End-to-End Accounts Payable Automation: An Uplevl White Paper uplevl Empower data. Improve business ef f iciency. Go Paperless with End-to-End Accounts Payable Automation: An Uplevl White Paper Overwhelmed with piles of paper invoices, purchase orders and contracts?

More information

WHITE PAPER. ADP Procure-to-Pay Solutions Optimizing P2P for Non-PO Spend

WHITE PAPER. ADP Procure-to-Pay Solutions Optimizing P2P for Non-PO Spend WHITE PAPER ADP Procure-to-Pay Solutions Optimizing P2P for Non-PO Spend Optimizing P2P for Non-PO Spend p. 1 Executive Summary While purchase orders are a proven tool, they are not practical or even particularly

More information

9 Trends that will Transform Purchase-to-Pay in 2015 An IOFM White Paper

9 Trends that will Transform Purchase-to-Pay in 2015 An IOFM White Paper 9 Trends that will Transform Purchase-to-Pay in 2015 An IOFM White Paper Executive Summary While the global economy is beginning to bounce back, organizations are still faced with a heightened pressure

More information

Treasury Management. WellsOne Commercial Card

Treasury Management. WellsOne Commercial Card Treasury Management WellsOne Commercial Card $182,000 Average value a company can generate for every $1 million in spending converted to commercial cards, through reduced processing costs, increased discounts,

More information

AP Automation. Are You Thinking Strategically? What s Inside: Beyond Cost Reduction & Compliance. Benefits of the Paper to Electronic Migration

AP Automation. Are You Thinking Strategically? What s Inside: Beyond Cost Reduction & Compliance. Benefits of the Paper to Electronic Migration Pay tream A D V I S O R S WHITE PAPER AP Are You Thinking Strategically? What s Inside: Beyond Cost Reduction & Compliance Benefits of the Paper to Electronic Migration Deriving Greater Strategic Value

More information

February 2015. Are You Ready for E-invoicing?

February 2015. Are You Ready for E-invoicing? February 2015 Are You Ready for E-invoicing? CONTENT Introduction... 3 1. SME Pain Points...4 2. E-invoicing Market... 5 2.1 European e-invoicing market...5 2.2 U.S. e-invoicing market... 6 3. E-invoicing

More information

Streamline your processes with the OnBase Integration for Lawson

Streamline your processes with the OnBase Integration for Lawson OnBase Integration for Lawson Streamline your processes with the OnBase Integration for Lawson Optimize your Lawson business processes organizationwide with OnBase Seamless integration. That s what you

More information

VISA COMMERCIAL SOLUTIONS BEST PRACTICES SUMMARIES. Profit from the experience of best-in-class companies.

VISA COMMERCIAL SOLUTIONS BEST PRACTICES SUMMARIES. Profit from the experience of best-in-class companies. VISA COMMERCIAL SOLUTIONS BEST PRACTICES SUMMARIES Profit from the experience of best-in-class companies. Introduction To stay competitive, you know how important it is to find new ways to streamline and

More information

Invoice Receipt Management Report 2015

Invoice Receipt Management Report 2015 Invoice Receipt Management Report 2015 Increasing Electronic Invoice Adoption Through Strategic Automation Featuring insights on...»» Current Market Trends in Invoice Receipt Solutions»» Benefits of Electronic

More information

Pitch the paper clips.

Pitch the paper clips. Pitch the paper clips. MetaViewer and Microsoft Dynamics come together for the one fully integrated paperless ERP solution. MetaViewer + Microsoft Dynamics Go beyond the electronic filing cabinet to paperless

More information

Automated Invoice Matching

Automated Invoice Matching White Paper Automated Invoice Matching Reduce Matching Cycle Times. Increase ROI Version 1.0 Last Updated: 11-06-2010 www.sutisoft.com 1 2 3 4 5 6 7 8 Abstract Introduction Need for Automating Finding

More information

Best-in-Breed P2P Automation:! A PwC Perspective! Best of Breed P2P Automation PwC

Best-in-Breed P2P Automation:! A PwC Perspective! Best of Breed P2P Automation PwC Best-in-Breed P2P Automation:! A Perspective! Best of Breed P2P Automation 1 Managing Director, US Leader Shared Services and Outsourcing Advisory, Founder and President, Direct Commerce We frequently

More information

Transforming Accounts Payable through Automation

Transforming Accounts Payable through Automation Transforming Accounts Payable through Automation Loren Zadecky, KeyBank, Senior Vice President and Head of Commercial Payables Strategy Adoption of Accounts Payable (AP) automation has been slow, with

More information

PROCURE-TO-PAY TRANSFORMATION FOR CFOs. Achieving Control, Visibility & Cost Savings.

PROCURE-TO-PAY TRANSFORMATION FOR CFOs. Achieving Control, Visibility & Cost Savings. PROCURE-TO-PAY TRANSFORMATION FOR CFOs Achieving Control, Visibility & Cost Savings. Table of Contents Introduction...3 Driving up the Cost of the Procure-to-Pay Cycle...4 5 Ways to Cut Procure-to-Pay

More information

Get Invoice Processing That s Ready for the Digital Economy and Your IT Landscape

Get Invoice Processing That s Ready for the Digital Economy and Your IT Landscape SAP Brief SAP Extensions SAP Invoice Management by OpenText Objectives Get Invoice Processing That s Ready for the Digital Economy and Your IT Landscape Get ready for a new approach to invoice processing

More information

Automated Travel and Entertainment (T&E) Expense Management

Automated Travel and Entertainment (T&E) Expense Management White Paper Automated Travel and Entertainment (T&E) Expense Management File & Approve Expense Reports faster. Increase ROI Version 1.1 Last Updated: 20-09-2010 www.sutisoft.com 1 2 3 4 5 6 7 8 10 11 Abstract

More information

Virtual Card Payments for A/P Making Money Paying the Bills

Virtual Card Payments for A/P Making Money Paying the Bills Virtual Card Payments for A/P Making Money Paying the Bills Todd Albers, Senior Payables Program Strategist U.S. Bank Minnesota AFP Annual Conference April 28, 2015 Introduction Todd M. Albers US Bank,

More information

Accounts Payable Automation

Accounts Payable Automation Accounts Payable Automation Dataline - a brief history Launched as privately owned company, based in Chatswood, Sydney. Became a leading proponent of distributed non-impact MICR technology We remain the

More information

The E-Payables Solution Selection Report:

The E-Payables Solution Selection Report: The E-Payables Solution Selection Report: October 2010 Scott Pezza, William Jan, Ankita Tyagi Page 2 Executive Summary In spite of the first indications of an economic recovery, executives continue to

More information

ACCOUNTS PAYABLE AUTOMATION and DOCUMENT MANAGEMENT FOR ERP

ACCOUNTS PAYABLE AUTOMATION and DOCUMENT MANAGEMENT FOR ERP ACCOUNTS PAYABLE AUTOMATION and DOCUMENT MANAGEMENT FOR ERP Making the investment in Accounts Payable Automation will save time and resources for years to come. EASY SOFTWARE ACCOUNTS PAYABLE AUTOMATION

More information

Virtual Payments, Real Benefits. Underwritten by

Virtual Payments, Real Benefits. Underwritten by Virtual Payments, Real Benefits Underwritten by Vishal Patel, Research Director Ardent Partners September, 2013 REPORT SPONSORSHIP 1 The views and opinions in this report represent those of Ardent Partners

More information

Unleashing New Working Capital Potential with Order-to-Pay Automation

Unleashing New Working Capital Potential with Order-to-Pay Automation TREASURY SERVICES Unleashing New Working Capital Potential with Order-to-Pay Automation As organizations automate their order-to-pay process, many discover an unexpected and often unplanned benefit the

More information

From Invoice Capture to Archive: How to Achieve End-to-End AP Automation

From Invoice Capture to Archive: How to Achieve End-to-End AP Automation From Invoice Capture to Archive: How to Achieve End-to-End AP Automation About The Institute of Financial Operations The Institute of Financial Operations is a membership-based professional association

More information

Secrets of World-Class Accounts Payable Departments

Secrets of World-Class Accounts Payable Departments Executive Brief Secrets of World-Class Accounts Payable Departments What the Best-in-Class AP departments do that make them stand out from their peers World-class AP departments know something you don

More information