Moving From Paper to Electronic

Size: px
Start display at page:

Download "Moving From Paper to Electronic"

Transcription

1 Bank of America Merrill Lynch White Paper Moving From Paper to Electronic May 2014 Why governments need to get serious about electronic payment solutions. Executive summary With the impact of the recession still lingering, state and local governments are under immense pressure to cut costs. While some states and cities have been cutting services and eliminating personnel to balance their budgets, others are finding opportunity for savings through less drastic but still extremely effective measures. Specifically, they are making changes to the way they initiate and receive payments, greatly reducing costs while improving cash management. Contents Purchasing cards continue growth path... 3 Accounts payable goes digital... 3 Fuller solutions generate more electronic payments... 4 E-invoicing takes hold... 4

2 MOVING FROM PAPER TO ELECTRONIC 2 The recession may be easing, but governments are still feeling the pain. In cities, a steady layoff of workers since the summer of 2008 continued in 2011, with 39% of municipalities saying they had cut personnel in the previous six months, according to municipal advocacy group National League of Cities. 1 States, meanwhile, are continuing to make deep cuts in critical public services, as they strive to recover from the largest decline in revenues on record as a result of the recession. The Center on Budget and Policy Priorities is projecting budget shortfalls of $49 billion for states for fiscal year With funds so tight, governments of all sizes across the nation are being asked to do more with less. The Obama Administration s Campaign to Cut Waste, signed in June 2011, is setting the tone from the top, requiring all federal government agencies to identify and help eliminate waste. As part of the campaign, the Treasury Department mandated that all its bureaus and vendors must submit and process invoices electronically, a move expected to save $450 million annually. Even before the campaign, the Treasury Department had initiated a move toward electronic payments for Social Security and other benefits, an effort expected to save taxpayers $1 billion over 10 years. Compressed budgets, combined with the federal government s new emphasis on eliminating waste, are propelling states and municipalities to more seriously consider alternatives to the paper-based methods they have long relied on to receive and distribute funds. Paper in all its forms checks from constituents, invoices from suppliers and payments to beneficiaries, to name a few has become increasingly problematic in today s constrained environment. For starters, paper is both costly and inefficient. According to the Treasury Department, it costs 92 cents more to issue a paper check than it does to issue a direct-deposit check. Paper checks are also a magnet for fraud and theft. Organizations that were victims of different kinds of payment fraud in 2011 were more likely to experience check fraud (85%) than ACH (28%) or wire fraud (5%), according to the Association for Financial Professionals. In addition, almost half a million Social Security checks are reported lost or stolen each year, according to the Treasury Department. Paper is also detrimental to the environment. The Electronic Payments Association estimates that if 20% of households eliminated paper checks, they would avoid using more than 100 million gallons of gas required to transport mailed payments. 3 Compressed budgets and a new emphasis on eliminating waste are propelling states and municipalities to seriously consider paper alternatives. 1 Local Economic Condition Survey (2012 March). National League of Cities. 2 McNichol, E., Oliff, P., Johnson, N., (2012 March 21). States Continue to Feel Recession s Impact. Center on Budget and Policy Priorities, 1. 3 PayItGreen Impact, n.d., (accessed April 19, 2012).

3 MOVING FROM PAPER TO ELECTRONIC 3 Purchasing cards continue growth path Typically, the first entry point for governments seeking to automate some aspect of the payment process is the purchasing card. These cards allow organizations to distribute funds to employees via cards, which can then be used like standard payment cards to purchase things such as office supplies and travel expenses. Annual purchasing card spending is expected to increase to $255 billion by 2014, reflecting an annual growth rate of 10.6% for government agencies, according to RPMG Research Corp., a provider of research on corporate procurement and purchasing. 4 The growing popularity of purchasing cards is not surprising, given their many benefits. RPMG estimates the average administrative cost of a purchase made using a traditional purchase order is about $93, compared to only $22 for one made using a purchasing card, a savings of more than $70. In addition, purchasing cards reduce the procurement cycle time by about 12 days and the number of suppliers by an average of 16%; they also cut down on staff devoted to accounts payable functions. 5 North Carolina State University (NCSU) has experienced the benefits of purchasing cards firsthand, having been a leader in the use of the cards since the mid-1990s. In addition to earning rebates based on purchasing card spending, NCSU now writes fewer checks, which results in lower processing costs and bank fees. The university can also consolidate its spending into one monthly payment that can be deferred by as much as 25 days from the end of the billing cycle, lengthening float. Also, transparency into the card transactions is high, facilitating better cash management and reduced fraud. Accounts payable goes digital In recent years, a variety of other electronic payment innovations have been introduced to help governments overcome their reliance on paper and eliminate needless expense. A key area of focus is the accounts-payable function. Today, about 77% of incoming invoices are paper, leading to completely manual receipt, approval and payment processes for most organizations, according to the IT research and analysis company Aberdeen Group. 6 E-Payables, an increasingly popular technology, seeks to reduce the many manual aspects of accounts payable by transforming the paper checks that go to suppliers into electronic payments. Top-down mandates from within organizations to cut costs, combined with the difficulty of working with information in paper format, are the two top drivers of e-payables, says Aberdeen Group. 7 E-Payables is a technology that seeks to reduce the manual aspects of the accounts payable process by transforming paper checks into electronic payments. The high cost of processing paper checks is reason enough to begin a move toward electronic payments. Aberdeen Group reports that the average cost of a check payment is $ Plus, there are additional benefits to e-payables, including greater transparency into an organization s cash flow and the ability to avoid late-payment penalties, while capturing early-payment discounts. 4 Palmer, R., Gupta, M. (2010). Purchasing Card Benchmarking Survey. RPMG Research Corp. 5 Ibid. 6 Pezza, S., (2011 September). E-Payables 2011: Efficiency, Visibility, and Collaboration in the Financial Supply Chain. Aberdeen Group 7 Ibid. 8 Ibid., p. 8.

4 MOVING FROM PAPER TO ELECTRONIC 4 E-Payables can help to eliminate paper early in the payment process, by distributing funds to suppliers through card-based payments rather than checks. Through a single file submission, the credit limit on the supplier s card increases by the designated amount of the payment. At the same time, the bank notifies the supplier of the remittance details and payment instructions via . This streamlined process lets suppliers receive payments within one to three business days, while eliminating the risk of fraud through checks. Washoe County in Nevada turned to e-payables to increase the number of its vendors paid through automation, and has incurred significant savings. Washoe County increased its cash flow by about 45 days by reconciling the payments authorized to its bank s credit card billing statement on a monthly basis. It also expects savings of more than $200,000 annually from reduced check printing, banking and mailing costs, combined with earnings from annual bank rebates, based on the volume of enrollees. Fuller solutions generate more electronic payments For suppliers that are unable to accept card-based payments, a more comprehensive solution is in order. Governments can increase the number of automated payments they issue by making it possible for suppliers to also be paid via the automated clearinghouse. As with card payments made via e-payables, ACH payments made through a comprehensive payables program offer remittance detail, which is sent to the supplier and also viewable through a custom website. The Duval County Public School District in Florida turned to a comprehensive electronic payables solution when it was tasked with finding ways to improve business practices that would result in large annual savings. By embracing a full suite of electronic payments, the school district has improved float, accelerated payment times and helped achieve its budget goals. The district expects to generate more than $250,000 annually in cost savings and rebates through its comprehensive electronic payments plan. The Duval County Public School District expects to save more than $250,000 annually through its comprehensive electronic payments plan. E-invoicing takes hold Another way for state and city governments to eliminate paper from the payment process is through electronic invoicing. A growing number of organizations are seeking to receive invoices electronically, rather than as paper documents. Twenty-nine percent of respondents surveyed by Paystream Advisors said they are using or deploying an e-invoicing solution, while 42% are evaluating the use of one. 9 Paystream surveyed more than 300 accounts payable and procurement professionals at U.S.-based companies in a range of industries. 9 einvoicing Adoption Benchmarking Report (Q1 2012). Paystream Advisors, Inc., 5.

5 MOVING FROM PAPER TO ELECTRONIC 5 E-Invoicing offers a number of benefits, including reduced processing costs (cited by 52% of respondents), fewer lost invoices (cited by 51%) and quicker approval cycles (cited by 50%). 10 But the barriers to adopting e-invoicing are high, given the perceived difficulty of managing the migration of moving so many supplier relationships from paper to electronic systems. Paystream found that 23% of respondents believe that their current paper processes work well enough, 18% think they do not have an adequate budget and 16% think there would not be a return on investment from e-invoicing. 11 Many of these organizations, however, do not realize that new e-invoicing solutions are available that make it easy to move suppliers from paper to electronic billing. These solutions let vendors enroll via a web-based system, eliminating the need for organizations to oversee the payee enrollment process, manage payee bank information or even make changes to existing payables software. Once vendors are enrolled, they send electronic invoice data in their preferred format, allowing organizations to initiate approved payments through a simple file transfer. Working with a proven electronic payments provider that has the resources, technology and knowledge to facilitate a project s success is critical. With so many avenues into electronic payments now available, government agencies have more reasons than ever to get serious about eliminating paper from their payment processes. A first step toward that goal is to identify a high-level director within the organization who will sponsor the project and support it throughout its life cycle. It s also important to designate a team responsible for making the transformation happen. Working with a proven provider that has the resources, technology and knowledge to facilitate the project s success from beginning to end is also critical. The ideal provider will not only provide a solution, but will foster a hands-on working relationship aimed at ensuring smooth implementation and optimal usage of the system. Finally, a well-rounded education and training effort that includes other departments, such as audit and controls, will get a paper-to-electronics program off the ground on the most solid footing possible. With city and state budgets still tight, and the federal government pushing hard for savings and efficiencies, there has never been a more opportune time for agencies to explore electronic solutions. The variety and maturity of options now available makes moving from paper to electronic more practical and feasible than ever before. 10 Ibid., p Ibid., p. 7. Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ( Investment Banking Affiliates ), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed Bank of America Corporation

Purchasing Cards: Yesterday, Today & Tomorrow How far they ve come and where they are going.

Purchasing Cards: Yesterday, Today & Tomorrow How far they ve come and where they are going. Purchasing Cards: Yesterday, Today & Tomorrow How far they ve come and where they are going. Susan Ouchterloney, Bank of America Merrill Lynch Ryan Cappannari, Citizens Bank Payment Solutions Date: September

More information

Works. Works Quick Reference Guide. Creating and Managing Expense Reports

Works. Works Quick Reference Guide. Creating and Managing Expense Reports Quick Reference Guide Creating and Managing Expense Reports Table of Contents About this Guide...3 Creating Expense Reports...4 Signing Off on Expense Reports...6 Deleting Expense Reports...7 Adding Transactions

More information

Southern California AFP Luncheon

Southern California AFP Luncheon Working Capital Unharness your Cash Flow Southern California AFP Luncheon Michael Diekmann Director, Bank of America Merrill Lynch October 10, 2014 Understanding Working Capital Working Capital... = Current

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

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

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

B2B Payments New World

B2B Payments New World The Essentials of Procure-to-Pay Pay Patrick S. Lyons Vice President, Spend & Payment Solutions BMO Financial Group B2B Payments New World Trend: Payment Strategies now include all three Payments (ACH,

More information

How To Maximize Cash Flow

How To Maximize Cash Flow Working Capital Metrics: What Gets Measured Gets Managed Janine Durbin Director; Working Capital Advisor Phone: 312.992.5185 E-Mail: janine.m.durbin@baml.com Understanding Working Capital Working Capital

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

When Treasury Meets Trade Trade finance as a key working capital optimization tool.

When Treasury Meets Trade Trade finance as a key working capital optimization tool. FEBRUARY 2012 When Treasury Meets Trade Trade finance as a key working capital optimization tool. Chris Bozek, Managing Director, Head of Global Trade and Supply Chain Products, Bank of America Merrill

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

AVANTGARD INSIGHTS. B2B E-Payments:

AVANTGARD INSIGHTS. B2B E-Payments: AVANTGARD INSIGHTS Benefits of B2B E-Payments: (Finally) Leaving the Paper Check Behind 1 Benefits of B2B E-Payments: (Finally) Leaving the Paper Check Behind INTRODUCTION Today, approximately 10 billion

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

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

Streamlining Revenue Cycle Processes

Streamlining Revenue Cycle Processes Bank of America Merrill Lynch Case Study Streamlining Revenue Cycle Processes September 2014 Innovative patient and commercial receivables for Executive summary At (MDRH), a team of 40 orthopedic specialists

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

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

Trends in Supply Chain Finance

Trends in Supply Chain Finance Trends in Supply Chain Finance Buckeye Financial Forum John Loy April 2015 Agenda History of Supply Chain Finance The underlying economics why it works Current trends Industry Geography Structures Future

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

Strategic Approaches to Managing Accounts Receivable and Accounts Payable

Strategic Approaches to Managing Accounts Receivable and Accounts Payable Bank of America Merrill Lynch White Paper Strategic Approaches to Managing Accounts Receivable and Accounts Payable Executive summary Strategic management of accounts receivable and accounts payable especially

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

Creating a Card-Based B2B Payments Program

Creating a Card-Based B2B Payments Program A report prepared by Global Corporate Payments is published by American Express. Additional information can be found at: http://business.americanexpress.com/us/payment-services is report was prepared by

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

Streamlining Accounts Payable with Higher One Steve Petno, Higher One John Jamieson, WEX

Streamlining Accounts Payable with Higher One Steve Petno, Higher One John Jamieson, WEX Streamlining Accounts Payable with Higher One Steve Petno, Higher One John Jamieson, WEX Why Higher One? Our Focus: Born and raised in Higher Education Streamlining campus operations Enhancing your service

More information

Turning AP into a Revenue Generator. Benefits of automated, card-based payments June 20, 2013

Turning AP into a Revenue Generator. Benefits of automated, card-based payments June 20, 2013 Turning AP into a Revenue Generator Benefits of automated, card-based payments June 20, 2013 Speakers Robert O Conner, Senior Global Treasury Advisor, Silicon Valley Bank Carmela Montes de Oca, Senior

More information

How To Get A Better At Writing An Invoice

How To Get A Better At Writing An Invoice 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

Working Capital Review: Best Practices in Order-to-Cash and Procure-to-Pay

Working Capital Review: Best Practices in Order-to-Cash and Procure-to-Pay Working Capital Review: Best Practices in Order-to-Cash and Procure-to-Pay Janine Durbin Director; Working Capital Advisor Phone: 312.992.5185 E-Mail: janine.m.durbin@baml.com External Internal Working

More information

A/P and A/R: Unrelenting Adversaries or Synergetic Partners?

A/P and A/R: Unrelenting Adversaries or Synergetic Partners? A/P and A/R: Unrelenting Adversaries or Synergetic Partners? New York Cash Exchange Adam Kruis Vice President, Working Capital Consultant June 1 st, 2016 Historical adversaries 2 Historical adversaries

More information

Case Study: Automating Healthcare Supplier Payments

Case Study: Automating Healthcare Supplier Payments Case Study: Automating Healthcare Supplier Payments Robert Raucci, Director-Treasury Operations Thomas Jefferson University June St. John, SVP, CTP Wells Fargo Treasury Management 2 Overview Today s healthcare

More information

September 2010 Conducted by: MasterCard Advisors Sponsored by: U.S. Bank Corporate Payment Systems

September 2010 Conducted by: MasterCard Advisors Sponsored by: U.S. Bank Corporate Payment Systems The State of Business-to-Business Payment Transformation September 2010 Conducted by: MasterCard Advisors Sponsored by: U.S. Bank Corporate Payment Systems 1.0 Executive Summary In the July 2008 State

More information

Purchasing Card Spend Benchmarks

Purchasing Card Spend Benchmarks COMMERCIAL BANKING Purchasing Card Spend Benchmarks Metrics that spotlight program performance and best practices 2 Purchasing Card Spend Benchmarks Benchmarking Metrics Chart Program Success and Possibilities

More information

MORE GAIN/LESS PAIN Maximize your cash flow/minimize your effort

MORE GAIN/LESS PAIN Maximize your cash flow/minimize your effort MORE GAIN/LESS PAIN Maximize your cash flow/minimize your effort Approved for 1 CTP/CCM Recertification Credit by the Association of Financial Professionals November 18, 2009 1 Presenters Mary Church,

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

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

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

Opportunities From Financial Efficiencies

Opportunities From Financial Efficiencies 2013 The Fourth in a series of four Executive Insight Reports from Bank of America Merrill Lynch produced in collaboration with HealthLeaders Media Opportunities From Financial Efficiencies Perspective:

More information

JANUARY 2015. TAKE CHARGE: How to Successfully Plan and Deliver a Strategic E-payment and Commercial Card Implementation

JANUARY 2015. TAKE CHARGE: How to Successfully Plan and Deliver a Strategic E-payment and Commercial Card Implementation JANUARY 2015 TAKE CHARGE: How to Successfully Plan and Deliver a Strategic E-payment and Commercial Card Implementation E-PAYMENTS & COMMERCIAL CARDs white paper 2 When it comes to launching an e-payments

More information

Merrill Edge Bank of America Corporation 3 Trends Changing Our World

Merrill Edge Bank of America Corporation 3 Trends Changing Our World Merrill Edge Bank of America Corporation 3 Trends Changing Our World Chris topher Hyzy, CIO, U.S. Trust Bank of America Private Wealth Management (Recorded on August 14, 2013) Hello I'm Chris Hyzy with

More information

Five Simple Steps to Increase Supplier Adoption of einvoicing Jeff White

Five Simple Steps to Increase Supplier Adoption of einvoicing Jeff White Five Simple Steps to Increase Supplier Adoption of einvoicing Jeff White Director, Implementations & Integration ADP Procure-to-Pay Solutions Agenda Trends in invoice automation Barriers to einvoicing

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

CORPORATE LIQUIDITY. AVANTGARD epayment Services Leaving the check behind with an integrated payments service

CORPORATE LIQUIDITY. AVANTGARD epayment Services Leaving the check behind with an integrated payments service CORPORATE LIQUIDITY AVANTGARD epayment Services Leaving the check behind with an integrated payments service B2B CHECKS RACK UP $25 BILLION IN PROCESSING COSTS ANNUALLY AFP Electronic Payments Survey Leaving

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

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

White Paper E-Payments: Critical Considerations for Choosing an Electronic Payments Solution Provider

White Paper E-Payments: Critical Considerations for Choosing an Electronic Payments Solution Provider White Paper E-Payments: Critical Considerations for Choosing an Electronic Payments Solution Provider Written by: Mark Brousseau White Paper E-Payments: Critical Considerations for Choosing an Electronic

More information

What s new in epayment. Payable Solution for University of Virginia

What s new in epayment. Payable Solution for University of Virginia What s new in epayment Solutions: A Comprehensive Payable Solution for University of Virginia What s new in epayment Solutions: A Comprehensive Payable Solution Terry Butler University of Virginia Assistant

More information

Accounts Payable Optimization in Today s Healthcare Environment

Accounts Payable Optimization in Today s Healthcare Environment 2009 Accounts Payable Optimization in Today s Healthcare Environment A GHX White Paper for Hospital Financial Executives In today s tumultuous economic and political environment, healthcare providers increasingly

More information

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

Your trusted online source for Treasury Management news. Global Finance top pick: U.S. Bank. Working Capital DNA

Your trusted online source for Treasury Management news. Global Finance top pick: U.S. Bank. Working Capital DNA Summer 2015 TM Forum Your trusted online source for Treasury Management news Global Finance top pick: U.S. Bank Working Capital DNA In this issue Global Finance top pick: U.S. Bank Working Capital DNA

More information

Expense Management: Principles and Practices

Expense Management: Principles and Practices Expense Management: Principles and Practices Mary Miklethun Senior Program Manager, Travel & Entertainment North America U.S. Bank Corporate Payment Systems Tammy Wissing Controller Concordia University,

More information

Corporate Payables via Virtual Credit Card

Corporate Payables via Virtual Credit Card TREASURY MANAGEMENT Corporate Payables via Virtual Credit Card Presenter: Dan Trbovic Index 1 Industry Evolution 2 Virtual Card Technology 3 Supplier Enrollment 2 Industry Evolution 3 Card Payments: The

More information

General Guidelines for the Development of Government Payment Programs

General Guidelines for the Development of Government Payment Programs General Guidelines for the Development of Government Payment Programs Social Safety Nets Course Washington D.C., 15 December 2014 Massimo Cirasino, Head, Payment Systems Development Group The World Bank

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 benefits. Facts and best practices by leading analysts

Accounts payable automation benefits. Facts and best practices by leading analysts Accounts payable automation benefits Facts and best practices by leading analysts Evidence of benefits in accounts payable automation Research-based evidence shows that automation is yet again the way

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

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

The PPACA 2014 Deadline Will Spur Electronic Payments

The PPACA 2014 Deadline Will Spur Electronic Payments SEPTEMBER 2012 The PPACA 2014 Deadline Will Spur Electronic Payments Table of Contents EXECUTIVE SUMMARY Electronic Payments Remain Limited...2 The PPACA Changes Everything...2 New Operating Rules...3

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

Strategic Approaches to Managing Accounts Receivable and Accounts Payable

Strategic Approaches to Managing Accounts Receivable and Accounts Payable MARCH 2012 Strategic Approaches to Managing Accounts Receivable and Accounts Payable Table of Contents EXECUTIVE SUMMARY Improving Cash Flow with Effective AR and AP Management...2 Strategic AR Management...2

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

Performance Measures that Matter. The benefits of Payables Automation. Laura I. Maydón Visa Latin Trade CFO Events Mexico City, June 16 th 2011

Performance Measures that Matter. The benefits of Payables Automation. Laura I. Maydón Visa Latin Trade CFO Events Mexico City, June 16 th 2011 Performance Measures that Matter The benefits of Payables Automation Laura I. Maydón Visa Latin Trade CFO Events Mexico City, June 16 th 2011 Note: Survey results, research and recommended practice recommendations

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

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

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

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

Bank Account Management

Bank Account Management Asia Pacific Treasury Management Barometer 2013 Paving the way for BAM As global corporations increasingly expand into Asia to tap into future growth opportunities, attitudes towards the role of treasury

More information

Electronic and Plastic Options

Electronic and Plastic Options Enhancing Financial Transaction Efficiency: Electronic and Plastic Options Merl Hackbart, Dwight Denison & Wie ie Yusuf Many payments that traditionally were made by cash or check are now being made electronically

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

Driving Savings to Your Bottom Line

Driving Savings to Your Bottom Line Driving Savings to Your Bottom Line Commercial Cards Best Practices November 14, 2012 1 Speakers Mark Sievert, Senior Global Treasury Advisor, Silicon Valley Bank Moderator Robert O Connor, Senior Global

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

Automating Procure to Pay to Improve Liquidity (and Boost Your Bottom Line) Page 1

Automating Procure to Pay to Improve Liquidity (and Boost Your Bottom Line) Page 1 cash management and liquidity series Automating Procure to Pay to Improve Liquidity (and Boost Your Bottom Line) Potential inefficiencies in Accounts Payable Dramatically reducing payment costs A roadmap

More information

Trends and Best Practices in Electronic Payments

Trends and Best Practices in Electronic Payments Trends and Best Practices in Electronic Payments Trends and Best Practices in Electronic Payments Over the last year, we have seen a fundamental paradigm shift in the strategies and priorities of our

More information

How to Choose the Best Bank for Your Medical Practice

How to Choose the Best Bank for Your Medical Practice Bank of America Merrill Lynch White Paper How to Choose the Best Bank for Your Medical Practice Executive summary A bank is much more than a place to deposit cash and process checks. Banks can offer a

More information

Electronic Supplier Payments

Electronic Supplier Payments Electronic Supplier Payments Pushing Forward with Buyer Initiated Payments Q2 2012 Featuring Insights on... The Potential of Electronic Supplier Payments Underwritten in part by Overcoming Barriers to

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

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

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

Commercial Cards for Accounts Payable

Commercial Cards for Accounts Payable Commercial Cards for Accounts Payable MGFOA 2010 Fall Training Institute September 20, 2010 Donovan Shand Vice President Global Corporate Product Management Comerica Bank Topics for Discussion Current

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

Why Your Spreadsheet Isn t Expense Management

Why Your Spreadsheet Isn t Expense Management Why Your Spreadsheet Isn t Expense Management By Christopher Levush Spreadsheets are the ubiquitous office tool; you can hardly run your business without them. A simple search on Google opens the door

More information

Introduction Meet the Speaker

Introduction Meet the Speaker IOFM Controllers Conference, 2015 Presented by: David Disque, Managing Director Introduction Meet the Speaker Managing Director at CSI globalvcard 15+ years in payments industry Frequent speaker on corporate

More information

TM Forum Your trusted online source for Treasury Management news

TM Forum Your trusted online source for Treasury Management news Winter 2015 TM Forum Your trusted online source for Treasury Management news Experience the transformative powers of U.S. Bank Working Capital DNA In this issue Experience the transformative powers of

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

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

Options Are Good. A Treasury Perspective on Driving Value from Payments. Jody L. Lutz Senior Vice President PNC Treasury Consulting Group

Options Are Good. A Treasury Perspective on Driving Value from Payments. Jody L. Lutz Senior Vice President PNC Treasury Consulting Group Options Are Good A Treasury Perspective on Driving Value from Payments Presented to: April 20, 2015 Jody L. Lutz Senior Vice President PNC Treasury Consulting Group (412) 768-2364 Jody.Lutz@pnc.com Traditional

More information

Payment Strategies to Maximize Cash Flow for Healthcare Providers

Payment Strategies to Maximize Cash Flow for Healthcare Providers Payment Strategies to Maximize Cash Flow for Healthcare Providers Personal banking has radically changed over the past twenty years. How often do you write a check? Many people do not even know where their

More information

Treasury Models: Proactive Planning and Execution

Treasury Models: Proactive Planning and Execution : Proactive Planning and Execution Across Asia Pacific, corporations are proactively examining treasury structures to support current and future growth plans. As a result, treasury enhancement projects

More information

E-Commerce and the Paper Check

E-Commerce and the Paper Check Electronic Payments Trends in Accounts Payable Winter 2010 INTRODUCTION Today s Accounts Payable (AP) departments with their heavy usage of paper and manual efforts are eroding the bottom line of largeand

More information

Advancing B2B Electronification Through Standards. Claudia Swendseid Senior Vice President Federal Reserve Bank of Minneapolis

Advancing B2B Electronification Through Standards. Claudia Swendseid Senior Vice President Federal Reserve Bank of Minneapolis Advancing B2B Electronification Through Standards Claudia Swendseid Senior Vice President Federal Reserve Bank of Minneapolis Chicago Payments Symposium September 25, 2014 Agenda 1. B2B Payment Trends

More information

Special Report: The Future of AP

Special Report: The Future of AP The Future of Accounts Payable Five Top Transformative Changes Coming to AP What lies ahead for Accounts Payable and Shared Services? In these highly volatile and challenging economic times, can AP leverage

More information

Treasury Transformations Government Prepaid Card Solutions

Treasury Transformations Government Prepaid Card Solutions Treasury Transformations Government Prepaid Card Solutions 2011 GFOA SC Conference October 10th, 2011 Myrtle Beach, SC Government Prepaid Solutions Prepaid solutions for government agencies have been developed

More information

Creating a Paperless & Profitable AP Department using AP Automation

Creating a Paperless & Profitable AP Department using AP Automation Creating a Paperless & Profitable AP Department using AP Automation Kurt Wachtendorf, APSC, CDIA National Solution Consulting Manager Commerce Bank 1 What Drives Organizations To Want To Change? Going

More information

TM Forum Your trusted online source for Treasury Management news

TM Forum Your trusted online source for Treasury Management news In this issue: Fall 2014 Integrated Receivables nextgeneration platform addresses processing challenges Bank partnership key to building a robust e-payables program Integrated Receivables nextgeneration

More information

Cash Flow Forecasting

Cash Flow Forecasting Asia Pacific Treasury Management Barometer 2013 The Reality of Cash Flow Management In treasuries across Asia Pacific, the currency placed on cash flow management is moving in leaps and bounds. From liberal

More information

The New AP Strategy: Leveraging Automation and Working Capital Optimization to Generate Revenue

The New AP Strategy: Leveraging Automation and Working Capital Optimization to Generate Revenue The New AP Strategy: Leveraging Automation and Working Capital Optimization to Generate Revenue Agenda Identify Your Goals Why Automate? The New Payment Strategy Review Your Current Environment Leverage

More information

Treasure Trove The Rising Role of Treasury in Accounts Payable

Treasure Trove The Rising Role of Treasury in Accounts Payable Treasury and Trade Solutions North America July 30, 2015 Treasure Trove The Rising Role of Treasury in Accounts Payable 2015 Citibank, N.A. All rights reserved Today s Speakers Andrew Bartolini Chief Research

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

Works. Works Quick Reference Guide. Creating and Managing Reports

Works. Works Quick Reference Guide. Creating and Managing Reports Works Quick Reference Guide Creating and Managing Reports Table of Contents Creating Reports...4 Modifying and/or Rerunning Report Templates... 12 Adding Report Output Types... 13 Changing Completed Report

More information

2011 FINANCE PRODUCTIVITY SURVEY ON INVOICE PROCESSING ANNUAL INSIGHTS ON PROCESS, ISSUES, RISKS, AND TRENDS 2011 SPRINGCM

2011 FINANCE PRODUCTIVITY SURVEY ON INVOICE PROCESSING ANNUAL INSIGHTS ON PROCESS, ISSUES, RISKS, AND TRENDS 2011 SPRINGCM 2011 FINANCE PRODUCTIVITY SURVEY ON INVOICE PROCESSING ANNUAL INSIGHTS ON PROCESS, ISSUES, RISKS, AND TRENDS 2011 SPRINGCM 2011 FINANCE PRODUCTIVITY SURVEY ON INVOICE PROCESSING Companies of All Sizes

More information

The Transition from Paper to Painless

The Transition from Paper to Painless WHITE PAPER Accounts Payable Automation: The Transition from Paper to Painless ABSTRACT This white paper takes a comprehensive look into how businesses can leverage AP Automation to reduce costs, enhance

More information

BankAmericard Privileges credit card with Travel Rewards Program Rules

BankAmericard Privileges credit card with Travel Rewards Program Rules BankAmericard Privileges credit card with Travel Rewards Program Rules It s easy to earn Points simply use your credit card for everyday purchases. There s no additional cost to participate in the Program,

More information