Moving From Paper to Electronic
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- Roland Hoover
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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
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