Integrating Payables and Receivables to Unlock Working Capital

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

2 Introductions David Kunz Treasury Management Product Consulting Payment Solutions Financial Services 15 years Cash Management Practitioner 5 years Mark Schuch Treasury Product Manager EDI/Electronic Commerce/Development Payment Solutions Transportation, Logistics 10 years Financial Services 12 years 2

3 Agenda & Purpose What is Working Capital? How today s environment and industry trends are affecting you What does it mean to automate your receivables and payables? What are the barriers to automation? What to look for in automation providers? How do you begin the automation process in your company? 3

4 Working Capital Definition Current Assets less Current Liabilities - a measure of liquidity, efficiency and overall health Cash Conversion Cycle Days Inventory Days Receivables Days Payable CCC = Inventory + Receivables Payables Importance: Cycle Time Accounts Receivable Cycle vs. Accounts Payable Cycle 4

5 Working Capital Cash Conversion Example Company A Current Assets + 1 billion Current Liabilities million Working Capital = 500 million Company B Current Assets million Current Liabilities million Working Capital = 0 Cash Conversion Cycle Days Inventory Days Receivables + 90 Days Payable 30 Cash Conversion Cycle Days Inventory + 15 Days Receivables + 30 Days Payable 25 Importance: Cycle Time 240 days Importance: Cycle Time 20 days CCC = Inventory + Receivables Payables 5

6 Expectations in Business Today Challenges in a demanding business environment Increased complexity and diversity of business operations Globalization Responsiveness to a range of internal and external stakeholders Emphasis on compliance and risk management Maintaining a competitive advantage, demonstrating market leadership and innovation Protecting our environment Area of Focus Accounts Payable and Receivable must perform at their peak potential and effectively contribute to lowering operating risks and cost from financing activities Operate with lean staffing levels do more with the same/less Automation reduces the number of steps and administration in the payments value chain, and thereby decreases total costs 6

7 Cash Flow Process Through Electronic Commerce, you may extend business processing functions further, automate the financial supply chain management process, encourage the migration of paper to electronic commerce, and support the working capital goals of your company. 7

8 Polling Question #1 What is driving automation at your organization today? A. Improve cash flow B. Reduce costs/improve efficiency C. Suppliers/Buyers requesting automation D. Improve visibility of payments data E. Fraud Control/Prevention 8

9 Industry Trends Paper to Electronic Trends Order to Cash Automation Procure to Pay Automation Best Practices: Strategic Integration: Departmental Communication: Technology Industries that are more likely to use automation Transportation Distribution Manufacturing Healthcare Impact of Enterprise Resource Planning (ERP) More bang for the buck ERP moving down stream Third-party Providers Banks Payment companies Data translation Services Risk Awareness Robust Disaster Recovery Audit issues and security risks 9

10 Commonly Used Acronyms ANSI (American National Standards Institute) The organization that establishes procedures for the development and coordination of national standards. EDI (Electronic Data Interchange) The computer-to-computer exchange of documents in standardized, electronic formats. ERP (Enterprise Resource Planning) Accounting-oriented information systems for identifying and planning the enterprise-wide resources needed to take, make, distribute, and account for customer orders. This may include manufacturing, distribution, personnel, project management, payroll, and financials. Financial EDI The electronic transmission of funds and related data through the banking system. FTP (File Transfer Protocol) A network protocol used to exchange and manipulate files over the Internet NACHA (National Automated Clearing House Association) Association responsible for administration, development and enforcement of rules and sound risk management practices for the ACH Network X12 The electronic data interchange (EDI) standard as supported by ANSI. XML (Extensible Markup Language) Provides a basic syntax that can be used to share information between different applications and different organizations without needing to pass through many layers of conversion 10

11 Commonly Used Payment Channels ACH (Automated Clearing House) Electronic Funds Transfer (EFT) is typically a next-day funds settlement system originally designed to handle low-dollar repetitive payments electronically on a batch basis. Wire Transfer An electronic payment mechanism that allows quick (same day) funds transfer. Designed primarily to handle large-dollar, time critical, nonrepetitive payments or account transfers, and provides limited accompanying information. Lockbox Payments made by customers are directed to a special post office box, rather than going directly to a company. A bank will then go to the box, retrieve the payments, process them and deposit the funds directly into the company bank account. 11

12 A Brief History Proven Technology 21 st century ERP automation 1990s acceptance of the Internet 1980s ANSI rules published, large scale EDI 1970s NACHA, X12 rules were created Late 1960s large scale digital communications 12

13 Following the Automated ACH Transaction Origination Buyer/ Payer Payment Order Remittance Advice CTX Format Corporate Trade Exchange is a NACHA format that incorporates multiple addenda records CTX with Remittance Advice Originating Bank ACH Payment System Receipt Supplier/ Payee Payment Notification and Remittance Advice Receiving Bank CTX with Remittance Advice 13

14 Receivables To achieve efficiency in receivables processes, the first step should be to evaluate the handling of paper-based receivables. Through the introduction of automation, wherever feasible, a reduction in Days Sales Outstanding (DSO) can be realized. 14

15 Receivables Challenges Payments received from vendors in multiple formats must be entered, reconciled to invoices and checked for errors Re-keying of remittance data Cash flow management is difficult with reports at various times from various systems Receiving separate (or no) remittance data with the payment requires re-association efforts 15

16 Integrated Receivables Consolidate information related to ACH, wire transfer, and lockbox receipts into a single electronic file to automatically update an accounts receivable system Your Business 16

17 Receivables Integration Process Bank Role Payment/Remittance Information from buyers received throughout the day via clearing networks Seller Role Accumulate receivables information (payment amt, invoice nbr, invoice date) based on payment type (ach, wire, lockbox) Create output data format based on seller s requirements (EDI, XML, proprietary) Initiate transmission of remittance data to seller (FTP, 3 rd party network, web interface) Receive data transmission of remittance data Interpret data Use translation software, proprietary programming, 3 rd party network Process data into Accounts Receivable system Examples include SAP, Oracle, Microsoft Dynamics, Quickbooks, etc. Match remittance data Send confirmation back to bank 17

18 Integrated Receivables Benefits Acceptance of virtually all receivables electronically, regardless of how each payment was made Reduces manual entry, improving accuracy of receivables updates Savings can be realized in administrative areas such as personnel costs, paper storage and retrieval costs and record management expenses Improves cash flows and accounts receivable update processes With more relevant information available, decisions can be made swiftly, with a higher level of confidence; faster posting of receivables Improves customer relations with more payment options, quicker inquiry turnaround times and fewer payment-receipt disputes 18

19 Payables The payment process is an area where a company's operations can be streamlined to enhance competitiveness by achieving end-to-end links between a company and its suppliers for payment of goods and services. 19

20 Payables Challenges Late payments can result in fees and interest penalties - and lost invoice discounts - which directly impact an organization s bottom line Our staff only processes the easy items first? keying from paper? little or no control of errors? Opportunities for mismanagement or theft of funds by your employees or through fraudulent transactions Strained supplier relationships: late payments mean phone calls from suppliers that can drain an A/P staffs time 20

21 Integrated Payables Initiate electronic and check payments by sending a single file of payment instructions utilizing any of the following payment types: check, ACH, corporate wire transfer Your Business 21

22 Payables Integration Process Buyer Role Process payment information from Accounts Payable system Examples include SAP, Oracle, Microsoft Dynamics, Quickbooks Invoice matched with Purchase Order Interpret data Use translation software, proprietary programming, 3rd party network Create data file structure (EDI, XML, proprietary) Initiate data transmission of approved payment instructions (FTP, 3rd party network, web interface) Bank Role Receive data transmission of payment instructions from buyer Create output data format based on buyer s requirements (EDI, XML, proprietary) Process Instructions based on payment channel Send electronic payments to the respective clearing house (ACH, Wire) Print paper checks Send confirmation to buyer 22

23 Integrated Payables Benefits Reduce operating expenses A single data stream, reducing administrative and auditing costs, and disbursement management Increase productivity by minimizing manual intervention Spend less time tracking errors and booking general ledger entries Reduce tasks associated with check production and reconciliation Enhance cash forecasting Eliminate the need to wait for processing results from various payment systems Know when your account will be debited for electronic payments Improve vendor relations Trading partners will be able to effectively predict their cash levels and post receivables accurately and cost-effectively 23

24 Polling Question #2 What challenges does your business face in originating/receiving payments electronically? A. Limited IT resources B. Trading Partners not automated C. Check systems work well D. Management not convinced of the value E. Lack of remittance information standards 24

25 Case Study Payables Solution Number of A/P Checks: 4500/mo Number of Suppliers: 900+ Industry: Distribution Stock Check, Envelope, Storage Hardware Printers Postage Remittance Employee Expense Filing, Handling, Stop Payments, customer inquiries Drivers Reduce Costs Realize all the discounts from their large suppliers, avoid late fees Fraud Control Current Costs Avg per check: $10.22 Monthly: $45,990 Converting 50% of payments to ACH and outsourcing the remainder of the checks Avg per payment: $5.37 Monthly: $24,165 Benefits Reallocation of resources Savings Discounts Improved Supplier Relations Automation Time Savings 25

26 Partnership Qualities Professional Teamwork Identification and removal of barriers, silos Focus on improving business processes and enhancing business controls Improve productivity by automating both the external and internal business processes Be very open minded, adaptable, and prepared for continual change Experienced Technology to meet your needs 26

27 Implementation Best Practices Periodic review meetings with your provider Provider that understands your business and payment cycle processes Ensure dedicated implementation project resources on both sides as well as understanding of resources required Weekly implementation meetings Flexible solution that can solve multiple business problems Documentation of service capabilities Establish metrics for success and measure 27

28 Next Steps to Automation Build a business case by examining your current structure, identifying areas for cost takeout and value-add Identify metrics that are measurable within your operations and determine those that support your company s strategic priorities and operating culture: Process Costs Automation Improvements Error Rates Fraud & Duplicate Payments Financial Controls Supplier Satisfaction Align internal stakeholders such as procurement and IT, in addition to A/P, A/R, and Finance Develop a workplan with milestones, objectives Document/simplify processes Ensure controls through automation 28

29 Questions & Answers 29

30 Thank you for participating today Evaluation You will receive a short webinar evaluation via . Your feedback is very important to us. Contact Information For additional information, please call to reach a BB&T Payments Consultant. Or visit BB&T is a Member, FDIC. Only deposit products are FDIC Insured. 30

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