STAFF COMMENTS FINANCE, ADMINISTRATION AND ECONOMIC DEVELOPMENT COMMITTEE September 21, 2011

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "STAFF COMMENTS FINANCE, ADMINISTRATION AND ECONOMIC DEVELOPMENT COMMITTEE September 21, 2011"

Transcription

1 ACTION ITEM 4. Selection of Financial Institution for Accounts Payable Automation Services. Policy Issue: The FAED committee has oversight responsibility for financial operations of the City. Professional contracts require Governing Body approval. Staff Recommendation: That the FAED Committee recommend to the City Council selection of US Bank to provide the City s Accounts Payable Automation Services and that the staff be authorized to proceed with negotiation a contract with US Bank for these services. Background: In June 2011 the committee approved a process for selection of Accounts Payable Automation (APA) services. An RFQ was issued for APA services and proposals were received on July 22 from the following institutions: Bank of America, BNY Mellon, Commerce Bank, Cyret Technologies, Intelenet, JP Morgan, US Bank, Wells Fargo, and Wright Express. An evaluation committee made up of staff members from both the Finance & Information Technology along with Jim Beasley, City Cash Management Consultant, met and shared comments from their independent reviews of the nine received proposals. The nine proposals were reviewed for compliance with the mandatory criteria included in the RFQ and the top five firms (Bank of America, BNY Mellon, JP Morgan, US Bank, Wells Fargo) were identified as candidates to be interviewed for further consideration. The evaluation committee reviewed the proposals based on the following criteria: 1. Scope of proposed services; 2. Experience, expertise and qualifications of key personnel assigned to the City; 3. Clarity and completeness of information provided for evaluation and; 4. Response exceptions, if any. The top five firms were interviewed and invited to demonstrate their software s capabilities during the week of August 15. As a result of these interviews and demonstrations it was made evident our initial rudimentary understanding of the APA process s full potential realization for cost effectiveness and efficiency was understated. For instance, it is now known that the APA process has the capability to completely digitize paper invoices, implement the creation of paperless purchase orders, advance the workflow approval process, realize the concept and savings from invoice discounting, and digitally archive all resulting records online. The APA process also furthers cost effectiveness and efficiency by encouraging vendors to submit paperless invoices online with the return benefit to the vendors of being able to check their status of payments in real time. Following the interviews and demonstrations of their software, three firms (BNY Mellon, JP Morgan, US Bank) were selected to be issued a Request for Fee Proposals for further evaluation by the committee.

2 These firms were selected based on: Completeness of answers during the interviews and proposed implementation strategy. Demonstrated software functionality, workflow process and the experience of interfacing with JD Edwards E1, the City s accounting software. References checks had good responses on both their software and customer service. The staff evaluation committee conducted the final stage of the review process based on the three finalist s responses to the Request for Fee proposals. An evaluation methodology was adopted in order to review each financial institution s fee proposal on a comparable basis. This methodology estimated how quickly the City would implement APA services internally with departments and externally with vendors. This methodology assumed that by the third year of implementation 30% of the vendors would be paid by electronic payment and would represent 90% of the invoices received by the City. Each financial institution provided the City a rebate rate on vendor payments processed by ghost purchasing cards. (Ghost cards are essentially one-time electronic transactions processed in a manner similar to using a purchasing card.) For evaluation purposes it was assumed that 11% or $15 million dollars of the total City annual expenditures (excluding payroll, existing electronic payments and purchase card payments) would be processed via ghost cards. Request for Fee Proposals Findings: The following chart compares the cost of banking APA services as proposed by BNY Mellon, JP Morgan and US Bank. BNY Mellon *** Fixed Costs $ 74,000 $ - $ - Variable Costs $ 106,086 $ 109,682 $ 113,278 Grand Total Costs $ 180,086 $ 109,682 $ 113,278 $ 403,046 Ghost Card Rebate - Revenue $ 210,000 $ 210,000 $ 210,000 $ 630,000 Net savings (Revenue less Costs) $ 29,914 $ 100,318 $ 96,722 $ 226,954 *** Does not include a pricing matrix for the actual payment process of either electronic ACH or paper check payments, only the preparation procedure with the actual payment still to be made by the City s Finance department.

3 JP Morgan Fixed Costs $ 49,000 $ 24,000 $ 24,000 Variable Costs $ 15,523 $ 19,749 $ 30,835 Grand Total Costs $ 64,523 $ 43,749 $ 54,835 $ 163,107 Ghost Card Rebate - Revenue $ 178,500 $ 178,500 $ 178,500 $ 535,500 Net savings (Revenue less Costs) $ 113,977 $ 134,751 $ 123,665 $ 372,393 US Bank Fixed Costs $ 6,240 $ 6,240 $ 6,240 Variable Costs $ 21,189 $ 24,614 $ 28,038 Grand Total Costs $ 27,429 $ 30,854 $ 34,278 $ 92,561 Ghost Card Rebate - Revenue $ 219,300 $ 219,300 $ 219,300 $ 657,900 Net savings (Revenue less Costs) $ 191,871 $ 188,446 $ 185,022 $ 565,339 Results of Request for Fee Proposals BNY Mellon, JP Morgan, and US Bank are strong established financial institutions with a large assortment of services and leading edge technology. All three financial institutions proposed excellent APA services and any of these financial institutions would meet the City s needs. All three financial institutions also exhibited flexible software packages, excellent references, and equivalent knowledge and experience with Accounts Payable Automation services. US Bank offers the greatest Return on Investment of $565,339 for the City based on lower costs and higher ghost card rebate opportunities over the next three years. Anticipated Overall Cost Savings The anticipated cost savings by the City with the selection of U.S. Bank are that both immediate in nature and sustainable over the long-term are as follows:

4 Three Year Recap of Costs/Cost Savings A/P Automation Costs: Fixed & Variable Costs 1 $ (27,429) $ (30,854) $ (34,278) $ (92,561) Hard Cost Savings: One less A/P position 2 55,000 55,000 55, ,000 Less in mailing, envelopes & check stock 3 4,800 4,800 4,800 14,400 Less in banking fees 4 4,500 4,500 4,500 13,500 Total Hard Cost Savings 64,300 64,300 64, ,900 Soft Cost Savings: Redeployment of A/P staff 5 60,000 60,000 60, ,000 New Revenue : Ghost Card Rebates 6 219, , , ,900 Overall Net Savings $ 316,171 $ 312,746 $ 309,322 $ 938,239 1) Estimated annual fixed & variable costs for implementing the APA services by US Bank. 2) One full-time A/P position at a yearly cost of $55,000 with benefits has become vacant and is not anticipated to be filled due to implementing APA services 3) Cost of materials like envelopes and check stock and a reduction in mailing costs due to the elimination of the manual printing of checks as a result of implementing APA services. 4) Banking fees will be reduced due to fewer processed ACH and paper check transactions and other monthly related miscellaneous banking fees by UMB will be processed by US Bank as a result of the APA services. 5) The estimated cost differential in the City manually processing an invoice at $5.64 versus using the US Bank APA services cost of $3.01 results in savings of $2.63 per processed invoice. During ,814 invoices were processed multiplied by the estimated savings ($2.63) equals $60,000 of cost savings. It is estimated by implementing APA services it will reduce the estimated total time spent in processing an invoice from 12.4 minutes to 6.0 minutes, resulting in over 50% time savings that allows staff to be redeployed to other assignments. 6) Implementing a ghost card program in which the City pays vendors (11% penetration rate of annual expenditures or $15 million) with the use of ghost cards is estimated to result in significant annual rebates.

5 This APA project will require some effort on the City s part to develop, educate and roll out an internal (departments) and external (vendors) implementation plans. In developing these plans it is envisioned that the City would use a phase-in approach over a three year period with City departments and vendors. The first phase will consist of digitizing all invoices into an electronic format that can be automatically routed for approval and the conversion of as many checks as possible to ACH payments. The second phase of the APA process will consist of implementing real time savings through the use of ghost cards (purchase card) payments. Ghost card payments will reduce payment costs further by the creation of opportunities for rebate from their use over other payment options while still giving support to an increased workflow model through automated coding processes and payments. The long-term savings from the APA services cannot be adequately quantified at this time but is fair to say that future savings will also include: Administrative efficiency realized by departments from the enhanced workflow process of routing and approving invoices online. Potential higher rebates from increased vendor payments via ghost cards. Discounts from vendors by faster payments to them. Budget Impact: The APA services will generate savings from lower administrative expenses, decrease in hard costs and revenues from a rebate A/P purchase card program. Attachments: None.

Creating an Efficient & Profitable AP Department

Creating an Efficient & Profitable AP Department Creating an Efficient & Profitable AP Department Kentucky HFMA July 23, 2015 Agenda - AP Challenges - Targeting Specific Areas for Greater Efficiencies - Analyze AP Process to Create Payment Strategies

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

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

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

WHITE PAPER. Is your AP Department Truly Automated?

WHITE PAPER. Is your AP Department Truly Automated? WHITE PAPER Is your AP Department Truly Automated? Published by: Sponsored by: Introduction For several decades accounts payable (AP) departments have been talking about the end of paper processing including

More information

Accounts Payable Outsourcing Audit April 2014

Accounts Payable Outsourcing Audit April 2014 Accounts Payable Outsourcing Audit April 2014 Craig Terrell, Interim City Auditor Lee Hagelstein, Internal Auditor Accounts Payable Outsourcing Audit Table of Contents Page Executive Summary...1 Audit

More information

Procure-to-Pay Best Practices

Procure-to-Pay Best Practices ITFMA Conference Procure-to-Pay Best Practices Integrating P2P Best Practices with Technology Chris Evanoff: Principal, Soltec, Inc. 1 Presentation Outline Introduction and Background Procure-to-Pay Cycle

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

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

Stay informed with the latest news for school districts

Stay informed with the latest news for school districts VISA EDUCATION SOLUTIONS THE VISA EXCHANGE K 12 SOLUTIONS SPRING 2011 Stay informed with the latest news for school districts IN THIS ISSUE Denver Public Schools take the non-traditional route to maximize

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

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

REQUEST FOR THE PROVISION OF AN INTEGRATED BUSINESS SYSTEM

REQUEST FOR THE PROVISION OF AN INTEGRATED BUSINESS SYSTEM REQUEST FOR EXPRESSIONS OF INTEREST for THE PROVISION OF AN INTEGRATED BUSINESS SYSTEM AT ECMWF, SHINFIELD PARK, READING, UK REF: CONTENTS CLAUSE BACKGROUND... 1 1.1 Introduction... 1 1.2 Introduction

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

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

BUSINESS PLAN: Finance

BUSINESS PLAN: Finance BUSINESS PLAN: Finance How does this service contribute to the results identified in the City of London Strategic Plan? A strong economy A vibrant and diverse community A green and growing City A sustainable

More information

Exploring the Spectrum of Accounts Payable Automation Solutions

Exploring the Spectrum of Accounts Payable Automation Solutions Exploring the Spectrum of Accounts Payable Automation Solutions Authored By: Overview: As companies begin optimization efforts within their Accounts Payable (A/P) processes, at some juncture, the selection

More information

AP Invoice Automation

AP Invoice Automation AP Invoice Automation Finance and Accounting Solutions Document Management Software for Microsoft Windows Reduce cost and increase accuracy Accounts Payable Invoice Automation Introducing Accounts Payable

More information

Could your company benefit from automated workflow, and the power of R3?

Could your company benefit from automated workflow, and the power of R3? Could your company benefit from automated workflow, and the power of R3? Continue to learn more. 1 :: Could your company benefit from automated workflow? Consider these questions Does your company utilize

More information

Electronic Accounts Payables Solution

Electronic Accounts Payables Solution Electronic Accounts Payables Solution 1 Overview Business have used credit cards to pay their bills/everyday business expenses and earn: Rewards Gift Checks Airline Miles Credit Cards have not been automated

More information

Accounts Payable E-Payments Creating Value and Efficiency in the Payment Disbursement Process

Accounts Payable E-Payments Creating Value and Efficiency in the Payment Disbursement Process Accounts Payable E-Payments Creating Value and Efficiency in the Payment Disbursement Process Overview of the CPS e-payments Program The CPS E-Payment Solution enables clients to automate the disbursement

More information

Vendor Audit and Cost Recovery: Improving Bottom Line Results WHITE PAPER

Vendor Audit and Cost Recovery: Improving Bottom Line Results WHITE PAPER Vendor Audit and Cost Recovery: Improving Bottom Line Results WHITE PAPER 2002 ACL Services Ltd. All rights reserved. AMWE109003 ACL and the ACL logo are registered trademarks of ACL Services Ltd. All

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

HOT TREND: ACCOUNTS PAYABLE AUTOMATION

HOT TREND: ACCOUNTS PAYABLE AUTOMATION th ANNUAL ALABAMA TREASURY MANAGEMENT ASSOCIATION SUMMIT HOT TREND: ACCOUNTS PAYABLE AUTOMATION SEPTEMBER 25 Mel Steals, PNC Bank Alex Keene, BBVA Compass Agenda 2 Accounts Payable Goals Accounts Payable

More information

2015 STRATEGIC PLAN. Thurston County Auditor s Office - Financial Services

2015 STRATEGIC PLAN. Thurston County Auditor s Office - Financial Services 2015 STRATEGIC PLAN Thurston County Auditor s Office - Financial Services Mission Statement The Financial Services Division of the Thurston County Auditor s Office is entrusted by the citizens, mandated

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

Check Float in Today s Business Environment

Check Float in Today s Business Environment Check Float in Today s Business Environment Vince Bahl VP of Systems Engineering The value of check float on enterprise cash conversion has been steadily diminishing. New strategies are emerging that take

More information

YOU WANT TO. Copyright 2014 ADP, LLC. Proprietary and Confidential.

YOU WANT TO. Copyright 2014 ADP, LLC. Proprietary and Confidential. YOU WANT TO 2 BUT THERE ARE CHALLENGES 1 2 4 3 1 PWC s most recent Global Economic Crime Survey (2011) 2 Source: ACFE. 2012 Report to the Nations on Occupational Fraud and Abuse. 3 2013 Invoice and Workflow

More information

Manage What You Measure Become More Efficient in 45 Days or Less

Manage What You Measure Become More Efficient in 45 Days or Less Manage What You Measure 5 Easy Steps to Determine Your Cost per Invoice and Payment Author: Jan Skinner, Vice President of Business Development for AvidXchange 1 This white paper is intended to provide

More information

A Guide to Accounts Payable Supplier Processes

A Guide to Accounts Payable Supplier Processes A Guide to Accounts Payable Supplier Processes The Johnson & Johnson Family of Companies believe in the benefits associated with the efficiencies gained through methods of electronic or paperless invoicing.

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

AP Invoice Automation and Workflow System

AP Invoice Automation and Workflow System AP Invoice Automation and Workflow System WHY AUTOMATE ACCOUNTS PAYABLE (AP) INVOICING WHY AUTOMATE ACCOUNTS PAYABLE (AP) INVOICING Enables electronic workflow functionality to provide timely invoice

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

2012-2016 Business Plan Summary

2012-2016 Business Plan Summary Owner: 2012-2016 Business Plan Summary Program Corporate, Operational & Council Services Service grouping Corporate Services Service Type Internal Service Julie Kovacs, Manager Systems and Development,

More information

EDI-101 for those still contemplating an EDI initiative by: Bob Srdoch

EDI-101 for those still contemplating an EDI initiative by: Bob Srdoch Electronic Data Interchange has made radical changes to traditional transaction-based processes within the distribution industry over the past 20 years, from the early years of price books and POS to today

More information

Optimizing Accounts Payable Operations Basware e-solution Implementation. A Functional & Technical Overview

Optimizing Accounts Payable Operations Basware e-solution Implementation. A Functional & Technical Overview Optimizing Accounts Payable Operations Basware e-solution Implementation A Functional & Technical Overview November 2010 The Firm Annual Revenue $5 billion Private Corporation Founded in 1914 Markets We

More information

Proposal for Accounting Services (Sample)

Proposal for Accounting Services (Sample) Proposal for Accounting Services (Sample) Benefits of LTP Accounting Current operation resources can focus on core responsibilities. Improved accounting controls and reporting Use of the leading on-demand

More information

www.aocsolutions.com Automated Accounts Payable and Commercial Card Management from AOC Solutions

www.aocsolutions.com Automated Accounts Payable and Commercial Card Management from AOC Solutions www.aocsolutions.com Automated Accounts Payable and Commercial Card Management from AOC Solutions Payments are the core of our business; we monitor and understand the ever-changing landscape of the industry.

More information

the write choice: a primer on outsourcing transcription services

the write choice: a primer on outsourcing transcription services FEBRUARY 2006 healthcare financial management FEATURE STORY Bryan F. Smith the write choice: a primer on outsourcing transcription services Face it, medical transcription is not sexy. It s definitely not

More information

PAYROLL, PAYABLES AND EXPENDITURES DIVISION ACCOUNTS PAYABLE DEPARTMENT

PAYROLL, PAYABLES AND EXPENDITURES DIVISION ACCOUNTS PAYABLE DEPARTMENT PAYROLL, PAYABLES AND EXPENDITURES DIVISION ACCOUNTS PAYABLE DEPARTMENT Summary of Major Accomplishments During FY2003, the disbursed $1,088,203,328. The Department issued 200,419 checks for $578,886,399,

More information

The Business Case for Automated Solutions from B2B Payment Providers

The Business Case for Automated Solutions from B2B Payment Providers The Business Case for Automated Solutions from B2B Payment Providers Part I. The ROI of Migrating from Checks and Manual ACH to a B2B Payment Solution Provider White Paper: The Business Case for Automated

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

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

A CFO s Perspective on How Supply Chain and Finance can Collaborate to Deliver Value Joselito Diga CFO, Unilab

A CFO s Perspective on How Supply Chain and Finance can Collaborate to Deliver Value Joselito Diga CFO, Unilab A CFO s Perspective on How Supply Chain and Finance can Collaborate to Deliver Value by Joselito Diga CFO, Unilab SUPPLYLINK 2012 CONFERENCE Philippines Institute of Supply Management 19-20 April 2012

More information

AP Automation Why It Doesn't Pay

AP Automation Why It Doesn't Pay AP Automation Page 1 One of the largest commercial office Real Estate Investment Trusts (REIT), headquartered in Arizona, had implemented an outsourced, web-based Accounts Payable (AP) imaging, Optical

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

NASCIO. Improving State

NASCIO. Improving State NASCIO 2011 Nomination Submission Improving State Operations Initiative The State of Tennessee Project Edison, State of Tennessee s ERP solution Project Manager: Stephanie Dedmon 1 Executive Summary The

More information

Business Plan: Finance

Business Plan: Finance Business Plan: Finance How does this service contribute to the results identified in the City of London Strategic Plan? A Strong Economy A Vibrant and Diverse Community A Green and Growing City A Sustainable

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

1. General Description of the Project/Program being Submitted

1. General Description of the Project/Program being Submitted 1. General Description of the Project/Program being Submitted The City of Virginia Beach (CVB) initiated the Energy Accounting and Management Project to meet our combined goals of 1) reducing energy costs,

More information

Izenda Case Study Worksheet and Template

Izenda Case Study Worksheet and Template Izenda Case Study Worksheet and Template Worksheet Customer approves: Yes No Customer signature Customer profile Customer name Contact Name Contact Title Address Docusphere Mike Cain Development 885 Commerce

More information

Our Journey to the MAP Award. Thursday, March 19, 2015

Our Journey to the MAP Award. Thursday, March 19, 2015 Our Journey to the MAP Award Thursday, March 19, 2015 Mission As a Catholic Healthcare Ministry, we provide comprehensive and compassionate care that improves the health of the people we serve. Snapshot

More information

Performance Audit City s Payment Process

Performance Audit City s Payment Process Performance Audit City s Payment Process January 2013 City Auditor s Office City of Kansas City, Missouri 18-2011 Office of the City Auditor 21 st Floor, City Hall 414 East 12 th Street (816) 513-3300

More information

Optimizing Your Accounting Process with Electronic Invoicing. A GXS White Paper for the Active Business

Optimizing Your Accounting Process with Electronic Invoicing. A GXS White Paper for the Active Business Optimizing Your Accounting Process with Electronic Invoicing for the Active Business Competitive pressures continue to force companies worldwide to seek further cost efficiencies and to improve visibility

More information

To PO or Not to PO? The Importance of Purchase Orders and the Impact of Automated Software. Leading the Way in Paperless AP Management

To PO or Not to PO? The Importance of Purchase Orders and the Impact of Automated Software. Leading the Way in Paperless AP Management Leading the Way in Paperless AP Management To PO or Not to PO? The Importance of Purchase Orders and the Impact of Automated Software Validation that Automated PO-Based Invoicing Further Reduces Costs

More information

Best E-Commerce Practices

Best E-Commerce Practices Best E-Commerce Practices Electronic Commerce Defined Segment of a larger business model that allows companies to transact over the internet Can be seen as a mode to collect tax payments, licenses, permit

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

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

Accounting Best Practices. Part 2 of 3: Procurement to Payment. Surveys Results & Recommended Practices

Accounting Best Practices. Part 2 of 3: Procurement to Payment. Surveys Results & Recommended Practices Accounting Best Practices Part 2 of 3: Surveys Results & Recommended Practices June 2014 Table of Contents Click on title to jump to section Executive Summary 3 Introduction 5 Background 6 Contracts 7

More information

VENDOR INVOICING AT UC DAVIS AN OVERVIEW OF KEY TOPICS DECEMBER 14, 2015

VENDOR INVOICING AT UC DAVIS AN OVERVIEW OF KEY TOPICS DECEMBER 14, 2015 VENDOR INVOICING AT UC DAVIS AN OVERVIEW OF KEY TOPICS DECEMBER 14, 2015 Key Components for Purchasing Required Data Payment Terms Line item details Provide copy of PO to vendor Provide PO # to vendor

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

aocsolutions.com Automated Accounts Payable and Commercial Card Management from AOC Solutions

aocsolutions.com Automated Accounts Payable and Commercial Card Management from AOC Solutions aocsolutions.com Automated Accounts Payable and Commercial Card Management from AOC Solutions Payments are the core of our business; we monitor and understand the ever-changing landscape of the industry.

More information

Office of Business and Finance

Office of Business and Finance OBJECTIVE To establish procedures for review and payment of invoices for goods and services purchased by the university. POLICY Applies to: Faculty, staff, students, visitors, vendors Issued: 08/2000 Revised:

More information

Days in Accounts Receivable Days in Accounts Receivable Greater Than 120 Days Adjusted Collection Rate Denial Rate Average Reimbursement Rate

Days in Accounts Receivable Days in Accounts Receivable Greater Than 120 Days Adjusted Collection Rate Denial Rate Average Reimbursement Rate 1 Many providers are under the impression they can assess the financial health of their practice by evaluating cash flow only. However, cash flow is just one factor. You don't have to be a finance expert

More information

Business Process Automation

Business Process Automation Business Process Automation 5 THINGS YOU NEED TO KNOW As technology improves, connectivity increases and budgets shrink or stay flat, more and more businesses large and small, business-to-business (B2B)

More information

Enterprise Resource Planning Systems drive cost reduction and efficiency in Finance and

Enterprise Resource Planning Systems drive cost reduction and efficiency in Finance and IBM Institute for Business Value Enterprise Resource Planning Systems drive cost reduction and efficiency in Finance and Accounting Operations Benchmark data quantifies the value of integrated software

More information

The Benefits of Accounts Payable Integration in Electronic Invoice Presentment and Payment

The Benefits of Accounts Payable Integration in Electronic Invoice Presentment and Payment The Benefits of Accounts Payable Integration in Electronic Invoice Presentment and Payment How to Use this Presentation This presentation will be invaluable to those who seek to articulate the benefits

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

University Transformation & Process Improvement through Automation

University Transformation & Process Improvement through Automation University Transformation & Process Improvement through Automation July 29, 2015 By: Jason Grunin University of Tulsa Session Description Discuss how to structure a successful Commercial Card program,

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

Blueprint for Selecting Improvement Approach

Blueprint for Selecting Improvement Approach Kenan-Flagler Business School State of North Carolina Business Systems Infrastructure Study Phase II Blueprint for Selecting Improvement Approach Executive Summary January 5, 2004 Business Case www.osc.state.nc.us

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

See business with unprecedented clarity.

See business with unprecedented clarity. In partnership with Eligibility requirements, other conditions, and fees apply. Contact a Viewpost Representative for complete details regarding terms and fees. U.S. Bank is not responsible for and does

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

How to set up a people based. accounting system that makes your. small business work for you. Thomas G. Post. Certified Public Accountant 281-351-2688

How to set up a people based. accounting system that makes your. small business work for you. Thomas G. Post. Certified Public Accountant 281-351-2688 How to set up a people based accounting system that makes your small business work for you. By Thomas G. Post Certified Public Accountant 281-351-2688 www.texastaxman.com 1 Title How to set up a people

More information

IOMA Survey Reveals the Effect of

IOMA Survey Reveals the Effect of IOMA Survey Reveals the Effect of Automation on AP Operations This article is reprinted/republished by the express written permission of IOMA (The Institute of Management & Administration). For more information

More information

See your business in a new way.

See your business in a new way. Operations and Distribution Management Brochure See your business in a new way. Realize the future of your business today. See your business in a new way. Realize the future of your business today. Distribution

More information

Cost Savings/ROI Achieved from. BuilderMT s Workflow Management Suite

Cost Savings/ROI Achieved from. BuilderMT s Workflow Management Suite Cost Savings/ROI Achieved from BuilderMT s Workflow Management Suite As companies survive and then grow, the need to maximize efficiencies becomes more essential to maintain the bottom-line profitability.

More information

How Catching Clouds, LLC Grows Business and Offers New Services with Bill.com

How Catching Clouds, LLC Grows Business and Offers New Services with Bill.com How Catching Clouds, LLC Grows Business and Offers New Services with Bill.com Catching Clouds LLC Scott Scharf, Co-Founder and Virtual CIO/CTO Denver, Colorado Five full-time employees Catching Clouds

More information

ACS 1803 Accounting SUPPLEMENTARY NOTES prepared by E. Kaluzniacky & K. Augustine. Computerized Accounting - The General Ledger System

ACS 1803 Accounting SUPPLEMENTARY NOTES prepared by E. Kaluzniacky & K. Augustine. Computerized Accounting - The General Ledger System ACS 1803 Accounting SUPPLEMENTARY NOTES prepared by E. Kaluzniacky & K. Augustine Computerized Accounting - The General Ledger System Every business must keep track of financial information that relates

More information

AP WORKLIST END USER GUIDE

AP WORKLIST END USER GUIDE AP WORKLIST END USER GUIDE Initial release June 2007 Version 1.1 (released December 2007) Link to Purchase Order information E-mail notification Profile option Version 1.2 (released May 2008) Comments

More information

manage and pay your bills, create invoices, get paid online, and securely store and share information with your customers and vendors

manage and pay your bills, create invoices, get paid online, and securely store and share information with your customers and vendors Introducing Bill.com The smarter, faster and secure way to The smarter, faster and secure way to manage and pay your bills, create invoices, get paid online, and securely store and share information with

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

DEPARTMENT OF FINANCE AND ADMINISTRATION - Policy 15

DEPARTMENT OF FINANCE AND ADMINISTRATION - Policy 15 DEPARTMENT OF FINANCE AND ADMINISTRATION - Policy 15 Policy 15 - Assigning Payment Dates for the Processing of Disbursement Vouchers for Payment of Invoices Basis for Authority and General Rules Applicable

More information

Accounts Payable Business Case. The Benefits of Accounts Payable Integration with PayCargo

Accounts Payable Business Case. The Benefits of Accounts Payable Integration with PayCargo Accounts Payable Business Case The Benefits of Accounts Payable Integration with PayCargo How to Use this Presentation This presentation will be invaluable to those who seek to articulate the benefits

More information

Streamlining Your AP Processes with Electronic Document Management

Streamlining Your AP Processes with Electronic Document Management Streamlining Your AP Processes with Electronic Document Management In today s business environment, doing more with less has become the norm rather than the exception. An accounts payable (AP) department

More information

Nebraska Enterprise Content Management System

Nebraska Enterprise Content Management System 2013 NASCIO Recognition Submission Nebraska Enterprise Content Management System Category: Data, Information, and Knowledge Management Nebraska Office of the Chief Information Officer.leading the way Kevin

More information

Invitation to Bid PAPERLESS ONLINE APPLICANT TRACKING SYSTEM ITB# 2012-HR-02

Invitation to Bid PAPERLESS ONLINE APPLICANT TRACKING SYSTEM ITB# 2012-HR-02 Invitation to Bid PAPERLESS ONLINE APPLICANT TRACKING SYSTEM ITB# 2012-HR-02 Responses to an Invitation to Bid will be received by the Purchasing Coordinator, Sumner County Board of Education, 1500 Airport

More information

Why Automate Accounts Payable Processes?

Why Automate Accounts Payable Processes? Why Automate Accounts Payable Processes? In many organizations Accounts Payable is one of the most paper and labor intensive processes, offering the most potential for cost savings within an organization.

More information

Questions & Responses RFP No. 7700 Automated Accounts Payable Processing Solutions

Questions & Responses RFP No. 7700 Automated Accounts Payable Processing Solutions Q1. Is it a mandatory requirement to be an Oracle ebusiness Certified Partner or will you accept proof of successful implementations with Oracle, i.e., can use pre-existing setups and application security

More information

Release Notes: BUSINESS PRO GENERAL LEDGER VERSION 3.0 BUSINESS PRO ACCOUNTS PAYABLE VERSION 4.0

Release Notes: BUSINESS PRO GENERAL LEDGER VERSION 3.0 BUSINESS PRO ACCOUNTS PAYABLE VERSION 4.0 Release Notes: HISTORICAL JE BATCH REPORT Allows retrieval of batches for all source types that are posted to the General Ledger. The Historical Journal Entry Batch selections are by Company, Branch, Dept,

More information

Performance Review for Electricity Now

Performance Review for Electricity Now Performance Review for Electricity Now For the period ending 03/31/2008 Provided By Mark Dashkewytch 780-963-5783 Report prepared for: Electricity Now Industry: 23821 - Electrical Contractors Revenue:

More information

GE Accounts Payable Sees the Paperless Light

GE Accounts Payable Sees the Paperless Light Case Studies, A. Litan Research Note 15 September 2003 GE Accounts Payable Sees the Paperless Light During a three-year period, General Electric has streamlined its accounts payable operations and slashed

More information

Automated Accounts Payable and Commercial Card Management from AOC Solutions

Automated Accounts Payable and Commercial Card Management from AOC Solutions aocsolutions.com Automated Accounts Payable and Commercial Card Management from AOC Solutions 1 I NEXT PAGE» Contact us at 800.692.7087 CFOS IN MOST INDUSTRIES ARE UNDER PRESSURE TO DO MORE WITH LESS.

More information

Rethink, Reduce, Recover:

Rethink, Reduce, Recover: Rethink, Reduce, Recover: Provided by: In search of reduced costs, increased visibility and improved cash management, a growing number of companies are automating their accounts payable operations. However,

More information

Reference Document Month-End Closing

Reference Document Month-End Closing Overview Each individual company according to their own business practices establishes month end closing procedures. Typically, a company will create a monthly accounting calendar, which sets the dates

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

COST EFFICIENCIES/PRODUCTIVITY

COST EFFICIENCIES/PRODUCTIVITY Updated: 0-0-0 EB-0-0 Schedule Page of 0 COST EFFICIENCIES/PRODUCTIVITY.0 INTRODUCTION Hydro One has updated this exhibit to improve the information on Cost Efficiencies and Productivity initiatives and

More information

Utilizing Technology in School Business

Utilizing Technology in School Business Utilizing Technology in School Business LINE OF SUBTEXT & ADDITIONAL LINE Management September 2015 Favorites Favorite Save Report Criteria Save Report Criteria Exporting Reports Exporting Reports Using

More information

Enterprise Resource Planning (ERP) II Pre-System Implementation Interim Audit Report. Accounts Payable Module. December 5, 2014. Mayor.

Enterprise Resource Planning (ERP) II Pre-System Implementation Interim Audit Report. Accounts Payable Module. December 5, 2014. Mayor. Enterprise Resource Planning (ERP) II Pre-System Implementation Interim Audit Report Accounts Payable Module Mayor December 5, 2014 Betsy Price Council Members Sal Espino, District 2 W. B. Zimmerman, District

More information