Invoice automation: Three keys to AP prosperity
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- Felicity Ferguson
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1 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.
2 What if you could... achieve a 37% risk-free return on cash reduce invoice processing costs by 1 2 be bestin-class no questions asked 2
3 Difference between laggards and leaders Trailing Leading Approval cycles Reactive Working capital management Proactive $$$ Costs to process $ Missed Early payment discounts Gained - Supplier relationships 3
4 How does your AP shop stack up? Invoice processing time $23.30 Invoice processing cost Early payment discount capture 65.8% 42.7% In days $9.60 Bottom quartile Average Best $ % From the Shadows to the Forefront: AP Automation and the Strategic Vision, Aberdeen, October 2013
5 Invoice management Handling invoices, from arrival to payment 5
6 Electronic delivery is trending Market analysis Market analysis Paper eportal Invoices via method of receipt % Paper 52% decreasing 22% Portal usage increasing 31% 13% 12% Paystream Advisors, Electronic Invoice Management: A Move to the Middle, Q1,
7 invoice automation tops the list Market analysis Leading 2014 AP automation goals Invoice approval workflow Electronic invoicing 17% Automated payment Invoice imaging 8% 37% 38% Paystream Advisors, Electronic Invoice Management: A Move to the Middle, Q1,
8 What is the net value of each solution? 8
9 Without Invoice Manager Suppliers Offices Corp A/P 9
10 With Invoice Manager Suppliers Invoice Manager Capture Clean Connect Corp A/P 10
11 capture clean connect 11 a simple vision
12 What about the guest that just won t leave? 12
13 connect What it does Creates electronic invoices Maximizes discount capture Accelerates information exchange What it solves for High storage and processing costs Minimal discounts captured Excessive status calls to AP 13
14 Consider the cost of not taking a discount 14
15 Consider the cost of not taking a discount 15
16 Until their departure what can we do to make the visit tolerable? 16
17 What it does Makes workflow work capture Consolidates receiving stream Separates documents by type Allows for header and line detail Provides rules engine for validating, automating, and routing What it solves for Lost or missing invoices Excessive late payments Wrong or invalid vendor Miscellaneous charges 17
18 clean What it does Routes for invoices for approvals Supports GL coding Applies business rules Addresses exception handling Captures trends and patterns What it solves for Missing approvals Invalid GL codes Price and quantity mismatch Audit and reporting challenges 18
19 Fully automated workflow
20 How we build your business case Efficiency Gains Automated matching of PO invoices Automated validation of approval controls Integrated payment execution Error Rate Reduction Automated data entry Automated filing and archiving Visibility and Control Reduce/eliminate disputes Resolution with suppliers Reduce/eliminate status inquiries from suppliers or internal partners Discount Capture Early pay Auto-sloping 20
21 Success story Regional reseller of data center equipment & operations Before Invoice Manager After Invoice Manager 100% paper Inefficient, manual and decentralized processes Addressing resource demands of 20% CAGR Increased oversight and audit requirements 85% reduction in paper invoices 75% reduction in AP time Reduced keying errors and vendor inquiries Streamlined and increased access to information (audit) 21
22 It was like hiring a body without actually hiring a body. - Success story AP Manager I can t think of a single company that could not benefit from doing this. - Success story Controller 22
23 Critical characteristics Effective Affordable Functionality that automates No supplier fees Partner alignment, low risk No cost supplier enablement Low implementation, monthly, and transaction fees No per user license fees No separate license for workflow, dynamic discounting 23
24 Thank you! 24
25 the market is interested Solution adoption Market analysis Currently using Deploying Evaluating No interest E-Invoice- Workflow 25% 37% 11% 17% 46% 38% 18% Penetration low Interest high 8% Paystream Advisors, Electronic Invoice Management: A Move to the Middle, Q1,
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