Creating an Efficient & Profitable AP Department
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1 Creating an Efficient & Profitable AP Department Kentucky HFMA July 23, 2015
2 Agenda - AP Challenges - Targeting Specific Areas for Greater Efficiencies - Analyze AP Process to Create Payment Strategies - Maximize Revenue Earning Payment Types - Comparison In-house VS Cloud Solutions - Develop a Solid ROI - Commerce Bank Overview
3 Current Challenges Business challenges Increasing overhead and processing costs Volumes increasing, unable to add to staff Industry/Government regulations Changing revenue streams Cash flow management Little or no audit trail Unable to shift staff focus to analysis and strategy Manual AP challenges Paper-intensive, manual processes are slow and prone to error Manual checks and ACH processing Multiple payment files for check, ACH, card Missed discounts and/or payment dates Need for increased security in accessing information Lack of visibility to invoices and their current status 3
4 What Drives Organizations To Want To Automate? Going paperless Intensive, paper-based, manual processes Increasing volumes of paper from multiple sources Green initiatives High document processing and storage costs Lack of visibility of invoice and other documents in the process Impacting the bottom line Improving processes to be more efficient Employee reallocation to higher value activities Capturing payment discounts Cost savings for paper reduction (win-win) Revenue earning card programs 4
5 Creating An Efficient & Profitable AP Department Using AP Automation How do we get there? Understand the current AP environment Identify goals and requirements Map the current process Develop a payment strategy Identify the right solution to match your needs Calculate ROI Document the process & Activate the solution 5
6 Creating A Paperless & Profitable AP Department Using AP Automation Step 1: Understand the AP environment Understand the current AP environment Identify goals and requirements Map the current process Develop a payment strategy Identify the right solution to match your needs Calculate ROI Document the process & Activate the solution 6
7 What We re Hearing I want one throat to choke I have to reduce labor expenses associated with routing paper documents, manual faxing, manual scanning and ing of documents I don t want to do AP I want to manage it Too many touches can reach 20 times I may not know an invoice exists for days, weeks, or months Allow AP staff and others to focus on higher value and more strategic activities. The goal is to free up 50% of their current time for this I need to reduce my costs Everything is manual! Cost of manually processing, handling, approving and paying a paper invoice is $12.75 I can t control what I can t see! I want to gain new levels of efficiencies without adding personnel 7
8 Creating A Paperless & Profitable AP Department Using AP Automation Step 2: Identify your goals Understand the current AP environment Identify goals and requirements Map the current process Develop a payment strategy Identify the right solution to match your needs Calculate ROI Document the process & Activate the solution 8
9 Why Analyze Your Current AP Process? Process efficiencies Streamline invoice receipt, approval workflow, and exception handling Provide automated audit trail to meet regulations Reduce exception rates Cost savings/revenue improvement Eliminate costly paper-based processes Lower invoice processing and payment costs Take full advantage of AP discount opportunities Realize revenue opportunities from commercial card program Strategic impact Utilize immediate access to information for timely and accurate analysis Increase controls and enforce regulatory compliance 9
10 Creating A Paperless & Profitable AP Department Using AP Automation Step 3: Map the process Understand the current AP environment Identify goals and requirements Map the current process Develop a payment strategy Identify the right solution to match your needs Calculate ROI Document the process & Activate the solution 10
11 11 AP Process
12 12 Payment Process
13 Creating A Paperless & Profitable AP Department Using AP Automation Step 4: Develop a payment strategy Understand the current AP environment Identify goals and requirements Map the current process Develop a payment strategy Identify the right solution to match your needs Calculate ROI Document the process & Activate the solution 13
14 How To Develop A Payment Strategy Identify which vendors fit best into which payment type Contact vendors to discuss payment terms and discounts Explore the use of Supply Chain Finance to free up available short term cash Utilize AP Automation to meet your invoice processing and payment goals 14
15 Earn Revenue For Paying Your Bills Revenue generating card programs Aka: AP Card, e-payables, Commercial Card Use it to pay your invoices with a credit card Earns revenue share, rebates, or rewards based on the spend volume Replaces paper checks Supply Chain Finance Buy Now / Pay Later Line of credit to pay vendors early to take advantage of discount terms Buyer maintains standard DPO; Supplier shortens DSO Automated processing based on established discount scale 15
16 Strategic Payment Optimization Smallest Supplier Commercial Total AP Spend Supply Chain Total Card AP Spend Finance (Includes All Vendors) ACH & Check Largest Supplier Analyze entire supplier base Identify the most value in the supply chain Leverage different payment types with Automation 16
17 Creating A Paperless & Profitable AP Department Using AP Automation Step 5: Identify the solution Understand the current AP environment Identify goals and requirements Map the current process Develop a payment strategy Identify the right solution to match your needs Calculate ROI Document the process & Activate the solution 17
18 Key Factors for Success Involve key users along with management Understand how things are done today Create clear, definable goals Look at the full process, not just an activity Developing a payment strategy is a process, it doesn t happen all at once Identify the costs associated with current processes Accept change (change really can be good) Document your findings, your goals, requirements, etc. Plan, then review, then stick to the plan Take pride in what you accomplished! 18
19 Benefits Of Automation & The Cloud 25% are currently using some form of automation* 46% are evaluating using an automated solution SaaS / the Cloud solutions continue to rise 26% in IT cost savings ** 62% of companies with cloud solutions improved bottom line ** 68% of savings re-invested to improve product line, services, offerings ** Cloud computing will TRIPLE by 2016 * No annual software maintenance No/or little hardware to purchase and support Lower cost and quicker to implement *Source: PayStream Advisors, Inc; * * 2013 Manchester Business School Study commissioned by Rackspace 19
20 20 AP Process - Redefined
21 Automated Invoice Processing Client resolves exception ed invoices are captured Mailed invoices are captured Invoices grouped for scanning Valid Invoice/ Vendor Confirmed NO Valid Y/N EDI Invoices Invoices Scanned and OCR capture, Key Verification PO Matching and Receiving validation Invoice enters workflow, routed to appropriate queue Invoice reviewed and/or approved YES Approve Y/N NO YES Denied Status Electronic Invoice Posted Invoice available on Network 21 What does this mean to me? Automated entry of invoice information Exception Invoices routed to proper workbasket for processing Electronically route invoices for review/approval Focus on exception and vendor analysis No manual filing or retrieval Complete audit trail
22 Automated Payments ControlPay Invoices staged in Payment Cycle Voucher File Transmitted to Client Invoice Report Approved By Client Client generates Payment to Commerce Bank Commerce Bank generates Payment based upon Vendor Preference ACH, Card, Wire, EDI Paper check What does this mean to me? Maintain control over payments All payment types managed by Solution Reconciliation of payment file with ERP Increased penetration of electronic payments No manual filing or retrieval 22
23 Building a Business Case Why? Helps solidify your challenges, ideas, goals in one place Use as a tool to gain executive commitment Makes sure everyone is literally on the same page Describes the requirements and expected results Avoid surprises How? An Accounts Payable Analysis Executive Summary Goals and Requirements Current Process Solution Overview Proposed Solution Benefits ROI Implementation Methodology 23
24 Creating A Paperless & Profitable AP Department Using AP Automation Step 6: Calculate ROI Understand the current AP environment Identify goals and requirements Map the current process Develop a payment strategy Identify the right solution to match your needs Calculate ROI Document the process & Activate the solution 24
25 What Savings Are Available? Hard cost savings Invoice processing costs Check writing costs Increased cash flow Business operating costs Infrastructure costs Compliance Lost documents Revenue Share Soft cost savings Reallocation of personnel Increased productivity Improved vendor relationships Immediate access to information Faster internal communications Automated workflow Better decisions quicker Security & Disaster Recovery 25
26 What To Do With The Time Saved? Work with buyers and suppliers Pricing, terms negotiation, payment strategies, grow revenue share 5% reduction in COGS equates to a 22% increase in sales* Spend analysis Accruals, cash requirements over time Maximize discounts Value of 2/10 NET 30 term is equivalent to a 36% gross RoR Analyze cycle time Which vendors are slow to be paid and why? Where are discount opportunities being missed? Where does the process break down? Focus on exceptions Address and eliminate the root cause *Source: The Accounts Payable Network 26
27 27 ROI Overview
28 ROI Overview Chosen solution $TBD Includes: implementation fees, solution design, invoice transaction fees, user license fees, and managed services $TBD per invoice Revenue Improvement $138,014 Includes: revenue share, pricing, terms $2.79 per invoice Internal Cost Savings $131,371 Includes: accounts payable labor reallocation savings, annual copy/paper savings, and annual intangible savings $3.01 per invoice Audit & Compliance Savings $9,668 Includes: post payment audits, escheatment/unclaimed property, and other miscellaneous post-audit fees Summary Return On Investment Cost of TBD automation solution $.32 per invoice $TBD Total Internal Savings $147,692 Total Revenue Improvement $138,014 Net Value to client Year 1 $TBD 28
29 29 ROI Overview
30 30 ROI 5 Year Cumulative Projection
31 How to Become a Profit Center: Maximize Revenue Earning Payment Types Develop a focused payment strategy Reduce costs to labor, paper, postage and check writing Capture early payment discounts Maximize revenue opportunity with commercial card program Leverage multiple payment options effectively Utilize Supply Chain Finance Control DPO with automated payment program Off-load escheatment process Utilize staff to higher analytical capacity Maximize ROI of AP department 31
32 Things to keep in mind Involve key users along with management Understand how things are done today Create clear, definable goals Look at the full process, not just an activity Developing a payment strategy is a process, it doesn t happen all at once Identify the costs associated with current processes Accept change (change really can be good) Document your findings, your goals, requirements, etc. Plan, then review, then stick to the plan Take pride in what you accomplished!
33 Thank You! Want to Learn More? Kurt Wachtendorf, APSC, CDIA+ VP, National Solutions Consulting Manager Rob Perdue, APSC VP, Regional Sales Manager, Mid-Central Region Garth Kilburn, APSC VP, Account Executive, Kentucky (cell) (cell) (cell)
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