Nigel Taylor Head of e-invoicing Solutions, EMEA
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1 The Basics of Electronic Invoicing Nigel Taylor Head of e-invoicing Solutions, EMEA
2 Agenda The basics of electronic invoicing for buyers and sellers Compliance today and tomorrow Community enablement How to build a business case Slide 2
3 Paper Is Still the Problem Companies Continue To Send and Receive Paper Invoices Paper invoice processing: $25-84 per invoice, day cycle Approx. 12bn B2B invoices in US $230bn in corporate savings possible in US Approx. 16bn B2B invoices in Europe 200bn in corporate savings possible in Europe Source: EC Working Group, 2010 Slide 3
4 Why Change? Compelling Cost Savings Potential Typical Benefits of Invoice Automation Improvement Area Performance Impact Invoice Processing Cost Reduced 30% 90% Processing Cycle Time Reduced by 65% Accounts Payable Labor Reduced by 25% 40% On-Time Payment Percentage Improved from 15% to 59% On-Time Earning Discounts Increased up to 500% Supplier Participation 70% 90% on average Invoices Received in Electronic Format Improved 55% to 90% Source: The E-Invoicing Solution Selection Report, Aberdeen Group Slide 4
5 Why Change? Compelling Cost Savings Potential Cost of processing paper for the buyer $25.50 per invoice Buyer e-invoicing cost $9.70 per invoice, 62% savings Cost of processing paper for the seller $16.08 per invoice Seller e-billing cost $6.80 per invoice, 57% savings Source: Billentis, 2010 Slide 5
6 What Is the Invoicing Process? Different Perspectives for the Buyer and the Seller You get the invoice You order the goods or services You pay the supplier Your Business The customer pays YOU You ship the goods or services You send the invoice Order to Pay (Buyer Side) Order to Cash (Seller Side) Slide 6
7 Challenges for Buyers The Cost of Processing Paper Creation of invoice by vendor Delivery of invoice to buyer Sorting and routing of invoice to A/P Entry of invoice into A/P system Verify and augment vendor data Validate math on invoice Match invoice to order, receipt & contract Assign to cost centers Ensure correct tax treatment Determine approval authority Circulate invoice for approval Resolve disputes with vendor Monitor status of approval Record expense in general ledger Store and archive for audit purposes Respond to vendor status inquiries Evaluate and negotiate trade discounts Aggregate payments due to vendor Release payment Send instructions to bank Distribute remittance advice to vendor Slide 7
8 Who Needs e-invoicing? Buyer Side: Each Department Has Different Objectives AP Improve AP performance metrics Eliminate manual processes to focus on value-add activities Issue comprehensive remittance data and reconciliation services to suppliers Increase internal process visibility Meet tax and regulatory compliance Meet green initiatives Treasurer Audit Increase cash visibility and forecast accuracy Optimize working capital Institute checks and balances Conduct compliance reporting more easily IT Minimize resources required to support e-invoicing functionality Ensure secure connectivity and data transmission Globalization/centralization of 3 rd party providers Ensure a stable supply chain Manage spend and supplier relationships Seize early payment discount opportunities Purchasing Ensure contractual and regulatory compliance Slide 8
9 Challenges for Sellers The Cost of Processing Paper Slide 9
10 Who Needs e-billing? Seller Side: Sending Invoices Costs Large Volume Sellers Money Improve AR performance metrics Eliminate manual processes to focus on value-add activities Improve reconciliation Treasurer Increase cash visibility and forecast accuracy Optimize working capital AR Increase internal process visibility Meet tax and regulatory compliance Meet green initiatives Audit Institute checks and balances Conduct compliance reporting more easily Minimize resources required to support e-billing functionality IT Ensure secure connectivity and data transmission Slide 10
11 Global Compliance Challenges The Global Importance of Indirect Taxes With over 150 countries VAT/GST is the main transaction tax in the world A steady transition from sales tax to a VAT system Source: Deloitte, 2011 Slide 11
12 Global Compliance Challenges Buyer and Seller Must Meet Each Tax Authority s Requirements VAT Compliance Invoice data complies with country-specific tax authority rules Digital Signature and Security Digital signature complies with country-specific tax authority rules Guarantees identity of sender, authenticity and integrity of invoice Archiving and Audit Invoice archive complies with country-specific tax authority rules Management information for buyers, sellers and auditors Slide 12
13 Who Needs Compliance? Buyer and Seller Must Meet Each Tax Authority s Requirements Insulate company from complex existing and emerging regulations Existing tax compliance solutions ensure correct goods & services invoice structure but not delivery, authenticity and integrity Organizations must stay current on country specific electronic invoice technical and business requirements for tax compliance Provide visibility to invoice data to multiple parties of interest Invoice data needs to be viewed internally for SOX or SAS70 compliance as well as externally by tax authorities for tax compliance Multiple repositories and formats hinder visibility Reduce risk by enabling tax reporting in accordance with tax regulations of multiple countries Local business groups implement disparate, localized solutions Ensure invoices are auditable by appropriate tax authorities to ensure company can reclaim VAT and avoid fines for noncompliance. VAT can account for approximately 20% (EU average) of total invoice amount Reduces risk of fraudulent activities for both parties Slide 13
14 EU Compliance Today and Tomorrow Current EU Recommendations Have Been Interpreted Differently Prescriptive Rigid rules focus on form Germany Spain Italy Hungary Austria Advanced electronic signatures with qualified electronic certificates Secure signature creation devices Summary lists Middle-Way Less rigid rules France* Luxembourg Bulgaria Denmark 2 methods recognized EDI in a VAN according to 1994/820/EC Electronically signed Advanced electronic signatures preferred * France recognizes unsigned EDI through 289bis Functional Relaxed rules focus on result UK Finland Sweden Netherlands Belgium 3 methods recognized EDI in a VAN according to 1994/820/EC Electronically signed any other means Any other means as long as authenticity and integrity are guaranteed Slide 14
15 EU Compliance Today and Tomorrow Recent EU Recommendations Intended To Simplify Electronic Invoicing EU/2010/45 New EU directive on electronic invoicing EU Member States are to adopt a new directive which is designed to increase the use of electronic invoicing by 2013 The current application of the rules on invoice requirements across Europe is inconsistent The new directive means: Electronic invoices will be equally valid alongside paper invoices Rules for guaranteeing authenticity and integrity have been relaxed Established business controls and a clear audit trial are known as alternative means What is certain? There will be two clear forms of electronic invoicing: EDI in a VAN according to 1994/820/EC Digitally signed documents Each alternative means method will be subject to scrutiny by the tax authorities Slide 15
16 Community Enablement Slide 16
17 Community Options One Size Does NOT Fit All Size of Trading Partner Small Mid-Size Large SOHO Very Small Small Medium National Global OCR Web Forms Microsoft Office SMB Accounting Package Desktop Translator Mobile Device Integration Broker Enterprise Resource Planning Complexity of B2B Enabler Slide 17
18 Your Supplier and/or Customer Community How much do you know about them? Which products do they provide? What are their technical capabilities? What is their compliance status? Do you have all their contact data? How do they update you and in what format? Companies spend up to $1,000/supplier/year to manage trading partner information alone. (Gartner/AMR Research, May 2009) What will help them? Change management Self service Purchase order presentment Invoice submission and status Do you communicate and monitor? Have you asked their opinion? Do you have to talk to multiple suppliers on single projects? Have you measured their performance over time? Slide 18
19 How to Build a Business Case Slide 19
20 Buyer Business Case Understand your return on investment How many invoices are processed by Accounts Payable yearly? How many FTEs are dedicated to this task? How much time is spent manually processing invoices in the mailroom? How much time is spent manually keying data from paper invoices or scanned images? What are the costs of paper archive and storage? How easy is it to scale in-line with your organization s predicted growth? How much time is taken resolving supplier inquiries? Slide 20
21 Buyer Business Case What are the implications of having little or no visibility into the process? How many missed discounts are there? Do you incur late payment fees? How common are duplicate/over-payments? How accurate are your accruals? How do you measure performance? Will your cash forecasting benefit from greater visibility? Does the procurement team ask for supplier performance data? How much effort is taken compiling compliance data for your auditors? Slide 21
22 Seller Business Case Understand your return on investment How many invoices are processed by Accounts Receivable yearly? How many FTEs are dedicated to this task? How much time is spent manually processing invoices in the mailroom? What are the costs of paper archive and storage? How easy is it to scale in-line with your organization s predicted growth? How much time is taken resolving payment inquiries? How much time is taken reconciling payments? How much time (on average) is taken to settle your invoices? Slide 22
23 Seller Business Case What are the implications of having little or no visibility into the process? Do customers meet your early payment incentives? How do you measure performance? Will your cash forecasting benefit from greater visibility? How accurately can you reconcile payments? How much effort is taken compiling compliance data for your auditors? Slide 23
24 Business Case Challenges What is the total cost of ownership for licensed software? Hardware Implementation Infrastructure Disaster recovery Security Upgrades Quarterly billing and transactional costs Slide 24
25 Business Case Challenges What is the scope of your project? Global or pan-european? Its not just electronic invoicing Choose the right vendor Many are small, niche providers who cannot enable the bigger picture Slide 25
26 Business Case Challenges Main reasons electronic invoicing projects have failed in the past Underestimating the size and scope of the project Poor project management Technical focus Process automation and community adoption are key Source: Billentis, 2010 Slide 26
27 Business Case Challenges Key success factors Ensuring key sponsors are aware of the wider value of invoice automation Executive level support across countries and corporate divisions A long-term strategy, implemented one step at a time Strong communication Active supplier/customer enrolment Understand your supplier s technical limitations and provide connectivity solutions that fit Choosing the right technology partner Don t re-invent the wheel A go-to-guy as project owner! Source: Billentis, 2010 Slide 27
28 GXS B2B Solutions Offering Value across Physical and Financial Supply Chains PHYSICAL and FINANCIAL SUPPLY CHAIN APPLICATIONS Invoices Electronic Invoicing & Billing Slide 28
29 GXS B2B Solutions Offering Value across Physical and Financial Supply Chains PHYSICAL and FINANCIAL SUPPLY CHAIN APPLICATIONS Catalogues Orders Logistics Invoices Documents Product List Sharing Purchase Order Management Global Shipping Track and Trace Electronic Invoicing & Billing End-to-End Message Tracking and Alerting Community Connectivity Payments Data Quality Treasury Expert On-Boarding and Community Intelligence 20 Connectivity Solutions Electronic Payments Complex Business Rules and Data Quality Global Cash Management Slide 29
30 Questions? Nigel Taylor Head of e-invoicing Solutions, EMEA Slide GXS, Inc.
31 Thank You for Your Participation! For More Information: GXS web sites: Phones: US: EMEA: ASPAC: Japan: US: , option 3 EMEA: +44 (0) ASPAC: Japan: Presenter: Nigel Taylor, Nigel.Taylor@gxs.com Slide 31
Nigel Taylor Marketing Director, Head of e-invoicing Solutions
Global Electronic Invoicing Nigel Taylor Marketing Director, Head of e-invoicing Solutions Electronic Invoicing Global e-invoicing & Challenges Global Tax Compliance Community Collaboration e-invoicing
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