Nigel Taylor Marketing Director, Head of e-invoicing Solutions
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1 Global Electronic Invoicing Nigel Taylor Marketing Director, Head of e-invoicing Solutions
2 Electronic Invoicing Global e-invoicing & Challenges Global Tax Compliance Community Collaboration e-invoicing Enabling the Future Case Studies Market Update
3 Paper Is Still the Problem Companies Continue To Send and Receive Paper Invoices Accounts Payable (AP) is still a paper-heavy business function. nearly 77% of all incoming invoices were still paper-based Approx. 16bn B2B invoices in Europe 200bn in corporate savings possible Approx. 12bn B2B invoices in US $230bn in corporate savings possible Paper invoice processing: per invoice,10-55 day cycle
4 Why Change? Compelling Benefits Reduce Costs Automate Processes Gain Strategic Value Regulatory Requirements Lower invoice processing costs (60%-80%) Reduce accounts payable/mailroom labor (40% - 50%) Reduce late payment fees/fraud Reduce invoice cycle times Eliminate invoice data entry and errors Improved data quality & matching Simple financial reporting Increase prompt payment to terms Speed dispute resolution Competitive advantage Optimise working capital Manage supply chain financial risk Corporate social responsibility Global e-invoicing legislation European late payments legislation Government e-invoicing mandates
5 Why Change? Compelling Cost Savings Potential Cost of processing paper for the buyer per invoice Buyer e-invoicing cost 6.70 per invoice, 62% savings Cost of processing paper for the seller per invoice Seller e-billing cost 4.70 per invoice, 57% savings Source: Billentis, 2010
6 e-invoicing Business Drivers Over 35% of respondents cited process efficiencies as their primary driver for e- Invoicing Only 11% of respondents claimed cost savings as their driver
7 What is e-invoicing?
8 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)
9 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
10 Challenges for Sellers The Cost of Processing Paper
11 Who Needs e-invoicing? Each Department Has Different Objectives AP/AR 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 Optimise working capital Institute checks and balances Conduct compliance reporting more easily IT Minimise resources required to support e-invoicing functionality Ensure secure connectivity and data transmission Globalisation/centralisation 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
12 EDI Landscape Does your company already process electronic invoices? High Volume Suppliers EDI e Procurement Solutions Indirect Spend Direct Spend EDI e Invoicing Alternative e Invoicing Solutions Low Volume Suppliers
13 Global Tax Compliance
14 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
15 Global Compliance Buyer and Supplier Must Meet Each Tax Authority s Requirements EDI Tax Data Invoice data complies with country-specific tax authority rules Minimum data required for an invoice Authenticity & Integrity Digital signature complies with country-specific tax authority rules EDI in a VAN complies with country-specific tax authority rules Guarantees identity of sender and integrity of invoice data Archiving and Audit Invoice archive complies with country-specific tax authority rules Stored for a specified period Access for tax authorities
16 Who Needs Compliance? Buyer and Supplier Must Meet Each Tax Authority s Requirements Insulate company from complex existing and emerging regulations Provide visibility to invoice data to multiple parties of interest Authenticity and integrity must be guaranteed when delivering an electronic invoice Invoice must be archived for a set period Organisations must stay current on country specific electronic invoice technical and business requirements for tax compliance 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, localised 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
17 EU Compliance Today and Tomorrow Current EU Recommendations Have Been Interpreted Differently Prescriptive Rigid rules focus on form Germany 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 recognised EDI in a VAN according to 1994/820/EC Electronically signed Advanced electronic signatures preferred * France recognises unsigned EDI through 289bis Functional Relaxed rules focus on result UK Finland Sweden Netherlands Belgium 3 methods recognised 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
18 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
19 Compliant EDI e-invoicing Options Ensure your customer s requirements for Europe are met Data Validation Authenticity Integrity Archive EDI Network Digital Signatures EDI/Signature Compliance Service Other Means Green : Compliant Yellow : Compliant, requires scrutiny
20 Collaborating with Your Community
21 Trading Partner Communities Large Trading Partners Mid-Sized Trading Partners Small Trading Partners Percentage of Trade Domestic Sourcing International Sourcing Maximising efficiency with your entire supply chain is critical. Supply chains are becoming increasingly global sourcing from the lowest-cost regions.
22 Community Management Connecting all trading partners, finding value beyond e-invoicing Connecting companies to the information and processes around the transaction Community Community Enablement Information Management Lifecycle & Risk Management Process Product Orders Logistics Invoicing Deductions Payments Information & Support ERP Integration Maps & Forms Development Change Mgmt. Contact Cleansing Activity Monitoring Onboarding support Tech. Support
23 Full Spectrum of Enablers e-invoicing Solution for all Suppliers Size of Supplier Small Mid-Size Large SOHO Very Small Small Medium National Global Web Forms PO Turnaround Microsoft Office SME Accounting Package Desktop Translator Mobile Devices* Integration Broker Enterprise Resource Planning Complexity of B2B Enabler * Future Release
24 Enabling the Future
25 Enabling the Future e-invoicing is a small part of a big story Decentralised High cost Fragmentation Non-standard processes/ systems Regional/Global Consolidation Process/system standardization Labour arbitrage Dematerialisation EDI Process automation Self-service Financial Supply Chain Automation Buyer/supplier workflow automation and integration Supply Chain Finance Optimal financing for buyer/supplier communities
26 Enabling the Future e-invoicing is a small part of a big story 25% of respondents send/receive over 25% of their invoices cross-border New forms of trade finance aimed at replacing documentary trade and providing suppliers with low-cost finance
27 GXS B2B Solutions Offering Value across Physical and Financial Supply Chains PHYSICAL and FINANCIAL SUPPLY CHAIN APPLICATIONS Invoices Electronic Invoicing & Billing
28 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
29 Enabling the Future The Information Supply Chain is revealed through automation Ocean Freight Customs Clearance Ground Transport Late Stage Configuration Factory Inspection Warehouse Receipt Foreign Exchange Payment Issued Factor Receivable Dispute & Deduction Supplier Invoice Letter of Credit Issued
30 Case Studies
31 Tesco Customer Case Study Enabling 100% of Tesco Suppliers Company Overview Suppliers Suppliers Before After Orders Invoices Credit Notes Business Issues Manually processing 50,000 GFR invoices a month Costly overhead of processing paper. Invoice processing time too long. Preferential payments terms not received. Late payments to suppliers. Getting suppliers to trade electronically Solution Deployed EDI & Web e-invoicing Supplier - Pay model Tesco mandate for suppliers Enable suppliers to trade electronically Orders epods egins Invoices Credit Notes Delivery Notes Business Benefits Obtained suppliers trading electronically Operational cost cut by 90% Improved Supplier Relationship Saving 1.5 million per year
32 Comcast Customer Case Study Migration to GXS Platform New Vendor Registration Ongoing Vendor Management/Communications Step 1 Step 2 Step New Setup Per Day Community of 100,000 ERP Applications APIs Supplier Database GXS Managed Services 10,000+ On-Boarded 100 Top Vendors Small Vendors Order-to-Cash Large Vendors Order-to-Cash
33 Ralph Lauren Customer Case Study
34 Ralph Lauren Customer Case Study
35 Ralph Lauren Customer Case Study Ralph Lauren Single process for all customers - large, medium or small Implemented 70% of our SMB customers (to date) Timely payments from customers Better customer service Visibility Cost savings Shipping & receivables processes, mailing & printing, DSO Customers Real-time advance notice of shipments (ASN) Ability to save, or print a soft copy of documents Visibility Easy reconciliation with invoices Faster issue resolution
36 Marks & Spencer Customer Case Study Future Business processes Business systems Business Foundation Programme Techno logy Finance planng Data Buying Pricing Stock Finance Plan Range & Space planng Product dev t Buy Supply chain Move Ware house mgt Intern l solution Sell E-Comm Respond Corporate-wide data definitions Cheaper and faster to implement change Single version of the truth Stability: solid foundation for growth and change IPOS Fore casting New Business initiative Modernizing B2B processes Long-term growth Implement procure-to-pay Across 3,500 suppliers Some EDI, some no capability Mostly paper, some PDF Implemented EDI and web EDI Suppliers receive PO and turnaround invoices Cost savings Granular visibility Processing 2m invoices a year First-time pass rate of 95% Single view for suppliers 100% supplier adoption
37 Market Update
38 e-invoicing Trends Predicted increase in global volumes from 20% by 2016 Increased mandates from Government Austerity Adoption of PEPPOL in some cases Unique formats by country Focus on interoperability EESPA Supply Chain Finance Supply chain disruption risk Working capital optimisation Lack of EDI education EDI is a compliant e Invoicing method
39 The Business Network of the Future Harness the power of the network Trading partner ownership : Crosssell of other value-add products/services to buyers and suppliers Risk management: Physical and financial supply chain analysis for both parties Procurement/Sourcing Physical Supply Chain Risk Supplier Collaboration Supplier Performance Spend Analysis Working Capital Optimization Cash Management Financial Supply Chain Risk Collaboration: Resolving disputes quickly and paying suppliers on time. A healthy financial supply chain equals lower cost of goods. Networked Economy Finance: Predictable cash management for both parties and integrated finance options Automation: Cost savings Compliance: No-risk audits SME Integration B2B Integration Direct Materials Tax Compliance/Legislation Financial Reporting Dispute Resolution On-Time Payments Integration: Single point of connection In Direct Materials
40 Why Change? Compelling Benefits Reduce Costs Automate Processes Gain Strategic Value Regulatory Requirements Lower invoice processing costs (60%-80%) Reduce accounts payable/mailroom labor (40% - 50%) Reduce late payment fees/fraud Reduce invoice cycle times Eliminate invoice data entry and errors Improved data quality & matching Simple financial reporting Increase prompt payment to terms Speed dispute resolution Competitive advantage Optimise working capital Manage supply chain financial risk Corporate social responsibility Global e-invoicing legislation European late payments legislation (2011/7/EU) Government e-invoicing mandates
41 From Web Forms to Integration SME Integration through technology innovation Web forms do not work for the mass-middle GXS EDI Solutions already address the mass-middle Enablers do not reduce mapping complexity EDI SME Integration Solutions Portal
42 Interoperability UK, Nordics Germany Hub Alliance E-Invoice Alliance (VeR) Benelux Switzerland SwissDigin Isabel Spain Austria Arbeitskreis e-billing Invoice-X France (none) EU PEPPOL
43 European Commission Projects Only 20% of respondents issue invoices to public sector customers New EC procurement projects aimed at Universities & Hospitals
44 European Commission Projects EU Digital Agenda e-procurement by 2016 e-invoicing by 2020 PEPPOL A gateway to government entities 11 Countries: Austria, Denmark, Finland, France, Germany, Greece, Italy, Norway, Portugal, Sweden and the United Kingdom Auto-Gration e-enabling SMEs in the automotive sector (EDI) STORK, SPOCS, ecodex
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