MORE GAIN/LESS PAIN Maximize your cash flow/minimize your effort

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1 MORE GAIN/LESS PAIN Maximize your cash flow/minimize your effort Approved for 1 CTP/CCM Recertification Credit by the Association of Financial Professionals November 18,

2 Presenters Mary Church, CCM BB&T Senior Vice President District Manager for Treasury 30+ years in banking, ~20 years in treasury Angela Worsham, CTP BB&T Vice President Regional Treasury Consultant ~10 years in banking BB&T Founded in ,850 branches, $165.3 billion in assets 2

3 Agenda and Objectives Cash Management Overview Payment cycle review Industry landscape Emerging solutions Identify Challenges & Solutions Receivables Payables Fraud Getting Started/Next Steps Identify challenges Talk to your bank 3

4 Cash Management Overview Payment Cycle 4

5 Cash Management Overview Landscape Check use in the U.S. is decreasing Already rapid pace is accelerating ATM/Debit Card/ACH transaction volume is greater than twice check volume Source: Global Concepts 2008 Payments Study Electronification of payments is becoming standard Identify & eliminate manual processes to stay competitive Increase efficiency and productivity Fraud control is more important than ever 71% of businesses experienced actual or attempted fraud in 2008 Of that group, 37% incurred a financial loss Most payments fraud comes from checks Source: 2009 AFP Payments Fraud & Control Survey 5

6 Cash Management Overview Emerging Solutions Electronic payments Cheaper, safer, faster and more efficient than paper payments Allows for automation and integration Includes important payment information (merchant name, transaction location, etc.) that make tracking and managing payments easier Streamlining the payments process Powerful information reporting Handling complex processes with automation Strategic partnerships with financial institutions Technology and automation can provide positive results Automating AP and AR processes UPIC Solution 6

7 Accounts Receivable Challenges Labor-intensive processes Keeping track of incoming payments Entering and verifying data Taking deposits to a bank Liquidity management Collecting timely payments Reduced access to cash Difficulty forecasting cash Information integration Reconciliation of multiple payment systems Lack of up-to-date, real time information 7

8 Poll Question 1 How do you deposit your checks? 1. Take them to the branch once a week or less 2. Take them to the branch several times a week or daily 3. Via remote deposit 4. Lockbox 5. Don t accept checks 8

9 Accounts Receivable Solutions Depository Products Cash Concentration Remote Deposit Capture Image Cash Letter Benefits Consolidate banking relationships Reduce bank fees Quicker access to funds Deposit checks from office Reduce trips to the branch View deposits anytime, anywhere Consolidate banking relationships Extended same-day deposit window Keep a local address Reduce trips to the branch Quicker access to funds Extended same-day deposit window 9

10 Accounts Receivable Solutions (cont.) Depository Products Vault Services Lockbox Benefits Increases safety of employees Reduces trips to the bank Armored pickup service takes checks AND cash Consolidate banking relationships Streamlines accounts receivable by having checks mailed to the bank Quicker access to funds Advanced online information reporting Customizable service 10

11 Accounts Receivable Solutions (cont.) Electronic Receipts Card Acceptance Electronic Lockbox Benefits Easy for customers to pay Stay competitive Guaranteed payment Improves accuracy Easy for customers to pay through online bill pay Quicker access to funds Advanced online information reporting Environmentally friendly reduces paper 11

12 Accounts Receivable Solutions (cont.) Info Management Commercial Online Banking Integrated Receivables Benefits Improves cash forecasting Access to account information anytime, anywhere Identify receivables issues quickly Mobile and/or alerts Improves cash forecasting Integrates multiple payment types Access to account information anytime, anywhere Creates a more efficient supply chain Identify receivables issues quickly 12

13 Accounts Receivable Case Study Educational Institution Pain Points: 1 hour to prepare the daily deposit (~20 hours/month) 1 hour to actually make the daily deposit (~20 hours/month) 75+ checks deposited each day (1,500-2,000/month) Received checks to deposit after 2 p.m. branch cutoff 13

14 Accounts Receivable Case Study (cont.) Solution: Remote Deposit Realized benefits: Reduced trips to the branch (cash only) Deposits made quickly without leaving the office Cuts AR time at least in half 20 hours/month freed up ~$7,000 in labor freed up Faster funds availability $500/year in interest No branch deposit slips ~$300/year 14

15 Accounts Payable Challenges Labor-intensive processes Keeping up with bills and payments due Writing, verifying, mailing, tracking checks Replacing lost checks Reconciliation Liquidity management Inability to plan and/or control pay dates Potential for overdrafts and late fees Information integration Lack of up-to-date, real-time information 15

16 Poll Question 2 How do you determine funds availability before making a payment? 1. I call or visit the bank to check my balance 2. I look up my balance online 3. I have overdraft protection or credit 4. My bank tells me which checks are clearing and then I fund 5. I just write the check 16

17 Accounts Payable Solutions Operating Payments Automated Clearing House (ACH) Wire Benefits Cheaper and safer than paper payments Important information accompanies the payment (dates, invoice numbers, etc.) Improves information reporting Many payments can be made in a single file Can be initiated online Faster than paper payments Important information accompanies the payment (dates, invoice numbers, etc.) Improves information reporting Many payments can be made in a single file Guaranteed and near real time Can be initiated online 17

18 Accounts Payable Solutions (cont.) Operating Payments Purchasing Cards Integrated Payables Benefits Makes purchases faster Increased purchase protection through VISA or MasterCard Track and manage spending with ease Make multiple payments in multiple payment types with one file upload Creates a more efficient supply chain Streamlines the accounts payable process Access to account information anytime, anywhere 18

19 Accounts Payable Solutions (cont.) Payroll Direct Deposit Payroll Cards Outsourcing Benefits Pay all employees with a single file Reduce employee trips to the bank Reduce the risk and pain caused by lost checks Pay all employees with a single file Empowers employees who don t have bank accounts Improves employee safety security Third party assumes responsibility for payroll and tax risk Redirect employee efforts to other tasks 19

20 Accounts Payable Solutions (cont.) Info Management Commercial Online Banking Reconciliation CD-ROM Benefits Make ACH, Wire and Transfer payments Check account status anytime, anywhere Reduces calls/trips to the branch for balance information Sorts deposit and payment information Makes internal audits less painful Reorganizes complex statements Eliminates storage of cancelled checks Paid check images are sortable and searchable Court-accepted documents 20

21 Accounts Payable Case Study Manual Process Integrated Payables Company Details Monthly Paid Check Volume (# items): Payments Changing to ACH/EDI: Total Admin. Employee Expense (per hour) 1 : Check Printing (minutes per check): Other A/P Related Time (minutes per check): Reconciliation, Positive Pay, other manual processes. Check Printing 800 Monthly Maintenance 0% Check Processing Fee $27.35 Postage 2.00 Check Pulls (estimating 0.50%) 3.00 Special Processing Subtotal Monthly Charges $1, Check Printing Per Payment Monthly Total for Integrated Payables: $1, Check Stock: $0.050 $40.00 Toner/Printer: $0.040 $32.00 Net Monthly Benefit: $ Envelope: $0.076 $60.80 Postage: $0.440 $ Net Annual Benefit: $10, Remittance, other: $0.040 $32.00 Check print admin expense: $0.912 $ Other A/P Related: $1.367 $1, Subtotal $2.925 $2, Total for Manual Process: $2.925 $2, See the following link for Bureau of Labor Statistics employee cost data: Other data based on actual client results 21

22 Fraud Challenges Protect transactions accounts 91% of all organizations that experienced attempted or actual payments fraud were victims of check fraud ACH affected 28% of the group Source: 2009 AFP Payments Fraud & Control Survey Timely reconcilement Internal controls Manual check stock Too much employee access to information 22

23 Fraud Why Checks Are Targeted Once you write a check, you don t know where it goes Lost Stolen Altered Copied/Stored Online Checks contain critical information 23

24 Poll Question 3 What is the most prevalent objection that you hear in regard to adding fraud protection? 1. Our internal controls are sufficient. 2. Those services are too expensive. 3. We don t issue enough checks to worry about fraud. 24

25 Fraud Solutions Knowledge is power Faster reporting means faster detection and recovery Know who has access to which accounts Watch your money move Consider the following as part of a holistic fraud strategy Never give payment instructions by fax or phone Require approval on large transactions Require dual authentication for access to accounting programs and online services Reduce the reliance on checks Invest in software or banking applications that track transactions 25

26 Fraud Solutions (cont.) Account Controls Benefits Positive Pay Reveals check fraud Reduces risk of check error or fraud ACH Blocks & Filters Only allow approved ACH debits on your accounts Reduces risk of ACH fraud 26

27 Fraud Solutions (cont.) Account Controls Benefits Universal Payment Identification Code (UPIC) Commercial Online Banking Receive ACH payments without giving out account information Allows for tracking of payments into and out of accounts Allows for tracking of individual employee activity Early detection of fraud leads to increased chances of recovery 27

28 How Do I Get Started? Assemble your team Get the different departments together Talk about problems and concerns Talk about pain Outline some high-level goals Do some research Talk to colleagues Talk to suppliers and customers Read trade publications Talk to your accountants 28

29 How Do I Get Started? (cont.) Know your responsibilities It is ultimately your job to protect yourself from fraud Know UCC, NACHA regulations Review and understand your bank services agreements Enlist your financial institution as a partner Be clear in outlining your problems If the consultant doesn t understand your root issue, she can t help Don t go in dead set on a particular option it is your consultant s job to help you work towards a solution Ask tough questions Don t accept product pushing Expect a bank to see the big picture Understand the implementation process BEFORE signing Ask for references 29

30 Questions What questions do you have? 30

31 Thanks for Your Participation Evaluation You will receive a short webinar evaluation via Your feedback is very important Contact information Call to connect with a Treasury Consultant Visit us at ml FDIC BB&T is a member of the FDIC Only deposit products are FDIC insured 31

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