The CFO s motivation...
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- Oliver McCarthy
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1 The CFO s motivation... What do you consider to be the key financial priorities for your organization for the year ahead? Strategic Priorities 35% 48% 45% 43% 72% Improving operational efficiency Optimising cash flow and working capital management Increasing profits and top line performance Reducing overall purchase costs Improving forecasting / planning ability Basware Global Survey 2011
2 ... How Accounts Payable can influence that. The Top 10 Mistakes in Accounts Payable And How to Avoid Them
3 Shuffle Paper for Approval of Invoices
4 Shuffle Paper for Invoice Approval Problems Ø Photocopying of Invoices Ø Tracking of Invoices in Process Ø Faxing of Invoices Ø Printing of ed invoices Ø Temporary Filing of Invoices in AP Imaging and Workflow Automation: Paystream Advisors 2012
5 Pay Late Fees or Not Take Advantage of Favorable Early Pay Discounts
6 Invoice Processing Cycle Times
7 Pay Late Fees and Not Taking Discounts Problems Ø Can Cause Issues in Obtaining Additional Credit Ø Strained Vendor Relations Ø Additional $$$$ Wasting Potential Interest Missing Favorable Discounts
8 High Cost of Processing an Invoice Problems Ø Courier Costs Ø Manual Data Entry Ø Manual Matching Ø Manual Exception Handling Ø Manual Approval Ø Labor Spent Tracking Invoices Internally Ø Responding to Vendor/Internal Requests
9 Not Having Visibility of Unrecorded Liabilities
10 Unrecorded Liabilities Problems Ø Not Able to Perform Accruals on Actual Liabilities Ø Creates Cash Flow Management Challenges Ø Reporting Issues Reporting on estimates Adjusting based on actual
11 Cash Management Report
12 Believing EDI or e-invoicing is the Path to an Immediately Paperless AP process
13 EDI or E-invoicing=Paperless?? Problems Ø EDI is a Recommend Format not a Fixed Format Ø EDI Typically Requires IT Involvement on Both Sides Ø e-invoicing E-Invoicing is not just a simple project Paystream e-invoicing adoption benchmarking Report 2011
14 Spend More Processing an Invoice Than the Amount
15 Cost per Invoice: Aberdeen Group
16 Be Involved With Why the CFO or Others are Walking Out in Handcuffs
17 Audits and Compliance Problems Ø Must Have an Auditable and Repeatable Business Process Ø Auditors Always Seem to Want the One Invoice You Can t Find or Mishandled Ø Store your invoice, check images, or remittance documents in multiple locations or media making audits painful and expensive Ø Fraud in Invoice Approval and payments Fraud associated with Payment method Aberdeen Group May 2010
18 Neglect to Coordinate with Finance, Procurement and IT
19 Are you struggling to work together? Fragmented silos mean fractured processes Paper processes still dominate Cash Control & Working Capital Processes Supplier Data SAP V.5.0 Financial Operations AP/AR Purchasing & Procurement Cash Control & Working Capital Processes Supplier Data Infor ERP Cash Control & Working Capital Processes Supplier Data Financial Operations AP/AR Purchasing & Procurement SAP V.3.4 Financial Operations AP/AR Supplier Data Purchasing & Procurement Cash Control & Working Capital Processes Financial Operations AP/AR Purchasing & Procurement ORACLE V.9.0
20 Differing Priorities exasperate the problem example scenario: Suppliers: Factoring in increasing cost of business into pricing & terms, exposed to liquidity risk Finance: looking to improve working capital by pushing out payment terms AP: Focusing on process control, compliance & efficiencies. (e.g. error & dispute Management) Procurement: Focused on savings targets, not total cost and working capital optimization and supply assurance Treasury: Optimizing cash, coping with squeezed credit lines & currency volatility IT: Balancing Cloud v. On-Premise Strategies
21 Become a Call Center/Service Center for Vendor and Internal Requests
22 Call Center/Service Center Problems Ø Interrupts the Core Work of Accounts Payable Professionals Ø Typically Requires Research and Then an Additional Follow Up Call Ø Even Research Does Not Always Answer the Request If the invoice is not in the AP process it is difficult to locate Who really understand what the supplier delivered
23 Personal Archive for Reviewers/Approvers
24 Supplier Portal for invoice and payment statuses 24
25 Collaborate with your peers and suppliers
26 Have Company Operations Interrupted or Halted Due to Non-payment of an Invoice
27 Core Business Interrupted USA TODAY January 1, 2008
28 Core Business Interrupted Problems Ø Production Stops If required goods and services being provided by vendors are placed on hold it can cause down stream issues. Ø Missed Revenue Ø Gets Executive Attention Fast
29 Manually Enter Invoice Data Into Your ERP System
30 Manual Data Entry Problems Ø High Cost to Manually Enter Required Invoice Header, Line and Coding Information Most organizations do not capture line item detail due to this Line item detail critical in managing purchasing costs Coding can sometime be extensive Ø Accuracy Issues Ø AP processors Least Favorite Task
31 Strategy
32 Aligning P2P Agendas Bringing Stakeholders on-board Procurement agenda Spend Management Supplier Base Rationalization Supplier Assurance Collaborative Innovation Costs Out Finance agenda Financial Reporting Cash Flow Visibility Working Capital Op. Stability, Risk Business Support Accounts Payable Agenda Compliance Control and Visibility Operational Efficiency Savings Realisation Supplier Agenda Customer Service On-time Delivery Receivables Optimization New Customer Acquisition Lost cost of service
33 Possible Solutions
34 Possible Solutions Suppliers B2B Connectivity Catalogs Purchase Message Exchange Supplier Portal Scan and Capture Service E-invoice Exchange E-Invoicing Procurement Supplier Activation Services Accounts Payable Sourcing Contract Management Requisition Creation Requisition Approval Order Goods Receipt Data Capture e-invoicing Invoice Pre-Matching Invoice Approval Payment Management Travel Management Expense Management Archiving Workflow / Automation Mobility Customer Legacy Systems e.g. Financial Systems, ERP Professional Services Integration to multiple ERP s / systems
35 Solutions for 100% electronic Invoices Supplier Portal Invoices Supplier E-Invoices Buyer Accounts Payable Supplier Paper & Invoices Supplier Activation Service
36 Invoice Automation drives... Visibility Control Compliance Agility 100% visibility of spend 100% e-invoicing from Day 1 Straight through processing Accurate working capital Full PO coverage T&E behaviour profiles Intelligent Invoice Matching More spend managed Federated P2P Intelligent workflows Supplier discount capture Cash flow & currency forecasting 360 view of P2P operations Accelerated cost savings. End-to-End P2P platform Open, interoperable global trading network Accurate cash forecasting Managed Demand Payment strategy execution Global Scan & Capture 360 view of supplier Cash Flow Accuracy Regulatory /VAT compliance Dedicated Supplier Activation Visibility of contract terms Payment term performance Faster period closing Controlled Travel & Expense Reduced costs of AP/P2P anyerp integration Flexible organizational modelling Hybrid Deployment options
37 Our credentials
38 Who We Are History Founded 1985 Consistently Ranked #1/ # 2 by analysts in P2P 11 offices around the world Corporate Performance Net sales $140m in employees Partners in 30+ countries >1m users at 1,600 customers Our Open Network 1.9MILL suppliers listed >38m e-invoices/pos in BILL annual spend 110+ partners 99.6% invoices automated in 50 formats
39 Consistently rated as leading P2P Provider Independent research confirms Basware as Invoice Automation leader Independent research confirms Basware as Invoice Automation leader The Forrester Wave : AP-EIPP, Q A US survey of Electronic Invoice Presentment and Payment The Forrester Wave is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave are trademarks of Forrester Research, Inc. The Forrester Wave is a graphical representation of Forrester's call on a market and is plotted using a detailed spreadsheet with exposed scores, weightings and comments. Forrester does not endorse any vendor, product or service depicted in the Forrester Wave. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change.
40 Consistently rated as leading P2P Provider Independent research confirms Basware as eprocurement leader The Forrester Wave : eprocurement Solutions, Q A global survey off eprocurement vendors The Forrester Wave is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave are trademarks of Forrester Research, Inc. The Forrester Wave is a graphical representation of Forrester's call on a market and is plotted using a detailed spreadsheet with exposed scores, weightings and comments. Forrester does not endorse any vendor, product or service depicted in the Forrester Wave. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change.
41 Working with more than 1600 international customers Banking / Finance Retail Manufacturing Food / Beverage Transportation / Logistics Energy Professional Services Medical / Pharma / Biotech Public Sector Construction Services Chemicals
42 A Basware Presentation Giving you the financial agility you need to run your business more effectively Presented by Dean Baxter Basware Inc May 2012
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