Strategies for Automating Payments and Invoices

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1 Strategies for Automating Payments and Invoices Kathy Jennings, AmeriPride Services Brent Zumwalt, Schwan Food Company Michelle Ziolkowski, Wells Fargo MN AFP April 28, Wells Fargo Bank, N.A. All rights reserved. For public use.

2 Introductions 1

3 2 Session overview 1 Market analysis 2 Customer case studies 3 Discounting in action

4 Market analysis

5 Market analysis Usage is trending 59% Invoices via method of receipt Paper decreasing 52% % Portal usage increasing 31% 13% 12% Paper eportal Paystream Advisors, Electronic Invoice Management: A Move to the Middle, Q1,

6 Market analysis the market is interested Penetration low Solution adoption E-Invoice - Workflow Interest high 46% 37% 38% 25% 11% 17% 18% 8% Currently using Deploying Evaluating No interest Paystream Advisors, Electronic Invoice Management: A Move to the Middle, Q1,

7 Market analysis and it s on the top of your list. Leading 2014 automation goals 37% 38% 17% 8% Invoice approval workflow Electronic invoicing Automated payment Invoice imaging Paystream Advisors, Electronic Invoice Management: A Move to the Middle, Q1,

8 Customer case studies

9

10 History

11 AmeriPride Services

12 11

13 Insert service map image here 12

14 Industries Served Automotive Hospitality Industrial Healthcare

15 Oil & Gas

16 Products Uniforms Linens and Towels Floor and Air Care

17 Brands You Trust

18 Customers Served

19 Where we were

20 Internal Controls Challenges Small branches Same person doing several jobs Not really experts Hard to monitor branches Many procedural issues

21 Our Goal Centralize all back office functions utilizing technology where possible to create efficiencies and standardize processes

22 Areas of Focus Payroll Accounting Accounts Receivable Accounts Payable

23 22 Results Centralized Back Office Strengthened internal controls Better audit results Improved Accounts Receivable 2-3 day reduction in DSO 13% reduction in Bad Debt Expense 42% reduction in Allowance for Doubtful Accounts Improved Accounts Payable Better ability to accrue invoices at month end Appropriate Approval Chain All invoices scanned so easy retrieval for audits 17% decrease in time it takes to approve an invoice

24 Where we are now

25 On Tuesday, March 18, 1952, a 23-year-old Marvin Schwan packed his beatup 1946 Dodge panel van with 14 gallons of his family's signature ice cream and delivered it to rural families in western Minnesota. At the end of that historic trip, all 14 gallons were sold and the Schwan home-delivery business was born. Today, The Schwan Food Company is a multibillion-dollar private company with more than 14,000 subsidiary employees worldwide. Based out of Marshall, Minnesota, the company sells fine frozen foods on its traditional delivery trucks, in grocery-store freezers and in the food-service industry. 24

26 Our Brands 25

27 Procure-to-Pay Flow Demand Procure to Pay Settlement Indirect & MRO Direct Materials Services Requisition Purchase Order Good/Service Receive Good/Service Invoice Issue Payment Banks Payment Type 26

28 Schwan s Current State AP staff of 15 clerks, 2 supervisors, and 1 Manager Schwan s AP processed 612,486 invoices in 2013 Issued 95,913 checks in ,991 manual invoices entered by AP staff monthly Multiple workflows to corrected in electronic invoice process Multiple files and transmissions channels Converted over 2,500 vendors to ACH/Card 27

29 Payment Manager 28

30 Working capital Standardize ordering process across businesses as much as possible Leverage existing solutions that allow for catalog ordering DNA When possible, move image process before the invoice approval and keying steps Consider outsourcing check production, look to consolidate process Proactive strategy that provides leverage with supplier relationships 29

31 Invoice automation objectives What we want out of the project Centralize AP invoice process so all invoices come to one location and are imaged when received Electronic invoice Approval workflow Visibility into spend Reduce the time in which it takes to process invoice so we can capture more discounts and reduce the processing costs Needs to tie to our overall goal of automating the procurement process and taking extra steps out of the process Way to combine workflows of some of the electronic processes and have the ability to retire some home grown systems with new automation Working Capital 30

32 Discounting in action 31

33 32 Payables automation impact Reduced match/ approval time Control over payment timing 90% reduction on time Discount management Free to suppliers Breadth of automation Automation = Power + Control Electronic invoicing Automated matching Workflow approval

34 33 Consider the cost of not taking the discount Discount terms have been negotiated (2/10 net 30) Missed the discount window

35 34 Consider cost of not proposing a discount Discount terms have NOT been negotiated (net 30)

36 35 Dynamic discounting Auto-slope v. early pay Customer determines APR for early pay discounts Existing invoice discount terms are used for auto slope Discount share Customer pays no discount fee for standard discounts Customer pays based on system calculated discounts Discount value is shared with early pay and auto-slope Processing considerations Invoice amount and due date from invoice file Invoice remains in tool until discount taken or expires

37 36 Treasury engagement Making the business case Cost of capital expertise Working Capital management Supplier reactions Payment optimization

38 37 Wrap up 1 Market analysis 2 Customer case studies 3 Discounting in action

39 38 Market direction Financing Options Leverage a line of credit to pay invoices Existing invoice discount terms are used for auto slope AR Auctions Payment Options Offers sellers of trade receivables access to a buyer network Receives payments on invoices sold & distributes funds to buyers Adopt an approach that maximizes discounts while minimizing costs Allows partners to make payment type decisions on your behalf

40 39 39 Thank you!

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