The Benefits of Accounts Payable Integration in Electronic Invoice Presentment and Payment
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1 The Benefits of Accounts Payable Integration in Electronic Invoice Presentment and Payment
2 How to Use this Presentation This presentation will be invaluable to those who seek to articulate the benefits of AP integration as part of an EIPP strategy - within their own company or externally. Many of the concepts here pave the path to automating business processes and improving Return on Investment (ROI). November 29,
3 Contents Purpose Statement Definition The Benefits: 1.0 Reduce Costs 2.0 Streamline Accounts Payable Processes 3.0 Improve Control and Risk Management 4.0 Improve Strategic Vendor Relationship 5.0 Improve Accuracy/Timeliness of Information November 29,
4 The major barrier to increased use of electronic payments continues to be the lack of integration between an organization s electronic payment and accounting systems. Association of Financial Professionals: Member Survey, September 2000 Obsessing over processes and getting them right is the only way a company can survive, especially now that the new economy has left early childhood and grown into a gangly, unpredictable adolescent. Michael Hammer, Reengineering the Corporation
5 Purpose Statement The purpose of this presentation is to describe the benefits of Accounts Payable (AP) integration to corporate payers. This document will present both the business and operational benefits of AP integration. November 29,
6 Definition: Accounts Payable (AP) Integration AP integration is the ability to electronically exchange information to the level of detail that business practices require between an AP process and any Electronic Invoice Presentment and Payment (EIPP) solution. The goal is to streamline payables processing and improve the exchange of payment detail information. November 29,
7 Intended Audience: Business and Operational The benefits outlined in this presentation are viewed from both a Business Manager s perspective and an Operations Manager s perspective. While some may overlap, the Business perspective is directed to a company-wide point of view. The Operations perspective is focused on an Accounts Payable Department point of view. November 29,
8 Benefits 1.0: Reduce Costs AP integration can help reduce costs related to the following: Personnel Bank Fees Archiving Mailing November 29,
9 1.1 Personnel Increases efficiencies in: Handling invoices (adjudication, approval routing, invoice processing) Preparing checks Reviewing suspect items Inputting payment info to AP or General Ledger (GL) Reduces: Handling paper invoices Handling checks Reviewing suspect items Manually entering payment info November 29,
10 1.2 Bank Fees Reduces: Paper disbursement fees: reconcilement and check processing (partially offset by electronic funds transfer fees) Check storage and/or image capture fees Stop payment fees Reduces: Not applicable November 29,
11 1.3 Archiving Provides the ability to store invoice and payment data electronically Facilitates more economical data searching, analysis and dispute management Reduces: Fees, time equipment and storage space for cancelled checks and paid invoices Blank check stock; resulting in a possible reduction of fraud loss and reputation risk November 29,
12 1.4 Mailing Reduces: Check mailing expense Expense associated with reissuing misdirected checks Reduces: Equipment & floor space for check mailing Equipment & supplies for reissuing checks November 29,
13 Benefits 2.0: Streamline Accounts Payable Processes AP integration helps to streamline the following processes: Electronic Distribution Approval Routing Payment Scheduling Cycle Time November 29,
14 2.1 Electronic Distribution Improves communication with vendors May provide leverage to move other applications to Web or to command better terms of business relationships Starts the processing cycle sooner Reduces data entry errors and the expense associated with handling billing corrections & payment adjustments November 29,
15 2.2 Approval Routing Automates the invoice processing cycle internally Enables more timely decision making Ability to customize and automate business rules Creates visibility in the approval chain, May provide an ability to automatically route and escalate Lowers the incidence of lost / delayed invoices and payments within the organization November 29,
16 2.3 Payment Scheduling Improves management of cash position May reduce borrowing expenses or increase investment income Improves forecasting ability Promotes better use of trade credit Provides visibility into the payment process Reduces late payment notification and resulting research November 29,
17 2.4 Cycle Time Facilitates taking advantage of incentives due to faster receipt & adjudication Provides ability to better manage cycle time Automation reduces cycle time and resources More efficient use of equipment November 29,
18 Benefits 3.0: Improve Control and Risk Management AP integration improves control and risk management, including: Issuance of Payment Avoid Penalties Reducing Lost Checks and Stop Payments Reducing Check Fraud November 29,
19 3.1 Issuance of Payment May help to manage cash flow May decreases working capital requirements Provides payer with an ability to improve their credit rating Supports enhanced payment capabilities like Electronic Funds Transfer (EFT), and electronic remittance advice May simplify the combining of multiple invoices on a single payment Reduces clerical handling and manual check processing Reduces manual updates November 29,
20 3.2 Avoiding Penalties Helps to maintain a positive credit standing Strengthens vendor and partner relationships Reduces costs Reduces special handling procedures Less invoice and correspondence volume: less added paper (e.g. debit memos, 2 nd invoices) November 29,
21 3.3 Reducing Lost Checks and Stop Payments Reduces bank costs Helps to control stop payments Streamlines stop payments Reduces processing of new checks Reduces time to process stop payments Less clerical processing November 29,
22 3.4 Reducing Check Fraud Helps to reduces check fraud May reduce costs of fraud control Reduces time/cost of investigation Reduces operational disruptions Reduces inventory for check stock and security controls November 29,
23 Benefits 4.0: Improve Strategic Vendor Relationship AP integration improves a company s strategic vendor relationship, including: Dispute Resolution Managing Trade Credit Communication November 29,
24 4.1 Dispute Resolution Reduces response time through process automation Improves communication Reduces paperwork associated with adjudication Streamlines dispute process Minimizes resources needed to process disputes November 29,
25 4.2 Managing Trade Credit Improves funds utilization More control over payments may provide better discounts Helps to maintain positive credit standing in respective payee community Provides a means for better financial reporting Increased automation means minimizing processing time and costs November 29,
26 4.3 Communication Strengthens business relationships Generates additional opportunities to offer value added services Optimizes workflow and approval processes, including adjudication Provides a means for quick and comprehensive auditing capabilities November 29,
27 Benefits 5.0: Improve Accuracy and Timeliness of Information AP integration can improve the accuracy and timeliness of information through: Robust Data Sets Hands Free Processing November 29,
28 5.1 Robust Data Sets Improves data management and provides opportunity for analysis Improves vendor compliance tracking and monitoring Automates information flow Reduces manually keyed entries through prepopulation of data fields November 29,
29 5.2 Hands Free Processing Reduces errors during processing Reduces costs associated with manual processing Facilitates data management with standard data sets Reduces manual entries (exceptions and corrections) Reduces processing time and improves cycle time November 29,
30 Council for Electronic Billing and Payment Affiliated with NACHA - The Electronic Payments Association Approximately 100 member organizations web site: phone: November 29,
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