E-invoicing is easy invoicing: 5 benefits of going electronic

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Transcript of E-invoicing is easy invoicing: 5 benefits of going electronic

Buyer Marketing Updates

E-invoicing is easy invoicing 5 benefits of going electronic

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.History of invoicing where it was and where it is going (emphasizing going digital businesses are focused on using technology to automate, and cut costs)

Todays agenda Brief history of electronic invoicing (e-Invoicing)e-Invoicing simplifiedFive major benefits of e-InvoicingMoving to e-Invoicing, how to simplify the process After the go-live, other benefits of an e-Invoicing project

Diann FergusonDirector, Business DevelopmentTungsten Network

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.From paper to digitalHistorye-Invoicing demystifiedPaper versus electronic

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.What is e-Invoicing?

e-Invoicing is the exchange of compliant invoice data from suppliers directly into a buyers ERP or workflow systemThe supplier invoice data is processed, translated, enriched and validated before creating the legally compliant invoice. The data is delivered to the buyer in their preferred format and the digitally signed invoice is stored

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.E-Invoicing deliverables

Data

Attachments: timesheets, tax docs...Image

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.Paper is still a huge problem

70% of respondents received at least 50% of invoices on paperSource: IFO AP Automation Survey 2014

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.2015 THIS SLIDES NEEDS GRAPHICS NEED STUDY FROM ASHLEY

PollWhat is the average invoices processed per year?

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.In a digital business, digital technology, for the first time, moves into the forefront, into the heart of what the business is doing and how it generates revenue, seizes competitive advantage and produces value.-Ken McGee, Vice President, Gartner#1 Major benefits of e-InvoicingLower Processing CostsStraight through processing improvementsGlobal Regulatory Compliant InvoicesStronger supplier relationsGreater visibility into spend

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.#1 Lower processing costsAchieving these outcomes can be realized by improving in the areas of:

Manual data entryPO matchingEliminating exceptionsProcess monitoring/reportingFaster turnaround timesImproved reporting, visibility and controlAvoid duplicate paymentsImproved cash management/working capital/liquidityUnrecorded liabilities recognized soonerPrompt payment discounts/negotiate favorable termsNo lost documentsImproved audit supportFraud preventionReduce backlog/smoother closingsBetter data to manage the business using KPIsAP job satisfaction (from clerical to analytical role)Upgrade your work processes to be more agile while upgrading your employees jobsDrive up predictability

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.Lower Processing CostsVisit the Tungsten-Network.com website for the e-Invoicing calculator(look under Knowledge Benefits of e-Invoicing)

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.The challenge is the speed at which change can happen, he explains. Take Airbnb and Hilton. It only took Airbnb four years to build up a larger inventory of hotel rooms than Hilton Hotels built up in almost a century-Leader for EY EMEIA, 2016Source: Laurence Buchanan, Digital#2 Major benefits of e-InvoicingLower Processing CostsStraight through processing improvementsGlobal Regulatory Compliant InvoicesStronger supplier relationsGreater visibility into spend

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.

PAY

Paper versus e-Invoicing

$6 - $16Gartner

Average Processing Time 12.6 Days

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.Traditional invoicing methods can commonly take up to 28 days

e-Invoicing versus paper

E-Invoicing can reduce processing time to 22 minutesEnd to end automation of Invoice receipt and processing can only be achieved through E-invoicing which enables straight-through / touchless Invoice processing

Pay

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.Real results: Imperial College LondonGoals: Automate the AP processReduce costsSpeed up payment processRemove paper from their AP process

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.PollWhat is the most difficult country for your business to transact in?

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.Compliance risk is exponentially more complex today. Everyone is trying to figure out heightened standards of compliance, when they go into effect and how they will impact and interrupt businesses.-Source: EY - InSights for NA Audit Committee Members, Regulatory compliance: adapting to a pressurized environment#3 Major benefits of e-InvoicingLower Processing CostsStraight through processing improvementsGlobal Regulatory Compliant InvoicesStronger supplier relationsGreater visibility into spend

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.Global Regulatory Compliance

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Location of key operationse-invoicing compliant countriese-invoice data transfer enabled countries**Please note: Tungsten Network provides a Commercial Invoice Data Transfer Service in all other countries unless government embargo or other legal or local restrictions apply.

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.One of the ways that a business can help prevent invoice fraud is by moving to electronic invoicing. The real strength of adopting a technical solution is that it shifts some of the responsibility for checking an invoice from your finance team to a highly sophisticated, automated-service provider that is expert in building business-specific rules which invoices are validated against. To an extent, therefore, an e-invoicing service provider does some of the checks and balances in relation to invoice fraud for you.

Lets get this right you need good and reliable suppliers. When you find them, treat them like gold.-Souce: Entrepreneur Build a Good Relationship With Suppliers (Theyre your hidden growth assets.)#4 Major benefits of e-InvoicingLower Processing CostsStraight through processing improvementsGlobal Regulatory Compliant InvoicesStronger supplier relationsGreater visibility into spend

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.Stronger Supplier Relations

A world of benefits to your suppliersBut why is this important?

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.Discuss each benefit briefly and why it is important (how going digital made this easier)

Benefits to your suppliers:Guaranteed invoice deliveryInvoice Status Service Suppliers are able to track their invoice from receipt to paymentEarly Payment opportunities

Strengthening the supply chainValue to you as a buyerStrengthens the Suppliers commitment to e-invoicingSuppliers receive easily accessible alternative to traditional bank financeCreates a more robust supply chain throughout the supplier base by improving cash flows Access to liquidity, especially relevant for smaller SuppliersSupports Buyer driven extension of payment terms Supports Corporate Social Responsibility policy

Copyright Tungsten Corporation plc 2016. The information contained herein is subject to change without notice and is confidential and proprietary to Tungsten Corporation.The goal is to turn data into information, and information into insight.-Carly Fiorina, former CEO