IAPP Accounts Payable Automation Presentation
Transcript of IAPP Accounts Payable Automation Presentation
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Electronic Accounts Payables Processing
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Electronic Accounts Payables Processing
Richard PigottSenior Account Executive
Accounts Payable & Shared Services
Faster, Better, Cheaper. Processing and Filing Vendor Invoices Electronically—Where to Start and Where you can go.
437 Turnpike StreetCanton MA 02021
www.databankimx.com
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Electronic Accounts Payables Processing
1980 2000 2011
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Microfilm/Microfiche
Electronic Accounts Payables Processing
1980 2000 2011
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Scanning/Imaging
Electronic Accounts Payables Processing
1980 2000 2011
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Web Based Solutions
Electronic Accounts Payables Processing
1980 2000 2011
SaaS/CloudWeb Based
DM
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Electronic Accounts Payables Processing
This Day in History?
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This Day in History
Electronic Accounts Payables Processing
March 10th 1876
Alexander Graham Bell – The First Long Distance Telephone Call was Made
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Electronic Accounts Payables Processing
March 10th 2011March 10th 1876
Alexander Graham Bell – The First Long Distance Telephone Call was Made
Steve Jobs - Smart Phones Can Text, Email, Web, Video Chat
This Day in History
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What is an Invoice?
Electronic Accounts Payables Processing
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Electronic Accounts Payables Processing
March 10th 2011
From Paper…
Today March 10th 2011
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Electronic Accounts Payables Processing
Insert Your Date HereMarch 10th 2011
From Paper… …to Paperless!
Today March 10th 2011
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Electronic Accounts Payables Processing
Insert Your Date HereMarch 10th 2011
From Paper… …to Paperless!
Today March 10th 2011
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Electronic Accounts Payables Processing
There are Tools Available to Help
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Electronic Accounts Payables Processing
What percentage of your invoices are paper?
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Electronic Accounts Payables Processing
What percentage of your invoices are paper?
Less than 25 % paper
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Electronic Accounts Payables Processing
What percentage of your invoices are paper?
Less than 25 % paper
25 – 50% paper
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Electronic Accounts Payables Processing
What percentage of your invoices are paper?
Less than 25 % paper
25 – 50% paper
50 – 75% paper
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Electronic Accounts Payables Processing
What percentage of your invoices are paper?
Less than 25 % paper
25 – 50% paper
50 – 75% paper
75 – 100% paper
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Electronic Accounts Payables Processing
Basic Terminology
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Electronic Accounts Payables Processing
Converting paper based documentsinto computer-readable images
such as TIFF or PDF files.
Scanning/Imaging
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Electronic Accounts Payables Processing
A descriptive piece of data associated with an image for retrieving that specific image from
the storage.
- vendor name, invoice number, invoice date -
Indexing
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Electronic Accounts Payables Processing
Imaging invoices for archival purposes once they have been processed on paper, allowing for fast document retrieval and requiring no
physical storage space.
Back-End Imaging
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Electronic Accounts Payables Processing
Imaging invoices once they arrive which eliminates the need for paper documents at
the start of the process.
Front-End Imaging
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Electronic Accounts Payables Processing
Optical Character Recognition is the ability to recognize and convert text into
computer-readable data.
OCR
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Electronic Accounts Payables Processing
Intelligent-OCR software, however, can recognize text on structured and
unstructured forms.
- Structured = claims and policies -- Unstructured = vendor invoices -
Intelligent OCR (I-OCR)
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Electronic Accounts Payables Processing
Electronic Data Interchange is the computer-to-computer exchange of
routine business data in standard data formats.
EDI
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Electronic Accounts Payables Processing
An e-invoice is an invoice which is sent and received electronically. This can be
done via email, the Internet, or an electronic form.
An e-invoice can be as simple as an Excel invoice template.
E-Invoice
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Electronic Accounts Payables Processing
Electronic system designed to organized and manage documents. These documents are usually organized with software, which
provides users with the ability to access, share, secure and centrally store the documents. Document management
systems handle tedious tasks such as archiving, distribution, and delivery of
documents.
Document Management System
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Electronic Accounts Payables Processing
The automation of a business process which uses electronic systems allowing the flow of work between individuals to
be defined and tracked; moving information in electronic form according
to defined processes; tracking the process of creating, reviewing and distributing documents for action.
Workflow System
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Electronic Accounts Payables Processing
Software as a Service (SaaS) is a software distribution model in which applications are hosted by a vendor or service provider and made available to customers over a network, typically the Internet.
Software-as-a-Service (SaaS)
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Electronic Accounts Payables Processing
Short for Enterprise Resource Planning, a business management system that
integrates all facets of the business, including
planning, manufacturing, accounting, sales, human resources, customer service and
marketing.
ERP System
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Electronic Accounts Payables Processing
In electronic records: (1) Combining various pieces of hardware and software, often
acquired from different vendors, into a unified system; (2) Combining computer programs into a unified software package so that all programs
can share common data.
Integration
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Electronic Accounts Payables Processing
Processing Facts
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Electronic Accounts Payables Processing
Building a Business Case
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Electronic Accounts Payables Processing
How many days does it take for an invoice to be paid?
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Electronic Accounts Payables Processing
The Cost to Process an Invoice
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Electronic Accounts Payables Processing
Pressures Driving Focus on A/P Improvement
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Electronic Accounts Payables Processing
Breakdown of Invoices Via Receipt Method
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Electronic Accounts Payables Processing
Challenges in the Invoice Management Process
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Electronic Accounts Payables Processing
Top Automation Goals
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Electronic Accounts Payables Processing
Adoption of Imaging Technologies
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Electronic Accounts Payables Processing
Adoption of Workflow Technologies
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Electronic Accounts Payables Processing
Benefits of Invoice Automation
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Electronic Accounts Payables Processing
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Legality of Electronic Records
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Electronic Accounts Payables Processing
Legality & Compliance
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- SEC Rules 17 a-3, 17 a-4 and 17-7- IRS 1.15.6.1- Uniform Rules of Evidence- Federal Rules of Civil Procedure (FRCP)- Family Educational Rights & Privacy Act (FERPA)- Sarbanes-Oxley (SOX)- Health Information Portability & Accountability Act (HIPAA)
- Gramm-Leach-Bliley (GLBA)- MA State Privacy Law 201 CMR 17- E-SIGN ACT
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Electronic Accounts Payables Processing
Processing Options
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Electronic Accounts Payables Processing
Solutions Come in Many Flavors
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Electronic Accounts Payables Processing
- Eliminates filing- Allows for instant access- Centralized storage - Reduces labor costs- Streamlines audits- No more Y/E shift- Free up space
Back-End Scanning
Some companies choose not to automate and simply scan
invoices after they’re paid.
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Electronic Accounts Payables Processing
Scan invoices upon receipt and email
invoices for approval.
Front-End Scanning
This works with a low-mid volume of invoices and provides
simple controls for approvals.
- Lower overall solution costs- Allows for instant access- Eliminates files from the start- Email invoices for approval- Enter invoice from image
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Electronic Accounts Payables Processing
Scan invoices upon receipt, users login to
review invoices for approval.
Front-End Scanning with Manual Workflow
Approvers must remember to login and review invoices for approval.
- Eliminates handling paper- Allows for better control- Low start-up costs- Provides visibility to invoices- Simple button click to approve- Easy to implement
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Electronic Accounts Payables Processing
Electronically automates invoice approvals
based on business rules.
Front-End Scanning with Automated Workflow
Provides instant visibility and control to the entire approval process.
- Automates approvals- Provides complete visibility - Code invoices- Catch duplicate invoices- Improves cycle times- Reduces processing costs
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Electronic Accounts Payables Processing
Computer to computer exchange of data.
Electronic Data Interchange (EDI)
Not all suppliers have the technical resources needed to
support EDI transactions.
- Eliminates paper invoices- Eliminates manual data entry- Fully automated- Reduces Costs
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Electronic Accounts Payables Processing
Electronically Extract Invoice Data and Post
to the Accounting System Automatically
Intelligent OCR and Automated Workflow
Eliminates the need for manual data entry into the accounting system.
- Eliminates manual data entry- Extract header data and line-items- Paper, email, forms, - Match line items to PO tables- No more keying errors- Reduces labor to enter invoices
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Electronic Accounts Payables Processing
Intelligent OCR Overview
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Electronic Accounts Payables Processing
Automated Workflow
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Electronic Accounts Payables Processing
Workflow: Automation of a Business Process
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Electronic Accounts Payables Processing
Is your AP process documented?
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Electronic Accounts Payables Processing
Benefits of Workflow
- Automate approvals- Complete visibility into the
payables process- Eliminate manual touch points- Perform 2-3 way matching- Improve exception handling- Catch duplicate invoices- Prevent fraud- Reduce processing costs
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Electronic Accounts Payables Processing
Exception Handling
Exception invoices cost companies 3 times more to process than regular invoices because of the amount of resources it takes to resolve any issues.
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Electronic Accounts Payables Processing
Three Stages of Workflow
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Electronic Accounts Payables Processing
Three Stages of Workflow
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1. Discovery
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Electronic Accounts Payables Processing
Three Stages of Workflow
1. Discovery2. Configuration
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Electronic Accounts Payables Processing
Three Stages of Workflow
1. Discovery2. Configuration3. Implementation
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Electronic Accounts Payables Processing
Workflow Visibility & Status Reports
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Electronic Accounts Payables Processing
Multi-Level Approvals
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Electronic Accounts Payables Processing
Email Reminders and Notifications
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Electronic Accounts Payables Processing
Invoice Approval Screens
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Electronic Accounts Payables Processing
Multi-Level Approvals
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Electronic Accounts Payables Processing
Invoice Approval Screens
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Electronic Accounts Payables Processing
Multi-Level Approvals
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Electronic Accounts Payables Processing
Integration with ERP Systems
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Electronic Accounts Payables Processing
Invoice Approval via Workflow
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Electronic Accounts Payables Processing
Where to Start?
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Electronic Accounts Payables Processing
In-House or Out-Source
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Electronic Accounts Payables Processing
Questions to Ask Before Making a Decision
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Electronic Accounts Payables Processing
Software Solutions
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Electronic Accounts Payables Processing
Software-as-a-Service (SaaS)
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Electronic Accounts Payables Processing
Benefits of Outsourcing
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
So Why Haven’t More Companies Adopted
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
So Why Haven’t More Companies Adopted
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
So Why Haven’t More Companies Adopted
No Champion
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
So Why Haven’t More Companies Adopted
No Champion Lack of Business Case
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
So Why Haven’t More Companies Adopted
No Champion Lack of Business Case Not Sure Where to Start
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
So Why Haven’t More Companies Adopted
No Champion Lack of Business Case Not Sure Where to Start Availability of Resources
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
So Why Haven’t More Companies Adopted
No Champion Lack of Business Case Not Sure Where to Start Availability of Resources Resistant to Change
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
Proven Solutions
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
Deliver Efficiencies, Savings and Results!
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
Good for the Environment
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
Where to Find More Information
IAPP WebsiteLinkedin (IAPP Group)
Paystream Advisors Aberdeen Group
White Papers WebinarsInternet
Do your homework…NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
White Paper
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
NEW ENGLAND CHAPTER
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Electronic Accounts Payables Processing
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Electronic Accounts Payables Processing
NEW ENGLAND CHAPTER