TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information...
-
Upload
kayden-redden -
Category
Documents
-
view
218 -
download
0
Transcript of TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information...
![Page 1: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/1.jpg)
TIS in the Finance Department
![Page 2: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/2.jpg)
Cashflow management– DSO v DPO– Visibility of information– Manage accruals
Resource management– Staff turnover– Risk, training cost, consistency
Vendor and Exception management– Vendor education – PO reference– Invoice duplication– Out-of-tolerance transactions
Invoice approval– No control, delays process
Compliance– Process audit, Management information
Finance Challenges
![Page 3: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/3.jpg)
Accounts Payable Sub-Processes
Source: BearingPoint 2007
![Page 4: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/4.jpg)
Accounts Payable Sub-Processes
Source: BearingPoint 2007
66%Where TIS can help
![Page 5: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/5.jpg)
Vendor Analysis
Mai
nly
Non P
O
PO &
Bla
nket
Ord
erEDI
EDI + Paper
Paper
PURCHASING
METHO
D TRANSACTION TYPEPO
& N
on P
O
![Page 6: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/6.jpg)
Audit
How the process works – Step One
Post Receipt
Scanning
Document ClassificationInvoices
Cheques
Remittance
Rejection Letters
Fax Receipt
Email Receipt
Digital Mailroom
Volume Report
![Page 7: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/7.jpg)
Audit Audit
How the process works – Step Two
Post Receipt
Scanning
Document ClassificationInvoices
Cheques
Remittance
Rejection Letters
Fax Receipt
Email Receipt
Digital Mailroom
Invoice Reader
Freeform OCR
Engine Tuning
PO / Non PO
Header, Footer & Line item
Data Correction
Self Learning
Multiple Languages
Data Extraction
ERP System
Statistical ReportingVolume Report
![Page 8: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/8.jpg)
Audit Audit Audit
How the process works – Step Three
Post Receipt
Scanning
Document ClassificationInvoices
Cheques
Remittance
Rejection Letters
Fax Receipt
Email Receipt
Digital Mailroom
Invoice Reader
Freeform OCR
Engine Tuning
PO / Non PO
Header, Footer & Line item
Data Correction
Self Learning
Multiple Languages
Data Extraction
Vendor Validation
Units
Pricing
Multi Currency/VAT
Duplicate Invoice Check
2/3/4 way match
Customer RulesValidation
ERP System
Statistical ReportingVolume Report Financial
Reporting
![Page 9: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/9.jpg)
AuditAudit Audit Audit
How the process works - Step Four
Post Receipt
Scanning
Document ClassificationInvoices
Cheques
Remittance
Rejection Letters
Fax Receipt
Email Receipt
Digital Mailroom
Invoice Reader
Freeform OCR
Engine Tuning
PO / Non PO
Header, Footer & Line item
Data Correction
Self Learning
Multiple Languages
Data Extraction
Vendor Validation
Units
Pricing
Multi Currency/VAT
Duplicate Invoice Check
2/3/4 way match
Customer RulesValidation
Exception Management
Approval Processing
Discrepancy
Resolution
Vendor Management
Multi Currency/VAT
Resource Analysis
Workflow
ERP System
Statistical ReportingVolume Report Financial
ReportingWork in Progress
Reporting
![Page 10: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/10.jpg)
Improve Business Outcome
System will scale in volume and applications• Accounts Receivable• Customer Services• HR• others…
Solution Summary
Early visibility of transactional data
a) Operational • Maximise AP resource• Creates efficient exception
and rejection handling• Reduces training
b) Business• Assists vendor education• Capitalise on early payment discounts• Vendor rationalisation
Full audit of processIdentifies duplicateinvoices and fraud
![Page 11: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/11.jpg)
Questions
![Page 12: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/12.jpg)
HOW INVOICE READER WORKS
![Page 13: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/13.jpg)
Solution Overview
Provides “Fully Featured” Webbased access for remote
workers
Approval
Invoice Reader solution
Processed Data andImages
ERP Master Data
Secure Web Access
Customer Rules
Exception Management
Archive Link
SAP GUI
Management Information
Throughput
System Tuning
Financial Reports
Management Information
Work in Progress
Financial Reports
SLA Statistics
Paper
EDI
Fax
![Page 14: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/14.jpg)
ERP GUI
ERP
Solution Overview
Provides “Fully Featured” Webbased access for remote
workers
Approval
Invoice Reader solution
Processed Data andImages
ERP Master Data
Secure Web Access
Customer Rules
Exception Management
Image Repository
Management Information
Throughput
System Tuning
Financial Reports
Management Information
Work in Progress
Financial Reports
SLA Statistics
Paper
EDI
Fax
![Page 15: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/15.jpg)
Scanners and Image Quality
Kodak i1420
Kodak i660
![Page 16: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/16.jpg)
Read the Invoice
Optical Character Recognition
Engine Comparison Algorithms
Field Level Engine Definitions Dates Amounts etc...
Engine 1 25***8
Engine 2 2*5378
Engine 3 253478
Engine 4 2*34*8
Engine 5 25***8
Virtual Engine ResultSafe: All engines must return the same result.
2****8
Normal: Only engines that returned a result are counted.
25**78
Majority: This is a simple majority vote. 253478Order: First engine determines the result 255378
![Page 17: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/17.jpg)
Find the Invoice Data – Generic Invoices
Freeform (Logic) Rule Sets
Identifying Field Candidates
– Keywords– Logical rules– Expressions– Masks– Validations– Graphical rules– Tables– Groups– Different languages
Keyword(s)
Field Groups
ValidationsNet + VAT = Total Amount
Edit Masks@@######## or RegEx ^(43|45)\d{8}$
![Page 18: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/18.jpg)
Find the Invoice Data – Specific Supplier
Rule Sets for Top Suppliers
Validation against ERP data
Specific data formats
Keyword(s)
Edit Masks
20% of all Invoices
![Page 19: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/19.jpg)
Find the Invoice Data – Learning
Learn Fields that are not accurately recognised
Production Learning– Data characteristics are
learned during manual data entry
Learning Db
![Page 20: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/20.jpg)
Validation Against ERP
ERP Database Search
– Validation against ERP data– Supplier identification– Purchase Order identification– Line-Item validation against
open orders
ERP Db
![Page 21: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/21.jpg)
Validate Exceptions against master data and logical invoice rules
OCR “on the fly” for easy capture of text
Automatic Validations against business rules
Remote Exception Management
Exception Management
![Page 22: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/22.jpg)
Management Information
Dynamic Controller• Real time process management• Prioritise specific vendors• Promote business data
Statistical Analyser• Helps identify and educate
non-compliant vendors
![Page 23: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/23.jpg)
Invoice Reader Financial Reporting
Vendor, PO, Non-PO, Invoice Number, Date, Nett, Tax, Gross– Earlier visibility of invoice data– Centralised resource reference
Benefits– Early visibility – manage cashflow effectively– Vendor education (identify non-PO culprits)– Early payment discounts– Spend analysis and vendor rationalisation– Identify payment duplication– Highlight potentially fraudulent invoice attempts
![Page 24: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/24.jpg)
Displays the status of invoices, incl. discounts, escalations
Transparency of the process during and after the invoice processing
Access to the workflow history, which can be archived after the process as PDF
Dynamic reporting via the selection of invoices in the invoice monitor (can be saved as templates)
Integrated SAP-rights for the user access
Invoice Monitor for Process Control
![Page 25: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/25.jpg)
• Automatic identification of Factual Verification (based on email address etc.)
• Coding templates can be saved
• Electronic accounting stamp for cost centre, GL account, notes etc.
• Access to SAP documents
Factual Verification of Invoices
![Page 26: TIS in the Finance Department. Cashflow management –DSO v DPO –Visibility of information –Manage accruals Resource management –Staff turnover –Risk, training.](https://reader037.fdocuments.net/reader037/viewer/2022103111/5518a26e550346c31f8b4926/html5/thumbnails/26.jpg)
• Automatic identification and routing to relevant approver(s)
• Access via WEB or SAP GUI
• Approval on line-item level
• Automatic posting after all approvers have confirmed
Invoice Approval via Web or SAP GUI