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Classification: Internal Use Slide 1
Adam Keck, Assistant Vice President, Payments Product ManagerAllison Laramore, Vice-President, Payables Specialist
Shannon Lawson, Sales Engineer, AvidXchange
November 12-14, 2018 | Las Vegas
AP OPTIMIZATIONHow Adoption Can Deliver Game-Changing Benefits
Classification: Internal Use Slide 2
Learning Objectives
November 12-14, 2018 | Las Vegas
• Market Perspective, The Payables Landscape
• AP Processing: A Closer Look
–Identifying Barriers to Efficiency
• Benefits of AP Automation
• Evaluating the ROI
• Case Study Discussion
• Implementation Best Practices
–AP Independence
Classification: Internal Use Slide 3
Invoice Market View
November 12-14, 2018 | Las Vegas
15%
15%
34%
36%
Invoices received via webupload/supplier portal
Invoice received via EDI/XML
invoice received via email
Invoice received via paper
3%
9%
34%
54%
A combination of manual entry andautomation
Entered by Third Party Provider
Captured via software OCR & Staffchecks for errors
Manually entered by AP Staff
45% of companies get invoices approved through a manual email or paper process
Invoice Receipt Method Invoice Entry Method
PayStream Advisors, 2018 Payable Insight Report, 2018
Classification: Internal Use Slide 4
Payment Market View
November 12-14, 2018 | Las Vegas
5%
16%
30%
49%
Commercial Card Wire ACH Check
Payment Method (Transaction)
74% of companies experience actual or attempted check fraud2
3
1
1) PayStream Advisors, 2018 Payable Insight Report, 20182) Mercator, The US Commercial Card Market, 20173) Ardent Partners, State of B2B Payments: Emerging Business Value “Strategies for Success” , 2015 & RPMG Survey, EAP Study, 2015
Classification: Internal Use Slide 5
Buyer Pain Points with AP
November 12-14, 2018 | Las Vegas
Classification: Internal Use Slide 6
Challenges with Status Quo
November 12-14, 2018 | Las Vegas
Only 23% of companies have a fully automated AP process from Invoice to Pay2
Classification: Internal Use Slide 7
Impact of Automation
November 12-14, 2018 | Las Vegas
Streamlined process by outsourcing many tasks.
Automated Processes
AP Controlled
Classification: Internal Use Slide 8
Benefits of AP Automation
November 12-14, 2018 | Las Vegas
60% of CFOs see the opportunity to extract significant value from AP automation2
Classification: Internal Use Slide 9
ROI – Key Considerations
November 12-14, 2018 | Las Vegas
ROI Considerations – As you review an ROI, look for these key factors:
• What will be the value in conversion of spend for the payments?
• Does the AP solution integrate with your accounting system?
• How will you control your coding and approval workflow process?
• What are the limits of user? Are their per-user license fees? What are the post-implementation or annual costs?
• How will your solution be supported long-term?
Cost-savings:
• What is the estimated cost today to process an invoice?
• What is the estimated cost today to process a check?
• What is the time savings?
Classification: Internal Use Slide 10
Case Study – Real Estate Company
November 12-14, 2018 | Las Vegas
The Payables Process Before Automation
• Two separate versions of software
• Manual processes• Invoice sorting and distributed
added time to processing• Approval of invoices were
delayed• Manual processes were not
scalable
The Case for Automation
• Implemented an AP automation solution
Life After Automation
• Stream-lined process• Visibility into the entire
workflow process• Ease of approval workflow
process • Greater ability for client to
reallocate resources into more productive, profit-focused tasks
• Scalable for future growth
Classification: Internal Use Slide 11
Case Study – Non-For-Profit
November 12-14, 2018 | Las Vegas
The Payables Process Before Automation
• Duplicative process—printing checks and PDFs, manually entering payments in banking systems
• Time consuming process• Limited staffing resources• Suppliers did not receive
remittance information, often calling for information
The Case for Automation
• Implemented an AP automation solution
Life After Automation
• Time saving• Automated process• Suppliers receiving valuable
remittance details• Suppliers being paid in the
manner they chose• Reduced the amount payments
not processed
Classification: Internal Use Slide 12
Case Study Summary
November 12-14, 2018 | Las Vegas
Examples of how other clients have benefited…➢Up to 40+% conversion to electronic payments➢Saved over 4,000 hours in AP labor per year➢Up to 70% reduction in payment processing cost➢$10,000 - $400,000 in annual cost savings
Classification: Internal Use Slide 13
AP Independence: During and after “Go-Live”
November 12-14, 2018 | Las Vegas
Best Practices for a Successful Implementation
Pre-implementation Readiness:✓ Ensure you have a dedicated Project Management team✓ Agree on a clear and defined project timeline✓ Secure cloud-based access✓ Develop a ‘Train-the-Trainer’ model to handle growth and scalability
Post-implementation Freedom:✓ One size does not fit all. Periodic solution adjustment help lower exception handling✓ User licenses are unlimited – for your AP staff, auditors, and everyone in-between✓ On-call phone and email support (for invoice and payment) is always free✓ Take advantage of a Knowledge Center for easy How-To’s and helpful Users Guides or videos
Classification: Internal Use Slide 14
November 12-14, 2018 | Las Vegas