Automating Finance Processes Christine Whyte

What are the market trends?  Focus on process expertise – AP, O2C, P2P, CSC, HR, Claims, Contracts, – etc  ”One software for all document on-boarding”  Electronic formats are growing – XML, PDF- …  Enterprise Capture is everywhere – ECM, WF, ERP…

SURVEY/FORMS DOCUMENTS BACK OFFICE ARCHIVING CUSTOMER DOCUMENTS BUSINESS DOCUMENTS Customer Solutions DOCUMENTS 7

Automated cash allocation and remittance management Making month-end just another day

What is the ReadSoft AR solution?  Powerful self-learning accounts receivable software  Not wholly reliant on the need for remittance advices  Automatically matches up to 80% of incoming payment to invoices in a matter of minutes  Complete repository of all payment types and remittances – Pre-built interfaces to all major banks – Multiple currency support Sales Ledger Extract Payment File BACS Cheques Faster Payments Remittance Advice Auto Matching – 80% Update Match Reconcile Flexible Reporting Auto Load Matched Payments Filter Exception Payments Bank General Ledger Sales Ledger

Automated solution diagram Scanning Cash allocation software Cheques Remits Cheque data file Remit data file Bank BACS data Sales ledger MICR data captured Correction station to validate £ Continual learning once scanned ReadSoft OCR software Image & Data scan Audit trail Automated matching >80% Software continually learns payment behaviour Constant on-line visibility of receipts Manual input only required on exceptions Interface to M3 System Audit trail kept of all transactions All major banks have pre-built interfaces

Typical scenario after implementation Average of 1,600 payments/day (BACS and cheques) – Double at month end Other improvements  High customer satisfaction  Storage costs eliminated  Full audit trail MetricPre-implementationWith ReadSoft Number of BACS receipts per day2,000 Number of open invoices250,000 Number of AR headcount154 Unallocated cash on account£3.2 million£130,000 Unallocated cash on suspense£1 millionZero Days delay in allocating5-6Zero (by 12pm same day) DSO11036 Time spent keying sales ledger720 man hours/week10 seconds/week % of aged and unallocated payments20% unallocated and >6 weeks old1% of payments over 7 days old Number of calls resulting in an “already paid” status15-20%Zero

Benefits to credit controllers  Covers electronic and offline transactions  Work to a clean sales ledger  View remittances where payment due  Reduce number of ‘already paid’ chase-ups  View cheque and remittance images  Full payment history  Eliminate allocations to invoice and unallocated rework  Full control of the call

Demonstration...