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Published byTobias Spencer Modified over 9 years ago
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Invoice automation: Three keys to AP prosperity Steve Marra Regional Sales Manager Solutions Sales Group October 28, 2014 © 2014 Wells Fargo Bank, N.A. All rights reserved. Member FDIC.
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What if you could... 22 achieve a 37% risk-free return on cash reduce invoice processing costs by best- in-class 1 2 be no questions asked
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Trailing Reactive $$$ Missed - Leading Proactive $ Gained Approval cycles Working capital management Costs to process Early payment discounts Supplier relationships 3 Difference between laggards and leaders
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4 $23.30 $9.60 $4.00 Invoice processing time Invoice processing cost Early payment discount capture Average Bottom quartile Best In days How does your AP shop stack up? From the Shadows to the Forefront: AP Automation and the Strategic Vision, Aberdeen, October 2013
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5 Invoice management Handling invoices, from arrival to payment
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6 59% 52% 22% 31% Paper ePortal Email 13% 12% Portal usage increasing Invoices via method of receipt 2012 - 2013 Paystream Advisors, Electronic Invoice Management: A Move to the Middle, Q1, 2014 Market analysis Electronic delivery is trending… Paper decreasing Market analysis
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7 …invoice automation tops the list … Automated payment 38% Electronic invoicing 17% Invoice imaging 8% Leading 2014 AP automation goals 37% Invoice approval workflow Paystream Advisors, Electronic Invoice Management: A Move to the Middle, Q1, 2014
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8 What is the net value of each solution?
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9 Without Invoice Manager SuppliersOfficesCorp A/P
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10 With Invoice Manager SuppliersCorp A/P Invoice Manager Capture | Clean | Connect
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11 a simple vision capture clean connect
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12 What about the guest that just won’t leave?
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13 Creates electronic invoices Maximizes discount capture Accelerates information exchange What it solves for High storage and processing costs Minimal discounts captured Excessive status calls to AP What it does connect
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14 Consider the cost of not taking a discount
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15 Consider the cost of not taking a discount
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16 Until their departure… what can we do to make the visit tolerable?
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17 Makes workflow work Consolidates receiving stream Separates documents by type Allows for header and line detail Provides rules engine for validating, automating, and routing What it solves for Lost or missing invoices Excessive late payments Wrong or invalid vendor Miscellaneous charges capture What it does
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18 Routes for invoices for approvals Supports GL coding Applies business rules Addresses exception handling Captures trends and patterns What it solves for Missing approvals Invalid GL codes Price and quantity mismatch Audit and reporting challenges clean What it does
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Fully automated invoice-to-pay workflow
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20 How we build your business case Efficiency Gains Automated matching of PO invoices Automated validation of approval controls Integrated payment execution Error Rate Reduction Automated data entry Automated filing and archiving Discount Capture Early pay Auto-sloping Visibility and Control Reduce/eliminate disputes Resolution with suppliers Reduce/eliminate status inquiries from suppliers or internal partners
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Success story 21 Challenges – pre Invoice Manager 100% paper Inefficient, manual and decentralized processes Addressing resource demands of 20% CAGR Increased oversight and audit requirements Regional value added reseller of data center equipment and operations
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Success story 22 Outcomes – post Invoice Manager 88% reduction in paper invoices 75% reduction in AP time Reduced keying errors and vendor inquiries Streamlined and increased access to information (audit) “It was like hiring a body without…actually hiring a body.” “I can’t think of a single company that could not benefit from doing this.”
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23 Critical characteristics for success EffectiveAffordable Functionality that automates No cost supplier enablement Low implementation, monthly, and transaction fees No supplier fees No per user license fees Partner alignment, low risk No separate license for workflow, dynamic discounting
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24 Thank you!
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25 Interest high Market analysis …the market is interested… Penetration low 25% 37% Deploying Evaluating 38% Currently using 11% No interest 46% 17% 18% 8% Solution adoption E-Invoice - Workflow Paystream Advisors, Electronic Invoice Management: A Move to the Middle, Q1, 2014 Market analysis
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