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Corcentric Accounts Payable Automation Buyer's Guide 2014

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Deciding that AP automation is right for your company is just the first step in the process. In a one-size-doesn’t-fit-all situation, how do you determine which AP solution and provider are right for …

Deciding that AP automation is right for your company is just the first step in the process. In a one-size-doesn’t-fit-all situation, how do you determine which AP solution and provider are right for your company? This Webinar details the steps you need to take before you make that choice.

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  • Paper-based transactions create costly bottlenecks in AP processes that affect bottom line earnings
  • Companies using paper take almost 4 times longer to process an invoice.
  • Companies using AP automation are 7 times more likely to capture early payment discounts.
  • AP used to be managed as a cost center--doing back-office administrative tasks, such as invoices processingAfter automation:a strategic asset–more business critical management activities-–to achieve this AP departments need to automate as much of the business process as they can
  • Closing statement
  • The path from paper to paperless
  • Understand the strengths and weakness of your current processes. Determine where you are and where you want to be in terms of AP automation. Keep up to date on new and emerging technologies as there will be additional levels that you will want to move up to in the future.
  • Which solution types makes the most sense?
  • Scanning invoices: 1st/lowest level, reduces storage cost and time retrieve documents.Enables some process automation, inexpensive and very low risk, has very little impact on most processes within APScanning: is still paper based; prone to errors and delays,Requires manual matching; can make early payment discounts harder to achieve
  • Eliminate the need to touch every invoice, so you can focus on exceptionsAutomated workflow offers a great opportunity to incorporate proven best practicesAllows AP managers to check on the status of work that is in process or on holdProvides real-time access to transaction status3 way matching, automated approval – cycle time from receipt of invoice to posting is often reduced by 80 – 90%Every AP department has rules and procedures form routing paper documents--key to automating workflow is detailed understanding of the rules and procedures. Better visibility; increase the ability to capture discounts; AP workload can be managed more efficiently and effectively.
  • Information is the lifeblood of any business operationsDashboards provide greater visibility and actionable insights into your operations Dashboards provide comprehensive audit trails of all activities performed within the system Dashboards and reporting can help your CFO gain accurate, actionable insights that can drive your organization forward
  • It is important to carefully consider your options to better understand the tradeoffs of SaaS vs. on-premise.
  • You can see from this chart that the biggest benefit that AP departments derive from a SaaS solution is minimal IT involvement.
  • Send out this link:http://bit.ly/10zCzPy
  • How often should I expect upgrades to occur?Do upgrades incur added fees?Are support/maintenance built into the cost of the solution?Does it cost extra for mobile/offline access to the solution?
  • Security is a key determinant of successAre we expected to store data on-premise or do you outsource to a cloud-based data center?Is the data center backed up by redundant geographical locations?Does your Service Level Agreement guarantee uptime, backup, and disaster recovery?Can you provide a list of the data center’s references?
  • Successful ERP integration-synchronizes data across business units/applications - information doesn’t need to be entered in multiple locationsConsolidates data and shares data across business applications; include Purchasing and other involved departments in the workflowThere is no need to key in general ledger data from AP into ERP system. The final stage in workflow is matched/approved invoice information in to the ERP or financial systemTransfer data to and from your financial system - eliminate data entry, reduces paper costs, adds speed and reduces errors.
  • You want a solution provider that has:Real AP experience Understands AP spaceProvides AP specific features and tools that address AP pain points as your organization grows
  • http://info.corcentric.com/rs/corcentric/images/10StepsforSuccess-2.pdf
  • NEW WEBINAR INFO

Transcript

  • 1. Buyer’s Guide AP Automation
  • 2. Closing statement slide: Automation increases efficiency and transforms the role of AP from being a data entry shop to being a strategic asset.
  • 3. Companies using paper take almost 4 times longer to process an invoice.
  • 4. Companies using AP automation are 7 times more likely to capture early payment discounts.
  • 5. Closing statement: AP Automation provides processing best practices and strengthens internal controls.
  • 6. Instant Download
  • 7. PO REQUISITIONS APPROVAL WORKFLOW AUTOMATED INVOICE MATCHING STRAIGHT THROUGH PROCESSING DASHBOARD REPORTING DOCUMENT ARCHIVE AP/ERP SYSTEM INTEGRATION CORCENTRIC E-INVOICING SUPPLIER NETWORK INVOICE SCANNING & CAPTURE