Report: Improving the Procure-to-Pay Process - A Transformational Approach


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This report examines options for procure-to-pay operations with a focus on improving Procure-to-Pay (P2P) process through a transformational approach that meets an organization’s procure-to-pay operations objectives. Authored by the Account Payables Network and sponsored by Datamatics Global Services. Visit

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Report: Improving the Procure-to-Pay Process - A Transformational Approach

  1. 1. inform > educate > empower A Special Report from The Accounts Payable Network Improving the Procure-to-Pay Process: A Transformational ApproachSponsored By:$95 USD
  2. 2. Improving the Procure-to-Pay Process:A Transformational Approach A Special Report from The Accounts Payable Network By David Hay Senior Consultant with The Accounts Payable Network Former Director, Shared Services, Hewlett-Packard Company Sponsored By: 2100 RiverEdge Parkway, Suite 1010 • Atlanta, GA 30328 770-984-1184 • FAX: 770-984-1174
  3. 3. © 2012 Financial Operations Networks LLCPublished by Financial Operations Networks LLC, Atlanta, Georgia.All rights reserved. No part of this publication may be used or reproduced in any manner or storedin any form whatsoever without written permission of the publisher. For information, contactFinancial Operations Networks, 2100 RiverEdge Parkway, Suite 1010, Atlanta, GA 30328,770-984-1184,
  4. 4. Table of Contents The Accounts Payable Network Advisory Board ............................ 4 Introduction............................................................................ 5 Outsourcing ............................................................................ 7 Achieving Effective Procure-to-Pay Processing ........................... 10 Preparation for Outsourcing .................................................... 14 Summary ............................................................................. 21 Appendix — BPO Services — Case Study .................................. 23 About The Accounts Payable Network ....................................... 25 About David Hay ................................................................... 26 About Datamatics .................................................................. 27© 2012 Financial Operations Networks LLC 3
  5. 5. The Accounts Payable Network Advisory Board Steve Adams, CPA Director of Global Shared Services Implementations, McKinsey & Co. Vivian Baker, APM Accounts Payable Director, Financial Shared Services, The Coca-Cola Company Judy Bicking, APM Former Global Director, Accounts Payable European Project, Johnson & Johnson AP Best Practice Consultant and Managing Owner of Island Decor & More / Ship to Shore Home Decor Debbie Vander Bogart Senior Director, Finance General Manager, Shared Service Center, Levi Strauss & Company Larry Brang, CPA, APM Director, Commercial Services - Americas, Merck & Company, Inc. Tom Brewer, CPA Vice President, Shared Services, Michaels Stores Inc. Dennis R. Cooper, MBA, APM Vice President, Operations Director, Accounts Payable, PNC Bank Lynda Foertschbeck Executive V.P., IRSCompliance, Inc. David W. Hay Consultant, Former Director, Shared Services, Hewlett-Packard Company Frederick C. Litow, CTP, APM Head of Financial Administration, ING Thomas F. Nichols President, Process Management Improvement, Inc. and former Director of Financial Operations for AT&T’s Corporate Accounts Payable and Payroll Management Judi Thallas, APM SAP Finance Change Management Leader, Finance Manager, ConAgra Foods Susan Tinkler-Muller Vice President, Accounting Services, Viacom Media Networks© 2012 Financial Operations Networks LLC 4
  6. 6. Introduction Into the second decade of the twenty-first century, a precedent has been set by leading organizations: efficient and value-adding financial operations are an important aspect of competitive and successful businesses. Through use of metrics, “best practices” and automation, financial operations processes like procure-to-pay can be executed more efficiently at lower cost, achieving operational objectives of on-time payments, lower cost, positive vendor relations and relatively secure supply. Best practice procure-to-pay operations also benefit organizations through early-payment discount capture, and vis- ibility that facilitates better cash management and enables spend analysis, which feeds back to better contracts and pricing. Some organizations have improved processes and implemented automation in-house, while some have mixed in-house efforts with outsourcing of particular discrete func- tions. Still others have elected to outsource most or all functions in either accounts pay- able or procure-to-pay operations. This often heralded third approach, outsourcing, has not necessarily incorporated best practices or state-of-the-art automation, however. Rather, it has often simply shifted paper-based and manual processes to regions where, due to cheaper labor, the cost was reduced. Business process outsourcers promised to take over processing at lower cost, essentially offering to “do your mess for less.” The biggest problem with this approach is that it has relied on offshoring the work for labor cost arbitrage, but labor costs do not remain static. The advantage gradually disappears in one region, shifting to another, until pressures on wages there increase as well. Furthermore, management of offshored outsource operations has proven to be no easy task. Simple issues like differences in time zones, language, culture and man- ager travel prove larger challenges than initially envisioned. At the same time, process improvement has not been a primary goal, and often is addressed only incidentally and at additional expense.© 2012 Financial Operations Networks LLC 5
  7. 7. However, just as technology continues to evolve and improve, some business process outsourcing (BPO) service providers have improved the BPO model. They offer what is termed “transformational” outsourcing, which adds value to BPO through process anal- ysis and improvement, process automation via SaaS in the cloud, and strong customer service that includes day-to-day operational support. This report examines options for procure-to-pay operations with a focus on what transformational outsource service providers offer versus traditional outsource serve providers for a successful venture that meets an organization’s procure-to-pay operations objectives.© 2012 Financial Operations Networks LLC 6
  8. 8. Outsourcing In the early 1990s a major U.S. manufacturer had a strategy that was called simply “95 by 95.” Their goal was to reach a point by 1995 where 95 percent of their manufactur- ing was outsourced. They had made the decision that they would focus on the areas that they felt gave them an advantage over their competition, such as the software than runs their products and the after-sale service they supply. For an ever-increasing group of companies outsourcing has become a key component of business strategy. Initially only non-core processes, such as printing or cafeterias, were outsourced. As the benefits of outsourcing became more apparent, outsourcing expanded to include core processes, such as manufacturing and distribution, until today companies like Apple Computer have become virtual manufacturers, outsourcing all of their manufacturing to allow them to focus on their key-value activities such as design and software development. One of the last areas to be outsourced was finance and accounting (F&A). There were a number of reasons for this including political and security concerns. However, this changed as cost savings and benefits became apparent. According to a recent study by Alsbridge, an outsourcing advisory company, F&A outsourcing costs decreased between six and eight percent per year in 2010 and 2011 (CFO Magazine 2011). One outcome of lower costs is that it is now possible for smaller companies to consider out- sourcing as an option. Although penetration rates are lower with smaller companies (see figure 1 below) the potential market is large.© 2012 Financial Operations Networks LLC 7
  9. 9. Figure 1 Companies outsource for a number of reasons, cost cutting being the one most often given. Some outsource to focus on their core business while others do it to become more competitive or to gain access to new technology. Regardless of the reasons, it is important for any company contemplating outsourcing to focus on the overall strat- egy. In addition, C-suite support is critical if the project is to succeed. Upper manage- ment must be involved in making sure the strategy is fully understood and all stake- holders are involved, both within the company and within the outsourcing provider’s organization. The traditional approach to outsourcing is to put the project out to bid, accept the low- est offer, then transfer the function virtually “as is” to the outsource provider. This may work well in some areas, such as certain manufacturing, but not well in others. One area where this approach does not work well is in financial operations. Often the approach is what has been termed “lift and shift,” where what is often a bad process is simply moved as is to an offshore outsourcer in order to benefit from lower wage rates. All too often this approach fails in the long run.© 2012 Financial Operations Networks LLC 8
  10. 10. A better approach is to outsource to a “transformational” outsourcer. In this model the outsourcer becomes a strategic partner to help the company transform a process from an inefficient and costly manual operation to one that utilizes process improvements and technology to develop a low-cost, highly efficient system.© 2012 Financial Operations Networks LLC 9
  11. 11. Achieving Effective Procure-to-Pay Processing Why do some companies achieve better results than others? Take a step back to look at an example of how some companies deliver very low cost, efficient payables processing. Studies show that the best performers obtain substantially lower costs than the bulk of the market. One key reason for this disparity is due to automation. The two charts below show the invoice processing costs, in figure 2, and the penetration of automation, in figure 3. Figure 2 The above-displayed costs are median figures. The very best companies achieve a cost below $1.25 for a complete set of documents, PO through payment. They achieve this through automation of the complete process. A transformational BPO provider reports cycle times of one day and a cost of $1 per invoice.© 2012 Financial Operations Networks LLC 10
  12. 12. Figure 3 Automation tools such as ERPs and EDI have been on the market for over 30 years. In the last several years these have been joined by other tools, including web invoicing, e- invoicing, and effective data capture technologies that convert paper and PDF invoices to electronic invoice data files. It is now possible to capture invoices in virtually any format and integrate the data into your own accounting or ERP system. Despite this, as can be seen from figure 3, the number of companies with a high level of automation remains low. So how can the “laggards” catch up with the best in class? There are a few basic options available to help companies close the performance gap. In-House & Licensed Solutions One way to meet the goal of becoming “best in class” is the do-it-yourself model. In this model the company’s goal is to fully automate, from the PO issuance through elec- tronic payment. Full in-house programming that addresses all procure-to-pay processes is rarely used in F&A due to the required investment of time and money.© 2012 Financial Operations Networks LLC 11
  13. 13. In the more common licensed software model companies might utilize a combination of internal and external resources, though increasingly they implement licensed software. Though most often easier and more affordable than in-house-developed programs, there is a cost to third-party licensed software. Hybrid – Selective Outsourcing Another approach is a hybrid of licensed software implemented in-house, such as an ERP and workflow system, with systems such as EDI or portals that require outside providers such as the VANs in the case of EDI, or use of banks for payment/check issuance. Often the staff and ERP remain in-house, while the transactional software and systems are outsourced to providers such as VANs or software as a service (SaaS) providers. In some cases the entire systems including the ERP are outsourced to SaaS or cloud providers. One reason why only 15 percent of companies have reached a high level of automation is that only they have the time, money and resources to build or acquire and maintain the systems as required by these options to make it work. Outsourcing – Traditional vs. Transformational Traditional outsourcing usually has the operation moved to the outsourcer “as is.” In this model cost reductions are centered on utilizing lower-cost labor in countries such as India and the Philippines. In this model there has been little emphasis on transforma- tion. The result is that there is little improvement in costs over the life of the contract. The main drawback to this approach is the rising cost of offshore labor. Even in manu- facturing rising costs are leading some companies to repatriate jobs to the U.S.© 2012 Financial Operations Networks LLC 12
  14. 14. A better approach is to utilize the services of a “transformational outsourcer.” In this model the outsourcer combines a number of key elements: • The consulting staff helps redesign and implement a better process, whether it is a complete procure-to-pay system, or just core AP processing. The key here is up-front consulting and process reengineering with a plan of continuous improvement, including automation, from the start of the contract. • The technology to handle all transaction types from PO or RFQ through e-payments • The right mix of onshore and offshore facilities to fully meet the needs of the client • The staff needed to implement and run the systems and handle a high level of client support • Multiple centers, both on- and offshore to handle data capture and support and for redundancy, backed by a disaster recovery plan that includes people, as well as systems • Provide higher regulatory and audit compliance for SE16 and SOX perspectives for not only the cloud infrastructure, but also for the entire P2P process and the underlying technology solution. The provider takes the responsibility to keep the process, technology solution and cloud infrastructure compliant at all the times, and is audited by independent accounting firms for accountability© 2012 Financial Operations Networks LLC 13
  15. 15. Preparation for Outsourcing Before deciding on the particular approach, it is important to understand the existing system. Otherwise it would be like a traveler trying to pick a route to his goal on a map when he has no clue as to what his current position is. Understand the existing operation. Fully understand the costs, services and quality of the existing operation to be able to fully compare with the offerings of potential out- source providers. One of the biggest reasons projects fail is because costs were under- estimated. Keep in mind that a good part of the existing cost may be in cost centers not under the control of AP; these could include mail room, scanning, or the time spent by requestors/buyers and their administrators in handling invoices, etc. Put a team in place with the strategic view and authority to manage the process. This is a multi-part role. Initially the team may be tasked with managing the RFQ process, then with the selection of the outsource provider. Once a provider has been selected the team shifts focus to managing the transition. One key element of transition often overlooked is the people issue. Don’t forget the other stakeholders, both internal departments such as treasury and sourcing, and external partners such as the vendors, auditors, and banks. Any change of this magnitude will affect the employees. Some will remain in their current positions, some will be reassigned, and others may be let go. Keep in mind that some employees may be required for the transition period and then let go. A plan should be in place to manage this process to make sure the transition takes place smoothly. One way companies have handled this situation is to give bonuses at the end of the transition phase for those who are retained only for this process. Don’t underestimate the need for ongoing management. Many companies underesti- mate this requirement. Ultimately the company is still responsible for the functions car-© 2012 Financial Operations Networks LLC 14
  16. 16. ried out by the outsourcer, for example SOX and OFAC requirements must still be met. The transition phase is the perfect time to put into place changes to make the process more efficient, for example the introduction of electronic invoicing or more robust workflow rules. Selecting an Outsource Supplier If the decision is to outsource the process, there are important considerations. Outsourc- ing is one area where the price should be lower on the list of critical items in the pro- posal. The key area is how the outsourcer is going to help you meet your goals. Avoid a potential vendor who offers “lift and shift,” only offering lower-cost employees. A few years ago a major European company did a study of Indian labor rates for AP employ- ees and forecast that within 8 years Indian costs would equal U.S. costs. A transformational BPO vendor should be able to provide: • Upfront consulting to help design and reengineer operations prior to moving them • A sound plan for the transformation that includes process and technology improvements that can be incorporated in the transfer • Multiple services, not just AP or AR processing. These services could include catalog management, PO handling, preparation of tax documents such as 1099s, payments both by check or electronically, and ongoing process-improve- ment consulting. — An added benefit would be to find an outsourcer that can and will assist with tasks such as vendor master clean up and spend analysis. • The capacity to meet your current and future needs whether they are purely domestic or global in scope — Multi-language support may be required • End-to-end delivery responsibility • System integration with in-house systems such as the ERP or receiving systems that require little or no IT involvement at the client sites • The capacity to develop and implement an automation strategy, as required© 2012 Financial Operations Networks LLC 15
  17. 17. • The ability to meet all accounting standards, and laws such as SOX, OFAC and FCPA; in addition the outsourcer should assist in the preparation for new legislation on the horizon such as FATCA (due to become effective January 1, 2014). • Compliance responsibility is shared by the service provider, which ensures com- pliance at all levels—process, technology solution and cloud infrastructure— through regular audits onsite conducted by independent accounting firms. • In-country as well as offshore facilities – many finance managers are wor- ried about offshoring financial operations. The reasons are mainly for political, security, and control reasons. A CFO Magazine study of 150 finance executives showed only one- third outsource any finance work, and of those, 83 percent keep it onshore. One way to alleviate these concerns is to opt for an outsourcer that offers both onshore and offshore processing, preferably through multiple centers. • A good measurement process – measurement is essential to management; the outsource provider must share metrics with the client company as well as use them to manage its processes. • Full multi-site backup and recovery capabilities • Activity-based costing and transaction-based pricing, as opposed to a model that charges by the headcount. The most efficient, low-cost AP operations are those that use transaction pricing. Internally, transaction pricing can be used as a method of changing behavior within a company’s business units. For example, one major corporation charges back depending on the makeup of the transaction and technology used. The lowest charge ($1.50) was for complete transaction sets, PO to payment, that are completely electronic—in this case a combination of EDI and Web. The most expensive ($25.00) was for non-PO-based transac- tions with paper invoices and payment by wire. Automation Technology Key to successful outsourcing is having a partner that utilizes the most up-to-date tools to allow for continuous improvement to take place. These tools include:© 2012 Financial Operations Networks LLC 16
  18. 18. • Scanning – In-country scanning. Paper will be with us for the foreseeable future and scanning is critical to get the invoice information into the AP system as quickly and accurately as possible. Once scanned, the document is available for processing onshore or offshore as needed. There are several key reasons to scan in-country; first threre is time and cost. It can take weeks for mail to cross some borders and even a delay of a few days for mail to cross borders can make discount capture impossible. In addition suppliers may not take kindly to the requirement that they separate cross-border mailings to add the additional post- age. Another reason is political—in some countries it is illegal to send original invoices out of the country for processing; for other countries, the invoices have to be returned to the home country for storage and access by tax authorities. • OCR – Once scanned, the document can be “read” by an OCR system, auto- matically capturing the data and transferring it immediately into the AP system for workflow or matching. • Workflow – Once received by AP, the invoice has to be routed for approval, GL and CC codes added, and then the invoice is matched with the vendor file and any POs or receiving documents or contracts that may exist. Once this step has been completed, the invoice can be sent to the payment file for payment on the due date. The most common method used to distribute invoice information approval is through e-mail, which is sent to the buyer or requester alerting them that an invoice has been received and requesting action. The e-mail might contain a link directly to the relevant invoice, or the invoice could be attached as a file. The workflow should be flexible enough to allow for an approval hierarchy, for example if the invoice has not been acted on within a set number of days, an e-mail can be sent to the approver’s manager for approval, or assumed approval could be used. (In assumed approval, if the approval has not been received within the days allowed, the invoice will be “assumed” to be approved and acted on accordingly. This method is often used where speed of approval is impor- tant, such as with discountable invoices and those that carry repercussions such as utility bills.)© 2012 Financial Operations Networks LLC 17
  19. 19. Workflow can also be utilized for matching with PO and/or receiving to elimi- nate manual intervention. • Integration – the provider’s systems must be capable of integration with your ERP or accounting system. • E-Invoicing – The provider should be able to receive and handle multiple electronic invoice formats, including: — EDI (ANSI X12 for North America and Australia and UN/EDIFACT for Europe and the rest of the world) — Web-based Invoices – Similar to EDI, but utilizing XML instead of the standard EDI languages — File Based – Usually EXCEL or similar type files — E-Mail Based – This is probably the fastest growing method of distributing invoices, particularly with small- and medium-sized businesses. The invoice is usually created as a PDF and sent as an attached file. Many small account- ing systems, such as QuickBooks, automatically generate both the invoice and the e-mail for immediate distribution. — Portal Based – A portal can be multi-functional. It can be used to distribute POs, which can be “flipped” or the data extracted from the PO to create an invoice. Invoices can be uploaded or created, and finally, invoice status and payment information can be made available to the vendors. The above mentioned technologies can all be delivered as a service from the outsourcer as SaaS, or “the cloud.” Today, forward-looking outsource providers as well as many financial software providers from Intuit to Oracle offer their applications in the cloud. This has a number of advantages, but a key advantage is the low level of IT support required of the client company. In most organizations, financial operations process improvements are very low on the information technology (IT) department’s priority list. This can be circumvented through transformational BPO and implementation of procure-to-pay or accounts payable SaaS via the cloud. Another important consideration in any technology that relies on vendor cooperation or participation is the on-boarding process—gaining the acceptance of and providing the© 2012 Financial Operations Networks LLC 18
  20. 20. necessary support for participation of the vendors. Transformational BPOs provide the staff and services to handle this for clients. Figure 4 One organization that became a client of transformational BPO describes their experience this way: “When we first looked at the P2P project scope, we were only looking for cheaper alternative that can scale with our growth. The focus to improve and automate was the next phase. But a transformational outsourcer showed us that you can design the best practices upfront with a technology-led cloud solution by implementing its transformational way of outsourcing. What you need is partner who can question your goals and approach because they know their stuff, have deep domain© 2012 Financial Operations Networks LLC 19
  21. 21. expertise and can back it up with the best technology solution to significantly bring value upfront and help with activities that goes way beyond what you call traditional outsourcing.”© 2012 Financial Operations Networks LLC 20
  22. 22. Summary Traditionally companies had two main paths to cost reduction in P2P operations, one was through in-house reengineering and automation, and the second was through out- sourcing existing processes. Today there is a third option: the transformational out- sourcer. This option combines a number of key disciplines into a single offering: • Pre-contract consulting to analyze and improve processes before outsourcing • Reengineering: the redesign of the process to eliminate unnecessary steps and employ best practices into a streamlined operation • Process automation, including SaaS • Transaction-driven pricing as opposed to head-count-driven pricing • Qualified staff to handle tasks such as discrepancy resolution • Value-added customer support services, such vendor onboarding and spend analysis • The ability to implement strategic goals, to transform a financial operations team from being processors to a department capable handling the complete order-to-payment cycle • Continuous improvement in process and cost during the complete contract cycle. Further, no longer is F&A outsourcing an option only for large global companies. The market is growing, with over 800 contracts signed in last year; furthermore the costs are coming down. The result is that smaller companies can now receive benefits that were once only available to the largest companies. “The price point doesn’t change tremen- dously between a very small contract with only 10 people and a very large one with 1,000 people,” according to Alsbridge CEO Ben Trowbridge. Outsourcing helps a business focus on its core competency, cut costs and allows a company to gain a competitive advantage over its competition. Effective F&A out- sourcing is not about “lift and shift” but about a partnership that is focused on long-© 2012 Financial Operations Networks LLC 21
  23. 23. term goals, utilizing all the available tools including technology, consulting and servic- es. Transformational outsourcing provides this complete approach, making P2P a center for continuous improvement.© 2012 Financial Operations Networks LLC 22
  24. 24. Appendix — BPO Services — Case Study Industry Automated Accounts Payable Process Hospitality Client • Absence of partnering mindset with current vendor, required to meet client’s The client is one of the largest operators Overview of limited-service hotels in the United ongoing needs • Unable to meet defined SLAs and deliver States with over 80,000 rooms. The orga- all contracted services Organizations globally are facing mul- nization Operates and provides franchise • Lack of domain expertise and experience tiple challenges to track invoices for services to more than 800 hotels in the of the current vendor, which required payment procedures. The common the client’s Accounts Payable team to fill U.S., Canada and Mexico. Headquartered the gaps problems faced by the accounts pay- in Dallas, it has 9,000 employees nation- able departments are lost invoices, a wide. Datamatics’ Solution tedious payment authorization process • Customizable and configured as per and the problem of dealing with paper Business need client business rules to achieve client and electronic invoices. objectives • Timely and efficient end-to-end invoice • Real time visibility and comprehensive processing reporting tools ensure a more efficient • Deploy a user friendly solution with and accountable AP process enhanced process offerings • Built-in automated invoice coding • Highly responsive customer service and procedures in the solution to reduce the support burden of the approvers • Obtain cost effective AP outsource • Quality vendor management services (in- services clusive of W-9 collection, vendor inquiry, exceptional handling, helpdesk) Challenge • Measurable Service Level Agreements in • Highly manual, paper intensive and support of timely, efficient processing of people-dependent AP process resulting accounts payable services in higher cost of operations • Best of class workflow solution with elec- • Lack of real-time visibility and robust tronic invoicing & PeopleSoft integration management reporting capabilities • Manual vendor maintenance and cus- • Ensure business continuity during transi- tomer support leading to higher costs tion and stabilization and lengthy process cycle • Provided solution and services which are • Inefficient and less transparent accounts in sync with client’s organizational goals payable process which is not in sync and Go Green initiative with client’s organizational goals and Go Green initiative© 2012 Financial Operations Networks LLC 23
  25. 25. Approach Benefits Datamatics • Invoice processing cycle reduced from 4 Advantage • A well-defined transition methodology to ensure complete knowledge sharing days to 2 days • Deployed next generation solutions • Reduction of exceptions & supplier inqui- • Global Information Technology (IT) [e-Payables Manager and IQ - intelligent ries by 50% & Knowledge Process Outsoucing data capture] to automate the end to • Reduction in reclassification GL entries (KPO) organization end AP Process by 97% due to automated invoice coding • Delivers smart, next-generation • Adopted phase-wise implementation process business solutions plan to be in sync with client roadmap • Reduced operational costs • Trusted partner to several Fortune • Formed a core team with domain and • Shorten approval cycles and improve 500 companies solution experts productivity • Continuous-feedback sessions with client • Enhance visibility & reporting for approvers • Capabilities built around technol- and general managers ogy, domain expertise & knowledge of business processes • Dynamic dashboards, to both accounts payable and approvers, to have visibility • Featured amongst the Global Ser- into approvals, aging, payments, rejected vices 100 List in 2010 & 2011 invoices and more • Decades of global experience hav- • Suppliers are enabled to use automated ing executed projects across 60 supplier enablement tools and connectivity countries options • Alliances with global technology • Higher volume management with reduced leaders such as Microsoft, IBM & effort EMC2 Process • Certified for SEI CMMI Level 3 V1.3, ISO 27001:2005 ISO 9001:2008 • SSAE 16 compliant processes • Global presence: U.S., UK, Germa- ny, Switzerland, Bosnia, Australia, Singapore & India Result A complete spectrum of accounts payable services satisfying all key result areas, organizational goals and initiatives.© 2012 Financial Operations Networks LLC 24
  26. 26. About The Accounts Payable Network The Accounts Payable Network (TAPN) is the complete resource for accounts payable, helping more than 50,000 accounting and finance executives at organizations worldwide meet their commitments to accounts payable business-process performance. TAPN provides—in one easy-to-access, cost-effective, online location—insights, analysis, guidance, advice and best practices for AP strategies, technologies, controls, compliance, people and processes. Members have unrestricted access to critical information guaranteed to help them make smart accounts payable business decisions. Focus areas include all AP functions, AP metrics and benchmarking; tax and regulatory compliance; proven solutions to real-world problems; AP automation; case studies; member Q&A networking forums and more than 250 downloadable, customizable AP policies, flowcharts, templates and internal-control checklists. TAPN’s highly popular AP tools help compare technologies and AP solution providers, find new ways to streamline operations and enhance controls, and take advantage of extensive educational opportunities. Additional networking opportunities allow members to share problems and solutions with peers “in the trenches” through the public and private forums and discussion groups. The Accounts Payable Network is completely independent and is not owned by or affiliated with any industry supplier, nor does it endorse any suppliers. For further information, please contact The Accounts Payable Network, 2100 RiverEdge Parkway, Suite 1010, Atlanta, GA 30328, 770-984-1184,© 2012 Financial Operations Networks LLC 25
  27. 27. About David Hay David has recently retired from a 40-year career spanning International Banking, Finance and Computer Services and Outsourcing. Most recently, David served as the Director of Shared Services Business Services Outsourcing, for Hewlett-Packard. He was formerly marketing manager for e-payments and financial services for Global eXchange Services (GXS), where he was responsible for the strategic direction and development of GXS’s online invoicing and payment solutions for B2B e-commerce on a worldwide basis and has served on GE Capital’s initiative to create a GE Center of Excellence for e-billing. David has worked with GE Capital, GE Medical Systems and GE Industrial Systems. As a member of key focus groups and task forces, he helped the GE businesses with their EDI and e-commerce initiatives. In his 24 years of GE experience, he has held several key management positions in financial services, e-commerce and sales & marketing. A former international banker, David has over 35 years of experience in the financial and e-commerce industries. David now provides consulting services in payables improvement and procure-to-pay process; he works closely with The Accounts Payable Network as a part of TAPN’s advisory board; he is a regular speaker at accounts payable and payment conferences; and he is CFO of Atlantis Divers in Richmond, Virginia. (Dave is an accomplished diver, and his CEO son a top-rated dive instructor.)© 2012 Financial Operations Networks LLC 26
  28. 28. About Datamatics Datamatics is an established IT Solutions and BPO Services organization offering a wide range of solutions helping deliver superior business value through its Transformation approach to outsourcing. We conceptualize and develop industry—specific technology solutions that are tailored to our customers’ requirements. We are deeply committed to our philosophy “Next-Generation Solutions” and our track record bears testimony to this. The Datamatics Group was established in 1975 and has over 30 years of experience in adding value to leading corporations worldwide. Our clients include 6 of the top 10 Fortune 500 corporations. We have delivered over 1,500 projects across 58 countries and continue to be strategic partners to some of our key clients. Anchored by a strong workforce of over 4,500 employees worldwide and a network of 1,500 knowledge associates, we have created an organization that strives for excellence. Our achievements have been endorsed by several awards from leading institutions around the world. Datamatics has worked with various organizations to lead the transformation in the Finance and Accounting functions by bring in its deep domain expertise, process rigor and world class cloud solutions specifically designed Finance and accounting processes including Procure to Pay. Datamatics has been instrumental in removing the inefficiencies, bringing in best in class practices, improving the sourcing, enhancing supplier collaboration, invoice processing and engaging stakeholders throughout the organizations that we have partnered with. Our success mantra has been—“Better, Faster, Cheaper!” and we have stood by it for last 30+ years.© 2012 Financial Operations Networks LLC 27