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Bookkeepers - How to add strategic value to your clients
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Bookkeepers - How to add strategic value to your clients


Displays how Bookkeepers can leverage invoice automation technologies to add more value to their clients - becoming stratgic advisors on cashflow and liabilities

Displays how Bookkeepers can leverage invoice automation technologies to add more value to their clients - becoming stratgic advisors on cashflow and liabilities

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  • 1. Bookkeeping Accounts Payable Automation Mark Davies Business Development Manager [email_address]
  • 2. Agenda
    • Overview of Mosaic Technologies
    • Invoice Automation and Bookkeeping Firms
    • Solution Demo
    • Next Steps
    • Q & A.
  • 3. About Mosaic Technologies
    • Sunshine Coast Based
    • Development Centre – Bangalore, India
    • Core Focus
      • Variable Data Publishing (1:1 Marketing, Transpromotional, Direct Mail)
      • Imaging (Document Scanning, Forms Processing, Mailroom Automation)
      • Document Management (Archiving, Web Access, Workflow, Portals/Intranet).
    • Major Customers – Banking, Insurance AUS & NZ.
  • 4. Accounts Payable in SME Traditional Workflow Delays, Poor Visibility, Lost Discounts, Unhappy Suppliers
  • 5. The cost of processing invoices
    • Average SME processes between 400 and 900 invoices per month
    • Average cost to process an invoice is $12.20, increasing to $55.00 for worst performers
    • Cycle times are between 14 and 35 days per invoice
    • Cost per month to the average SME is $4,880 - $49,500 per month
    Source: Aberdeen Group, March 2008, The accounts payable network 2008
  • 6. Other Issues for Small Business
    • Over 80% of invoices are received in paper format
    • Only 4% of organisations have real-time visibility of critical financial information
    • Overall error rates are 10-15%
    • Supplier queries
    • Unhappy suppliers
    • Cash flow problems
    • Lost invoice discounts.
    Source: AberdeenGroup, June 2006
  • 7. Other Issues for Bookkeepers
    • After the fact reporting
      • Limiting the value you bring to the business
    • Manual Data Entry
      • Painful
    • No Analysis of Spend
      • Missing out on improved purchasing power for your customers.
  • 8. Automated Workflow Instant Reporting, Quicker Approval, Supplier Discounts
  • 9. Benefits of Automation
    • Reduced Paper Flow
    • Reduced Cost to Process – between 30% and 50% ($1,952 - $19,800 per month)
    • Improved cycle times
    • Early payment discounts
    • Improved supplier relationships
    • Reduced Queries
    • Before the fact reporting
    • Bookkeeper becomes a strategic value added relationship – provides insights in how to improve cash flow, purchasing power, visibility on liabilities etc.
  • 10. Festum for Invoices
    • Developed by Finish Software company, Festum
    • Unique volume based licensing
    • Mosaic Technologies offer either standalone installation or hosted service
      • Australian Servers
      • No hardware to buy and maintain
      • No IT support issues
    • Web based client – scope for distributed capture, data entry, validation.
  • 11. Festum Solution Overview Scanning Client 1 Cient 3 Scanning Release Head office / service centre Client 2 Scanning Scanning Recognition Validation Workflow and electronic archive … Etc. Etc. Mail Fax Electronic invoices from vendors, banks, operators (XML- messages)
  • 12. Demonstration
  • 13. Next Steps
    • Develop customised As-Is and To-Be workflow diagrams
    • Gather metrics and key performance indicators from Franchisees
    • Develop business case and ROI
    • Pilot site
  • 14. Questions?