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Bookkeepers - How to add strategic value to your clients
 

Bookkeepers - How to add strategic value to your clients

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

    • Bookkeeping Accounts Payable Automation Mark Davies Business Development Manager [email_address]
    • Agenda
      • Overview of Mosaic Technologies
      • Invoice Automation and Bookkeeping Firms
      • Solution Demo
      • Next Steps
      • Q & A.
    • 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.
    • Accounts Payable in SME Traditional Workflow Delays, Poor Visibility, Lost Discounts, Unhappy Suppliers
    • 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
    • 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
    • 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.
    • Automated Workflow Instant Reporting, Quicker Approval, Supplier Discounts
    • 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.
    • 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.
    • 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)
    • Demonstration
    • 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
    • Questions?