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

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Bookkeepers - How to add strategic value to your clients

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