1. The document outlines four steps for automating invoice processing: audit current processes, select a solution to support the entire purchase-to-pay process, aim for fully electronic processing with invoice automation and matching, and shift to electronic supplier collaboration.
2. Key benefits of automation include eliminating manual handling, automating workflow and coding, and providing new visibility for cash management and fraud control.
3. Successful automation requires integrating systems, focusing on e-invoicing for high matching rates, and partnering with suppliers for electronic ordering and invoicing.
This article seeks to examine a simple but relatively common implementation of a manual expense filing and reimbursement process and using the help of BPM simulation tools, derive some insight into the true costs of managing this process at a small company
How do you practically link traditional functional silos such as supply chain and payables together? And what results can you expect from this? In this session, Cynthia Haug shares her experience and results from achieving this at GE Healthcare, Johnson Controls and now at Newmont Mining Corporation. Attend this session to discover how to:
- Conduct P2P process analysis to identify where there are breaking/risk points in your P2P process and what is causing high costs
- Gain buy-in from your key internal P2P stakeholders so they take appropriate action for change
- Move from functional silos to being in control of a global end-to-end P2P process ā what results can you expect?
Webinar: Back Office: February 28, 2012Judy Misbin
Ā
Find out how optimizing your back office can help improve your firms consistency and metrics around compliance, customer experience, and operational efficiencies
This article seeks to examine a simple but relatively common implementation of a manual expense filing and reimbursement process and using the help of BPM simulation tools, derive some insight into the true costs of managing this process at a small company
How do you practically link traditional functional silos such as supply chain and payables together? And what results can you expect from this? In this session, Cynthia Haug shares her experience and results from achieving this at GE Healthcare, Johnson Controls and now at Newmont Mining Corporation. Attend this session to discover how to:
- Conduct P2P process analysis to identify where there are breaking/risk points in your P2P process and what is causing high costs
- Gain buy-in from your key internal P2P stakeholders so they take appropriate action for change
- Move from functional silos to being in control of a global end-to-end P2P process ā what results can you expect?
Webinar: Back Office: February 28, 2012Judy Misbin
Ā
Find out how optimizing your back office can help improve your firms consistency and metrics around compliance, customer experience, and operational efficiencies
Click here to buy - http://imojo.in/bj9b8l
This presentation is aimed at helping small and medium businesses in their Stores / Warehouse Management. The module starts with an introduction to the function, Roles and Responsibilities of executives in the function, Key tools and methodologies, ABC Analysis, Storage Techniques, Visual Representation of best practices and various templates for MIS analysis.
Paul Leamon presents common back office challenges, and defines what a world-class back office looks like, and how to build one. Additionally, explains the business impacts of becoming a world-class back office.
WQD2011 - Breakthrough Process Improvement - The Kanoo Group - Improving Visa...Dubai Quality Group
Ā
Breakthrough Process Improvement case study submitted by The Kanoo Gorup during 3rd Continual Improvement & Innovation Symposium organized by Dubai Quality Group's Continual Improvement Subgroup to celebrate World Quality Day 2011.
Approach to improve effectiveness of Enterprise ITEvgeny Nedelko
Ā
(translated to English) Excerpts from the customer proposal, which describes the experience of implementing Lean IT principles in several projects in Russia
Accounts payable and Best Practice Principles Automation - Sydney 2016Alexandra Khalifa
Ā
The accounts payable function has risen to prominence in recent years as a back-office after-thought that can be transformed into a useful cash management mechanism. However, recent researches have found that the majority of enterprises are still employing manual methods of invoice-processing, which has inflated both processing costs and cycle times.
How can I reduce invoice-processing costs & time? What is really new in āscanning supplier invoicesā? How can accounts payable personnel work more efficiently?
If you have not found the right answer to all these questions, download the Xcellerate IT's Executive Lunch Powerpoint presentation from March 2016 to learn best practice principles within Accounts Payable and learn how some of the major organisations in Australia have already cut invoice-processing costs and time by over 90%.
Featuring Case Study from Victoria University
[Webinar] Unveiling the Benefits of AP with the Institute of Financial Operat...Anybill
Ā
What You'll Learn:
The benefits of incorporating automation technology into the accounts payable process include more than efficient receipt of supplier invoices, improved visibility, enhanced audit processes, and lower costs. There is another level of benefits that the accounts payable process can add to the organization.
The Institute of Financial Operations joins Anybill in discussing the major benefits of invoice automation and will focus on the best practices that can be incorporated into the people, processes, and additional technology outside of the invoice automation process, and will discuss how they add value to an organization.
Introduction to Business Process Management SuiteAppian
Ā
Business Process Management Suite (BPMS) is a software platform that supports a process management discipline so one can design, execute, manage, and optimize processes for continuous performance improvement. This presentation and companion video on YouTube provide an overview of core BPMS components, key roles, and benefits for automating processes using a BPM Suite. Learn how to select and prioritize BPM projects for a successful implementation.
Visit our sponsor's website for additional free resources and whitepapers: http://www.appian.com/
IT service management (ITSM or IT services) is a discipline for managing information technology (IT) systems, philosophically centered on the customer\'s perspective of IT\'s contribution to the business. ITSM stands in deliberate contrast to technology-centered approaches to IT management and business interaction. The following represents a characteristic statement from the ITSM literature:
Providers of IT services can no longer afford to focus on technology and their internal organization[;] they now have to consider the quality of the services they provide and focus on the relationship with customers.ITSM is process-focused and in this sense has ties and common interests with process improvement movement (e.g., TQM, Six Sigma, business process management, CMMI) frameworks and methodologies. The discipline is not concerned with the details of how to use a particular vendor\'s product, or necessarily with the technical details of the systems under management. Instead, it focuses upon providing a framework to structure IT-related activities and the interactions of IT technical personnel with business customers and users.
A Refreshing Start Pre-Issue Documentation, Best's Review, December 2008Gates Ouimette
Ā
#Scanning as part of the overall #lifeinsurance policy #workflow and process.
Pre-issue #process visioning, both strategic and tactical, is critical to the #policylifecycle.
The decision to invest in systems or #offshore resources ultimately should get evaluated within the context of current #businessprocesses.
Let your suppliers do the work: how to set up ERS/self-billing with your most...sharedserviceslink.com
Ā
One way to increase the efficiency in the payables process is to reduce the manual data entry of invoices. Self-billing or ERS is a strategy you can use to achieve this, but it can only be implemented with certain suppliers and in the right way.
So how do you know which suppliers are the best candidates and how do you make it work?
In this presentation from The Accounts Payable Tech Summit 2011, Leonardo Pucciatti, Payables Project Manager at Exxon Mobil will cover:
ā¢ Selecting and analysing payables metrics to find suitable vendor candidates for ERS
ā¢ Drawing up a matrix of roles and responsibilities ā how exactly is procurement involved in your strategy?
ā¢ What key lessons have Exxon Mobil learnt after over a decade of using ERS?
Click here to buy - http://imojo.in/bj9b8l
This presentation is aimed at helping small and medium businesses in their Stores / Warehouse Management. The module starts with an introduction to the function, Roles and Responsibilities of executives in the function, Key tools and methodologies, ABC Analysis, Storage Techniques, Visual Representation of best practices and various templates for MIS analysis.
Paul Leamon presents common back office challenges, and defines what a world-class back office looks like, and how to build one. Additionally, explains the business impacts of becoming a world-class back office.
WQD2011 - Breakthrough Process Improvement - The Kanoo Group - Improving Visa...Dubai Quality Group
Ā
Breakthrough Process Improvement case study submitted by The Kanoo Gorup during 3rd Continual Improvement & Innovation Symposium organized by Dubai Quality Group's Continual Improvement Subgroup to celebrate World Quality Day 2011.
Approach to improve effectiveness of Enterprise ITEvgeny Nedelko
Ā
(translated to English) Excerpts from the customer proposal, which describes the experience of implementing Lean IT principles in several projects in Russia
Accounts payable and Best Practice Principles Automation - Sydney 2016Alexandra Khalifa
Ā
The accounts payable function has risen to prominence in recent years as a back-office after-thought that can be transformed into a useful cash management mechanism. However, recent researches have found that the majority of enterprises are still employing manual methods of invoice-processing, which has inflated both processing costs and cycle times.
How can I reduce invoice-processing costs & time? What is really new in āscanning supplier invoicesā? How can accounts payable personnel work more efficiently?
If you have not found the right answer to all these questions, download the Xcellerate IT's Executive Lunch Powerpoint presentation from March 2016 to learn best practice principles within Accounts Payable and learn how some of the major organisations in Australia have already cut invoice-processing costs and time by over 90%.
Featuring Case Study from Victoria University
[Webinar] Unveiling the Benefits of AP with the Institute of Financial Operat...Anybill
Ā
What You'll Learn:
The benefits of incorporating automation technology into the accounts payable process include more than efficient receipt of supplier invoices, improved visibility, enhanced audit processes, and lower costs. There is another level of benefits that the accounts payable process can add to the organization.
The Institute of Financial Operations joins Anybill in discussing the major benefits of invoice automation and will focus on the best practices that can be incorporated into the people, processes, and additional technology outside of the invoice automation process, and will discuss how they add value to an organization.
Introduction to Business Process Management SuiteAppian
Ā
Business Process Management Suite (BPMS) is a software platform that supports a process management discipline so one can design, execute, manage, and optimize processes for continuous performance improvement. This presentation and companion video on YouTube provide an overview of core BPMS components, key roles, and benefits for automating processes using a BPM Suite. Learn how to select and prioritize BPM projects for a successful implementation.
Visit our sponsor's website for additional free resources and whitepapers: http://www.appian.com/
IT service management (ITSM or IT services) is a discipline for managing information technology (IT) systems, philosophically centered on the customer\'s perspective of IT\'s contribution to the business. ITSM stands in deliberate contrast to technology-centered approaches to IT management and business interaction. The following represents a characteristic statement from the ITSM literature:
Providers of IT services can no longer afford to focus on technology and their internal organization[;] they now have to consider the quality of the services they provide and focus on the relationship with customers.ITSM is process-focused and in this sense has ties and common interests with process improvement movement (e.g., TQM, Six Sigma, business process management, CMMI) frameworks and methodologies. The discipline is not concerned with the details of how to use a particular vendor\'s product, or necessarily with the technical details of the systems under management. Instead, it focuses upon providing a framework to structure IT-related activities and the interactions of IT technical personnel with business customers and users.
A Refreshing Start Pre-Issue Documentation, Best's Review, December 2008Gates Ouimette
Ā
#Scanning as part of the overall #lifeinsurance policy #workflow and process.
Pre-issue #process visioning, both strategic and tactical, is critical to the #policylifecycle.
The decision to invest in systems or #offshore resources ultimately should get evaluated within the context of current #businessprocesses.
Let your suppliers do the work: how to set up ERS/self-billing with your most...sharedserviceslink.com
Ā
One way to increase the efficiency in the payables process is to reduce the manual data entry of invoices. Self-billing or ERS is a strategy you can use to achieve this, but it can only be implemented with certain suppliers and in the right way.
So how do you know which suppliers are the best candidates and how do you make it work?
In this presentation from The Accounts Payable Tech Summit 2011, Leonardo Pucciatti, Payables Project Manager at Exxon Mobil will cover:
ā¢ Selecting and analysing payables metrics to find suitable vendor candidates for ERS
ā¢ Drawing up a matrix of roles and responsibilities ā how exactly is procurement involved in your strategy?
ā¢ What key lessons have Exxon Mobil learnt after over a decade of using ERS?
Hooduku is a solutions company to have implemented Cloud and Big data solutions in real world.
We have stuff to showcase our work. We are not buzz word experts.
http://sevennorthgraphics.com Working with St Pete's Seven North Web & Graphics Social Media-Hub Website: Leveraging Wordpress for Easy SEO and Lower Cost. Web Design With Wordpress for Social Media Success in St Petersburg, Tampa Bay, Florida
Brief summary of Ancient Egyptian History from prehistory to the development from hunters and gathers to civilization. The special circumstances that made the Old Kingdom possible and the most secure Kingdom in Egyptian History.
For the last 20 years, organisations have invested into transformation of the entire financial consolidation process from ERP accounting systems to financial consolidation software in order to improve the way of tackling the challenge of Financial Close & Balance Sheet Consolidation with modern software solutions. Despite these
investments, more than 90 per cent of organisations still rely on spreadsheets to gather information from disparate financial systems and perform variance analysis on financial statements, compiling information from multiple sources. The requirement for transparency in financial statements is non-negotiable, and this starts with the financial close and reporting process. Financial consolidation software solutions have certainly
improved the process, driving organisations towards a more consistent chart of accounts, and supporting the period end processes, such as allocations and inter-company eliminations. However, when looking at the actual activities that finance employees perform each month, it is clear that there are still significant gaps. This article provides a realistic view of the use of technology to improve the financial close and reporting process
and achieve increased quality, accountability, auditability, efficiency and ultimately, regulatory compliance.
Sanjay Mehta, CEO, MAIA Intelligence Pvt. Ltd. authored this article for The Chartered Accountant (CA) Journal, March 2011.
Periodic Reassessment, Continuous Improvement of Finance OperationsCognizant
Ā
A well-considered and executed transformation roadmap can help finance keep pace with emerging technologies and service delivery models, as well as advance key business objectives.
Case Study on Driving Procure to Pay (Purchase to Pay) Quick WinsChazey Partners
Ā
The Procure-to-Pat (Purchase to Pay or P2P) process offers great opportunities for improvement, especially in companies that are decentralized, still paper-based, and lacking standardization. This case study illustrates how a global financial services company significantly improved vendor satisfaction as a result of a focused re-evaluation of the end-to-end process.
Electronic health record (EHR) implementations can be operationally invasive and can have significant financial implications. Organizations may see a reduction in net revenue, an increase in accounts receivable days and a slowdown in cash collections. With several NJ providers in the process of moving to an Epic HIS and EHR environment, preserving net revenue, maintaining consistent cash and ensuring accurate financial reporting should be among the providerās primary conversion goals. We have worked with several providers throughout the country who have undergone a recent Epic conversion and thought it would be beneficial to share conversion lessons learned from these providers. A consistent phrase in the Epic conversion world is āBig Bang,ā indicating that every module thatās been purchased is implemented at the same time. The conversion timeline is an eighteen month journey and has been described as a conversion like no other. More and more providers are moving towards the āSingle Billing Officeā (SBO) solution, meaning hospital, physician and potentially other entities such as home health appear on a single statement. This alone is a significant change for hospital providers.
Count On Us For Your P2P Automation Strategy - Techwave.pdfAnil
Ā
The critical imperative of re-thinking your existing Process-To-Pay (P2P) process is to move away from the siloed business functions. Many facets of the conventional Procure-to-Pay cycle is plagued with bottlenecks such as complex workļ¬ows, manual operations, and delays. The strategic shift to the next phase of transformation will help organizations identify inefļ¬cient spend practices and predict the payment life-cycle.
OpenText helps reduce physical paper storage, eliminate
duplication, provide management reporting, and streamline
end-to-end āinvoice-to-settleā process times
Van Gansewinkel maakt gebruik van Basware door ICreative voor de verwerking v...ICreative
Ā
Van Gansewinkel maakt gebruik van de oplossingen van ICreative voor de verwerking van de inkoopfacturen. Daarnaast is Van Gansewinkel koploper op het gebied van e-invoicing.
Kofax TotalAgility (KTA) is het nieuwe platform waar alle producten van Kofax zijn ondergebracht. In de factsheet leest u meer informatie over KTA. Kijk op www.icreative.nl/kofaxkta voor meer informatie. Op https://www.youtube.com/watch?v=jOVH7yH_w-o legt Ted uit welk probleem KTA voor uw organisatie kan oplossen.
"Voorheen een dag, nu een ochtend werk" - Referentiecase ODH.
Drie medewerkers vanuit verschillende posities vertellen over de grote stap om vanaf de start van de nieuwe uitvoeringsdienst volledig digitaal en zaakgericht te werken en hoe dit werd gerealiseerd. De verwerking van honderden documenten door vier medewerkers van de Documentaire Informatie Voorziening, kostte voorheen een dag. Tegenwoordig kunnen zij dit in een ochtend verwerken dankzij Kofax door ICreative.
"Facturatie middels XML is nirwana" - case A.S. Watson, klant ICreative.
A.S. Watson ontvangt op jaarbasis honderduizenden facturen die in de 'oude' situatie vaak handmatig moesten worden geaccordeerd. "Facturatie middels XML is nirwana" aldus Rob Wiecherink, manager AP. Lees hier de referentiecase.
Factuurverwerking is 'appeltje-eitje' geworden voor VCK Logistics met de implementatie van Basware en modules van ICreative.
VCK Logistics is in een eeuw ontwikkeld tot een toonaangevende logistieke dienstverlener ter land, ter zee en in de lucht. Met 60.000 inkoopfacturen was de afdeling Financial Administration vroeger veel tijd kwijt. āAls de inkoper zijn werk netjes heeft gedaan, is de klus tegenwoordig zo geklaard. Gescande factuur, matchen, goedkeuren en betalen: appeltje-eitjeā aldus Cleon Oud.
Creƫer het succes met e invoicing - ICreativeICreative
Ā
Creƫer het succes met E-invoicing
Leveranciers bezitten samen met CFO's de sleutel om het ware succes van E-invoicing te realiseren. In 2013 zetten steeds meer bedrijven E-invoicing om de kosten te drukken. Wat zijn de voordelen? Hoeveel procent van de markt maakt al gebruik van digitaal factureren?
Lees er meer over in deze infographic
De brief die van Gansewinkel verstuurd naar haar leveranciers om deze over te halen om op ED Netwerkt in te vullen hoe zij de facturen digitaal naar van Gasnewinkel kunnen versturen
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Ā
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Ā
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Improving profitability for small businessBen Wann
Ā
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Business Valuation Principles for EntrepreneursBen Wann
Ā
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
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Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
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Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
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HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
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What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
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Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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4 steps to Invoice Automation Basware
1. Four Steps to
Invoice Automation
From Manual to a Fully Electronic Purchase-to-Pay Process
2. Table of Contents
1 Executive summary
2 Four essential steps when automating invoice processing
Step 1 - Audit your current process, set the goals for improvement and start the transformation
Step 2 - Selection process: Consider only solutions that support the entire P2P process
Step 3 - Aim at a fully electronic AP process and understand invoice automation and invoice to order matching
Step 4 - Make a plan to shift to electronic supplier collaboration
3 Introducing an e-Procurement solution
4 Conclusions
3. Four Steps to Invoice Automation
From Manual to a Fully Electronic Purchase-to-Pay Process
1 Executive summary
According to a recent survey1, 59 percent of accounts payable (AP) heads think that the AP
function is becoming more strategic and that improved AP performance has a positive impact
www.basware.com
on proļ¬tability. This survey approached 550 heads of AP around the world and it revealed that
inefļ¬ciencies of the AP process are costly for companies. The late payment fees are a reality and
early payment discounts typically cannot be leveraged. The respondents identiļ¬ed human error,
whether by AP or the procurement department, as the biggest cause of AP errors, and invoice
scanning / data entry as the most time-consuming and error-prone step in invoice processing.
There is a clear need for automation of the company to the ļ¬rst stage on its journey to- This ebook introduces the four essential
ļ¬nance functionās AP processes; to bring in wards broader purchase-to-pay (P2P) ben- steps an organization will need to consider
real-time visibility and control; and to re- eļ¬ts. The next stage would involve both the before automating its invoice processing
move both payment and accounting errors ļ¬nance and procurement functions hav- and also reveals some of the real-life busi-
from the business. Electronic invoices play ing a direct impact on companiesā working ness beneļ¬ts that a carefully planned AP
a key role. They not only move faster than capital management and cash forecasting. process transformation has delivered to
paper-mailed invoices but also provide an As long as the procurement and AP depart- Basware customers around the world. We
audit trail all the way from the initial pur- ments remain in their separate silos, the hope that this reading will lead to vivid
chase order placed by the procurement de- invoice processing can never be fully au- discussions within ļ¬nance departments
partment. This drastically cuts down on the tomated and the real-time visibility to out- and would encourage them to embrace the
time an AP clerk would spend on both inter- standing AP liabilities will be just a dream. comprehensive P2P vision when consider-
nal and supplier inquiries before being able ing automating their AP processes.
to process the invoice. And with the rapid Hundreds of customer projects have shown
processing of their invoices, the suppliers Basware how crucial a comprehensive P2P
are able to give the valuable early-payment approach is when a ļ¬nance department
discounts that still so often remain out of wishes to automate its invoice processing.
the reach to companies. It doesnāt mean the whole P2P value chain
has to be attacked simultaneously but to
Although a streamlined AP process saves ignore APās role in the larger process is to
both money and time, it can only take a fail to understand the exponential beneļ¬ts. 1 Lost in Transaction - A Basware Research Report for Accounts Payable
A complimentary copy available for download at www.basware.com/transaction
4. Four Steps to Invoice Automation
From Manual to a Fully Electronic Purchase-to-Pay Process
2 Four essential steps when automating
invoice processing
www.basware.com
Step 1
Audit your current process, set the goals for improvement and start
Annual Length of the
the transformation 100,000 7,5
invoice volume working day
Understanding of the current accounts pay- The results of a recent study conducted by Saved time Working days per
5 21
able process down to the root causes of the Forrester Consulting showed clearly that it (minutes per invoice) month
bottlenecks is crucial for its improvement is the centralization of the AP responsibility Average salary of
and standardization. Whether an organiza- that enables the process improvement and
Saved time / man days 1111 $50,000
FTE/year
tion is considering to centralize the AP func- not, as often believed, transplanting of low- Saved time / man
tion into a shared service center (SSC) or to cost AP clerks into a shared service center 52
month
launch uniform processes across its subsidi- in a low-cost country2.
aries in different regions, the new process Annual
Saved time / man year 4 $200,000
should be described and the goals should be Once the new P2P process has been de- savings potential
set in the context of the entire purchase-to- scribed and the goals identiļ¬ed and ap-
pay (P2P) process. It is essential to realize proved within the organization, the AP de- Table 1
early on, the APās dependency on the other partment should initiate the change from a Example of time and cost saved by automating the AP process.
players in the bigger picture ā all of the units manual to an electronic process immediate- The estimate is based on a company that is processing 100 000 invoices per year with a ve minute
doing purchasing within the organization, ly, and not wait for the other units to change reduction in processing time per invoice.
not only the procurement department but their processes ļ¬rst. According to our expe-
also all of its suppliers and contract agree- rience, the AP automation often serves as a
ments. catalyst that helps the other P2P stakehold-
ers to carry out their own process transfor-
Process centralization and standardization mation.
in conjunction with automation is known to
bring the maximum process efļ¬ciency. How- The Table 1 shows how saving only ļ¬ve min-
ever, centralization can be understood in utes per invoice during the AP process can
two different ways ā as centralization of the improve efļ¬ciency on a monthly and yearly
AP staff or as centralization of the process basis. The automation of invoice processing
ownership. with order/invoice matching and an elec-
tronic approval process will normally reduce 2 Finance and Procurement Work Together To Achieve AP Invoice Processing Excellence.
the invoice cycle time by several days. A Forrester Consulting Thought Leadership Paper Commissioned by Basware Corporation.
April 2010.
5. Four Steps to Invoice Automation
From Manual to a Fully Electronic Purchase-to-Pay Process
Step 2
Selection process: Consider only solutions that support the entire P2P process In a nutshell, the targeted invoice automation
will enable Accounts Payable to:
The solution selection process is crucial to Therefore, the integration between the
the process transformation in many ways. ERPs and the new P2P solution is a pre-
Eliminate all manual handling of the routine
As a key rule, the selected solution should requisite when trying to build visibility and invoices and automate the recurring and PO-
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not be limited to the AP process only but control across the entire organization.* based invoices
should be ļ¬exible enough to enable the en-
tire P2P automation in the future ā includ- Bring the ERP master data into the invoice
ing elements such as electronic catalogue automation system, but also consider in- Automate the workļ¬ow and coding for
and ordering, and invoice exchange with tegrating the other current and future key
the suppliers. systems such as the AP system or a pos- the rest of the invoices (except handling)
sible e-procurement solution. according to deļ¬ned business rules and
Do not try to re-invent the wheel when pur-
chasing an electronic invoice processing It is essential that the solution does not approval policies
system. Beneļ¬t from fast and low cost im- make the organization dependent on exter-
plementation and from your peersā experi- nal resources for the process development.
ence from other companies and countries. The AP costs can be kept down if the solu-
Automate the invoice processing control and
Standard packaged applications are widely tion is ļ¬exible enough to allow continuous beneļ¬t from early discounts and avoid late
adopted and are usually the best options, process improvement. payments
as they contain the built-in best practices
and the required legislative compliance. Finally, to save time and effort when set-
ting up the automated solution, a company Have an extensive invoice processing audit
In many companies, the ERP systems play should ensure that HR is brought into the
a key role whether we are talking about the process and the established approval hier- trail and automated built-in controls available
AP or the broader P2P process. Multiple archy should be followed. at all times for all users to increase the
ERP systems are commonplace ā Basware
has encountered as many as 75 in one com-
control and avoid fraud
pany, making it difļ¬cult, if not impossible,
to get a single consistent view over the P2P
process.
Deliver a new kind of visibility for cash
management and forecasting as unrecorded
liabilities would be realized in real-time
6. Four Steps to Invoice Automation
From Manual to a Fully Electronic Purchase-to-Pay Process
Step 3
Aim at a fully electronic AP process and understand invoice automation and invoice to order matching
Invoices should be electronic before being validation of local suppliersā invoices which Straigh
received by AP in order to beneļ¬t from au- usually requires language skills, could be au- t-throu
gh proc
tomated, errorless data cleansing and entry, tomated with a multi-currency, multi-compa- essing ā90
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Invoice
and straight-through-processing. ny, invoice automation solution. In the event s/FTE %
that the invoice matching against a contract 100 00
Invoice automation is thus more than the or purchase order fails, easy access by the 0
scan and capture of the invoice data or an requisitioner or cost center owner ensures a
electronic processing workļ¬ow. True automa- quick action (approval/rejection) by the per-
tion enables AP to manage the invoice pro- son who knows the topic best.
Invoice
cessing without any manual user interven- autom
tion. As the enabler of the best data quality, Improving automation should be one key goal ation
and thus, best automation, e-invoicing plays for any drive to get off paper. Automation in- Invoic
es/FTE ā66
an increasingly important role. In fact, the cludes many aspects of the invoice handling 30 000 FTE
recent Forrester study clearly showed that process. Arguably, the starting point has to
the companies integrating fully automated be invoice data entry. In a paper-based com-
e-invoicing with e-procurement have the best pany, invoices are manually entered into the
chances of achieving AP invoice processing system ā a more modern company uses OCR
Paperl
excellence.3 technology to perform data capture during ess wo
the scanning process. An even more forward rkļ¬ow
As mentioned previously, a majority of 550 thinking company will have suppliers submit Invo ices/FT ā25 %
AP heads think that the invoice scanning is
the most time-consuming and error-prone
their invoices electronically ā these come di-
rectly into the system and avoid all sorts of
15 000E FTE
step of their AP process. Companies should, costs, inefļ¬ciencies and errors associated
in fact, put in place a clear AP strategy aiming with scanning.
at e-invoice processing only and partner-up
with solution providers who enable a smooth Paper-
based
shift from scanning to automated e-invoicing. h andling
For instance, e-invoicing would make it much Invoice 0%
s/FT
easier for a single shared service center to
support an entire organization globally. The
5 000 E FTE
Continuously
increasing savings (%)
3 Finance and Procurement Work Together To Achieve AP Invoice Processing Excellence.
A Forrester Consulting Thought Leadership Paper Commissioned by Basware Corporation. April 2010.
7. Four Steps to Invoice Automation
From Manual to a Fully Electronic Purchase-to-Pay Process
The data quality of e-invoices ensures
the highest possible matching rates which translate
into signiļ¬cant efļ¬ciencies and cost savings per invoice.
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Once the invoice data is in the system, auto- That is the ideal scenario, which is called Whatās more important than setting multiple
mation continues with opportunities for auto- straight-through-processing (STP). Invoices checks into the system (the more checks and
matching invoices to purchase orders and/or often do not match purchase orders though, controls the lower the matching rates) is the
contracts. Obviously, something like invoice- and while STP should be your goal, automa- control and visibility afforded by matching at
to-order matching requires orders to be in a tion can be a dramatic improvement to excep- line level rather than header level. Itās worth
purchasing system somewhere and for those tion management within the invoice handling looking at the difference between the two.
companies who have a high volume of its total process.
invoices relating to purchase orders, the ben- The best way to achieve the additional control
eļ¬ts of automation are equally high. Exception management is all about discover- and visibility afforded by line-level matching
ing the reason the invoice does not reconcile is through e-invoicing. The purchase order
The matching process takes an invoice, tries with the purchase order and requires manual details within your ordering system will in-
to associate it with an order, and after ļ¬nding handling. Ideally, the system will still copy the clude line level information and e-invoices
and successfully matching the data on both coding data from the PO to the invoice and come directly into the system and can then
documents, copies the coding details from the forward the invoice directly to a speciļ¬c per- be matched line-by-line with one or more pur-
order. Since the order was already approved son depending on the reason for the failed chase orders. The data quality of e-invoices
and the invoice reļ¬ects the POās expectations, match. ensures the highest possible matching rates
the system can automatically approve the in- which translate into signiļ¬cant efļ¬ciencies
voice to be transferred to the ERP/ļ¬nancial The matching process typically involves a vali- and cost savings per invoice. E-invoices are
system for payment according to the payment dation check to ensure the goods have been cheaper to receive, cheaper to process, and
terms contained in the Master Vendor list. received before automation sends the invoice contribute directly to the highest possible
to be paid. This is called a three-way match matching rates and cost savings.
(invoice ā PO ā goods receivals). It is equally
possible for there to be additional checks such
as a quality inspection or check on contract
terms.
8. Four Steps to Invoice Automation
From Manual to a Fully Electronic Purchase-to-Pay Process
Step 4
Make a plan to shift to electronic supplier collaboration
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Ordering and invoicing on paper ā even with The biggest challenge when shifting from In addition, the selected solution pro-
an electronic processing system in place paper to e-invoicing is the activation of the vider should have a ļ¬exible service of-
ā gives room for delivery and invoicing er- suppliers. This requires a common activation fering that would enable the suppliers
rors. One of the greatest beneļ¬ts of the au- plan from AP and the procurement depart- an immediate and cost-efļ¬cient shift
tomated P2P solutions is that it can include ment, the owner of the supplier agreements, to e-invoicing according to their cur-
the suppliers as part of the process through and the main contact persons. The actual sup- rent invoicing volumes. It should also
contract-based electronic catalogs, electronic plier activation project, i.e. supplier contact- be possible to smoothly increase and
ordering and electronic invoicing. ing and introducing the e-invoicing solutions automate their e-invoicing once the
available, can be outsourced to a solution pro- volumes grow.
For Accounts Payable, this would mean com- vider; however, the supplier prioritization and
plete automation of the invoice processing the activation targets should come from AP The supplier integration is clearly a
with a full audit trail all the way from the ac- based on the processed invoice volumes (i.e. mutual beneļ¬t for both Accounts Pay-
tual purchase order. Through an automated the biggest invoice volumes should come in able and Procurement. Getting suppli-
solution, AP can actually outsource the most as electronic ļ¬rst in order to gain the biggest ers to support your AP strategy and
time-consuming routine tasks by offering process improvements). provide electronic invoices immedi-
both the suppliers and the companyās em- ately eliminates the errors and time-
ployees a self-service invoice entry, viewing In many cases, the suppliers may already consuming inquiries during the invoice
and reporting. be providing e-invoices but through a differ- processing. The electronically gener-
ent service provider than a companyās AP is ated invoice data, matching the ne-
Additionally, the P2P automation often planning to use. Therefore, it is important to gotiated contract terms, also enables
serves as a means for supplier consolidation select a solution provider who has interoper- the companyās buyers to better take
and for facilitating category management. ability agreements with other e-invoicing ser- advantage of the possible on-time and
For instance, one Basware customer had over vice providers, and has an open network to early payment discounts and to elimi-
1,500 marketing suppliers alone, accounting all of its own, and its partnersā, AP customers nate the late payment penalties.
for 25 percent of total indirect spend. By in- and suppliers.
troducing the P2P automation, the customer
ended up saving 20 percent of that cost.
9. Four Steps to Invoice Automation
From Manual to a Fully Electronic Purchase-to-Pay Process
Getting suppliers to support your AP strategy
and provide electronic invoices immediately
eliminates the errors and time-consuming
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inquiries during the invoice processing.
10. Four Steps to Invoice Automation
From Manual to a Fully Electronic Purchase-to-Pay Process
3 Introducing an e-Procurement solution
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Accounts Payableās strategic role within the E-Procurement is the logical ānext stepā in the
broader P2P process, especially in terms of purchase-to-pay automation process. Basware
the desired real-time spend visibility, is often procurement solutions offer a reliable way to
ignored. It is crucial to realize that invoice han-
dling does not exist in a vacuum but is closely
improve spend compliance and make cost sav-
ings throughout the procurement cycle ā from
No sacriļ¬ce of ļ¬exibility:
linked to the companyās procurement process
and practices.
sourcing and contract management to day-to-
day purchasing and supplier connectivity. City of Helsinki ā 18 000
The efļ¬cient spend management, real-time Visit us at www.basware.com/resources for ac- purchase orders per month.
cash ļ¬ow estimates and supplier base optimiza- cess to the number one source for guidance
tion become possible only with a solution that
seamlessly links together the Procurementās
on how to best integrate Finance and Procure-
ment.
The city can buy anything
purchasing and APās invoice handling process-
es. It is only when the cost-reduction opportu- from tigers to tubas via the
nities are visible to Procurement that they can
be considered when negotiating future supplier
agreements.
catalog-based e-procurement
Additionally, it is only when the approved pur- system and has been able to
chase orders are visible to Accounts Payable
that they can be reported as committed liabili- reduce the capital employed by
ties, and taken into account in cash ļ¬ow fore-
casting. EUR 2,000,000
11. Four Steps to Invoice Automation
From Manual to a Fully Electronic Purchase-to-Pay Process
Conclusions
With a majority of survey respondents In order to have real-time visibility to The selected solution provider should
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identifying human error as being the outstanding AP liabilities and for in- have a ļ¬exible service offering that
biggest cause of AP errors, and invoice voice processing to be fully automated, would enable the suppliers an immedi-
scanning / data entry as the most the procurement and AP departments ate and cost-efļ¬cient shift to e-invoic-
time-consuming and error-prone step must work together on important ing according to their current invoicing
in invoice processing, more companies steps such as supplier activation. Gain- volumes. It should also be possible to
are embracing e-invoicing in order to ing suppliersā support of the AP strate- smoothly increase and automate their
streamline the AP process. The long- gy and having them provide electronic e-invoicing once the volumes grow.
term beneļ¬ts are too compelling to invoices immediately eliminates the
ignore. Keeping in mind that although errors and time-consuming inquiries The transition from a manual P2P pro-
a streamlined AP process saves both during the invoice processing. cess to a fully electronic process need
money and time, it can only take a com- not be a painful and tedious process.
pany to the ļ¬rst stage within a broader In addition, the solution selection pro- Outsourcing the shift to electronic of-
purchase-to-pay maturity curve. cess is crucial to the process transfor- fers considerable beneļ¬ts - One be-
mation in many ways. As a key rule, the ing that at the end of the project, the
It is important for a company to review selected solution should not be limited company will have a deļ¬ned customer
its entire purchase-to-pay process to the AP process only but should be integration process that provides a ba-
ļ¬rst, then work towards an integrated ļ¬exible enough to enable the entire sis for a long-term and self-driven e-
e-invoicing solution. It is also essential P2P automation in the future ā includ- invoicing strategy.
to realize early on, the APās depend- ing elements such as electronic cata-
ency on the other players in the bigger logue and ordering, and invoice ex-
picture ā all of the units doing purchas- change with the suppliers.
ing within the organization, not only
the procurement department but also
all of its suppliers and contract agree-
ments.
12. Four Steps to Invoice Automation
From Manual to a Fully Electronic Purchase-to-Pay Process
Invoice Automation Successes
āInvoice automation has actually improved Finnairās competitive position by providing us with
greater operational transparency and responsiveness. It enables a more solid connection with
line-of business people across the group and strongly inļ¬uences, and improves, purchasing
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decisions.ā
Mervi MƤkelƤ
Director Cash Management
Finnair
āThe increased visibility and efļ¬ciency that invoice automation provides has made it an
attractive solution not only for group countries with high labor costs, but also for those where
labor costs are low, such as China and Egypt.ā
Pether Jonsson
Group Vice President
ABB
āInvoice automation saves signiļ¬cant time and money, enables enhanced tracking and easy
auditing, and provides the accuracy, efļ¬ciencies, visibility and control we need. Weāre even
using it to monitor suppliers and look for opportunities to consolidate invoices and capture
early payment discounts.ā
Daniel Garuti
Vice President and Accounting Supervisor
Loomis, Sayles & Company, L.P.
13. Basware is the global leader in purchase-to-pay solutions with more than 1,500 customers and 1,000,000
users in over 50 countries around the world. With Basware, organizations can reduce the cost of buying and
paying for goods and services, and gain visibility and control of their entire spending process by automating
manual processes, from sourcing, contract management, purchasing and supplier collaboration to invoice
automation.
Basware solutions and services enable substantial cost reductions across businesses and deliver value by
providing compliance and control, as well as fast return on investment. The solutions are distributed and
implemented, either on site or as a service, in Europe, the US, and Asia-Paciļ¬c through an extensive network
of Basware ofļ¬ces and business partners.
contact@basware.com
www.basware.com