IAPP Accounts Payable Automation Presentation

Electronic Accounts Payables Processing

Richard PigottSenior Account Executive

Accounts Payable & Shared Services

Faster, Better, Cheaper. Processing and Filing Vendor Invoices Electronically—Where to Start and Where you can go.

437 Turnpike StreetCanton MA 02021

www.databankimx.com

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1980 2000 2011

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Microfilm/Microfiche

1980 2000 2011

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Scanning/Imaging

1980 2000 2011

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Web Based Solutions

1980 2000 2011

SaaS/CloudWeb Based

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This Day in History?

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This Day in History

March 10th 1876

Alexander Graham Bell – The First Long Distance Telephone Call was Made

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March 10th 2011March 10th 1876

Alexander Graham Bell – The First Long Distance Telephone Call was Made

Steve Jobs - Smart Phones Can Text, Email, Web, Video Chat

This Day in History

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What is an Invoice?

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March 10th 2011

From Paper…

Today March 10th 2011

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Insert Your Date HereMarch 10th 2011

From Paper… …to Paperless!

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Insert Your Date HereMarch 10th 2011

From Paper… …to Paperless!

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There are Tools Available to Help

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What percentage of your invoices are paper?

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Less than 25 % paper

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25 – 50% paper

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25 – 50% paper

50 – 75% paper

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25 – 50% paper

50 – 75% paper

75 – 100% paper

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Basic Terminology

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Converting paper based documentsinto computer-readable images

such as TIFF or PDF files.

Scanning/Imaging

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A descriptive piece of data associated with an image for retrieving that specific image from

the storage.

- vendor name, invoice number, invoice date -

Indexing

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Imaging invoices for archival purposes once they have been processed on paper, allowing for fast document retrieval and requiring no

physical storage space.

Back-End Imaging

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Imaging invoices once they arrive which eliminates the need for paper documents at

the start of the process.

Front-End Imaging

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Optical Character Recognition is the ability to recognize and convert text into

computer-readable data.

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Intelligent-OCR software, however, can recognize text on structured and

unstructured forms.

- Structured = claims and policies -- Unstructured = vendor invoices -

Intelligent OCR (I-OCR)

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Electronic Data Interchange is the computer-to-computer exchange of

routine business data in standard data formats.

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An e-invoice is an invoice which is sent and received electronically. This can be

done via email, the Internet, or an electronic form.

An e-invoice can be as simple as an Excel invoice template.

E-Invoice

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Electronic system designed to organized and manage documents. These documents are usually organized with software, which

provides users with the ability to access, share, secure and centrally store the documents. Document management

systems handle tedious tasks such as archiving, distribution, and delivery of

documents.

Document Management System

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The automation of a business process which uses electronic systems allowing the flow of work between individuals to

be defined and tracked; moving information in electronic form according

to defined processes; tracking the process of creating, reviewing and distributing documents for action.

Workflow System

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Software as a Service (SaaS) is a software distribution model in which applications are hosted by a vendor or service provider and made available to customers over a network, typically the Internet.

Software-as-a-Service (SaaS)

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Short for Enterprise Resource Planning, a business management system that

integrates all facets of the business, including

planning, manufacturing, accounting, sales, human resources, customer service and

marketing.

ERP System

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In electronic records: (1) Combining various pieces of hardware and software, often

acquired from different vendors, into a unified system; (2) Combining computer programs into a unified software package so that all programs

can share common data.

Integration

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Processing Facts

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Building a Business Case

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How many days does it take for an invoice to be paid?

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The Cost to Process an Invoice

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Pressures Driving Focus on A/P Improvement

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Breakdown of Invoices Via Receipt Method

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Challenges in the Invoice Management Process

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Top Automation Goals

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Adoption of Imaging Technologies

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Adoption of Workflow Technologies

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Benefits of Invoice Automation

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Legality of Electronic Records

Legality & Compliance

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- SEC Rules 17 a-3, 17 a-4 and 17-7- IRS 1.15.6.1- Uniform Rules of Evidence- Federal Rules of Civil Procedure (FRCP)- Family Educational Rights & Privacy Act (FERPA)- Sarbanes-Oxley (SOX)- Health Information Portability & Accountability Act (HIPAA)

- Gramm-Leach-Bliley (GLBA)- MA State Privacy Law 201 CMR 17- E-SIGN ACT

Processing Options

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Solutions Come in Many Flavors

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- Eliminates filing- Allows for instant access- Centralized storage - Reduces labor costs- Streamlines audits- No more Y/E shift- Free up space

Back-End Scanning

Some companies choose not to automate and simply scan

invoices after they’re paid.

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Scan invoices upon receipt and email

invoices for approval.

Front-End Scanning

This works with a low-mid volume of invoices and provides

simple controls for approvals.

- Lower overall solution costs- Allows for instant access- Eliminates files from the start- Email invoices for approval- Enter invoice from image

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Scan invoices upon receipt, users login to

review invoices for approval.

Front-End Scanning with Manual Workflow

Approvers must remember to login and review invoices for approval.

- Eliminates handling paper- Allows for better control- Low start-up costs- Provides visibility to invoices- Simple button click to approve- Easy to implement

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Electronically automates invoice approvals

based on business rules.

Front-End Scanning with Automated Workflow

Provides instant visibility and control to the entire approval process.

- Automates approvals- Provides complete visibility - Code invoices- Catch duplicate invoices- Improves cycle times- Reduces processing costs

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Computer to computer exchange of data.

Electronic Data Interchange (EDI)

Not all suppliers have the technical resources needed to

support EDI transactions.

- Eliminates paper invoices- Eliminates manual data entry- Fully automated- Reduces Costs

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Electronically Extract Invoice Data and Post

to the Accounting System Automatically

Intelligent OCR and Automated Workflow

Eliminates the need for manual data entry into the accounting system.

- Eliminates manual data entry- Extract header data and line-items- Paper, email, forms, - Match line items to PO tables- No more keying errors- Reduces labor to enter invoices

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Intelligent OCR Overview

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Automated Workflow

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Workflow: Automation of a Business Process

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Is your AP process documented?

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Benefits of Workflow

- Automate approvals- Complete visibility into the

payables process- Eliminate manual touch points- Perform 2-3 way matching- Improve exception handling- Catch duplicate invoices- Prevent fraud- Reduce processing costs

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Exception Handling

Exception invoices cost companies 3 times more to process than regular invoices because of the amount of resources it takes to resolve any issues.

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Three Stages of Workflow

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1. Discovery

1. Discovery2. Configuration

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1. Discovery2. Configuration3. Implementation

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Workflow Visibility & Status Reports

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Multi-Level Approvals

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Email Reminders and Notifications

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Invoice Approval Screens

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Invoice Approval Screens

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Integration with ERP Systems

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Invoice Approval via Workflow

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Where to Start?

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In-House or Out-Source

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Questions to Ask Before Making a Decision

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Software Solutions

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Software-as-a-Service (SaaS)

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Benefits of Outsourcing

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So Why Haven’t More Companies Adopted

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No Champion

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No Champion Lack of Business Case

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No Champion Lack of Business Case Not Sure Where to Start

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No Champion Lack of Business Case Not Sure Where to Start Availability of Resources

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No Champion Lack of Business Case Not Sure Where to Start Availability of Resources Resistant to Change

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Proven Solutions

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Deliver Efficiencies, Savings and Results!

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Good for the Environment

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Where to Find More Information

IAPP WebsiteLinkedin (IAPP Group)

Paystream Advisors Aberdeen Group

White Papers WebinarsInternet

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White Paper

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IAPP Accounts Payable Automation Presentation

Documents

Transcript of IAPP Accounts Payable Automation Presentation

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