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Invoice automation:Three keys to AP prosperity
Steve Marra
Regional Sales Manager
Solutions Sales Group
October 28, 2014
© 2014 Wells Fargo Bank, N.A. All rights reserved. Member FDIC.
What if you could ...
2
achieve a
37%risk-free
return on cash
reduce invoice
processingcosts by
best-in-class
12
be
no questions asked
Trailing
Reactive
$$$
Missed
-
Leading
Proactive
$
Gained
Approvalcycles
Working capital management
Costs to process
Early payment discounts
Supplierrelationships
3
Difference between laggards and leaders
4
14.3
8.8
3.7
3%
43%
66%
$23.30
$9.60
$4.00
Invoice processing time
Invoice processing cost
Early payment discount capture
Avera
ge
Bott
om
qu
art
ile
Best
In d
ays
How does your AP shop stack up?
From the Shadows to the Forefront: AP Automation and the Strategic Vision, Aberdeen, October 2013
6
59%
52%
22%
31%
Paper
ePortal
Email13%
12%
Portal usage increasing
Invoices via method of receipt
2012 - 2013
Paystream Advisors, Electronic Invoice Management: A Move to the Middle, Q1, 2014
Mark
et
an
aly
sis
Electronic delivery is trending…
Paperdecreasing
Mark
et
an
aly
sis
7
Mark
et
an
aly
sis
…invoice automation tops the list …
Automated payment
38%
Electronic invoicing 17%
Invoice imaging
8%
Leading 2014 AP automation goals
37%Invoice
approval workflow
Paystream Advisors, Electronic Invoice Management: A Move to the Middle, Q1, 2014
13
Creates electronic invoices
Maximizes discount capture
Accelerates information exchange
What it solves forHigh storage and processing costs
Minimal discounts captured
Excessive status calls to AP
What it doescon
nect
17
Makes workflow work
Consolidates receiving stream
Separates documents by type
Allows for header and line detail
Provides rules engine for validating, automating, and routing
What it solves for Lost or missing invoices
Excessive late payments
Wrong or invalid vendor
Miscellaneous charges
cap
ture
What it does
18
Routes for invoices for approvals
Supports GL coding
Applies business rules
Addresses exception handling
Captures trends and patterns
What it solves forMissing approvals
Invalid GL codes
Price and quantity mismatch
Audit and reporting challenges
cle
an
What it does
20
How we build your business case
Efficiency Gains Automated matching of PO invoices Automated validation of approval controls Integrated payment execution
Error Rate Reduction Automated data entry Automated filing and archiving
Discount Capture Early pay Auto-sloping
Visibility and Control
Reduce/eliminate disputes Resolution with suppliers Reduce/eliminate status inquiries from suppliers or internal partners
Success story
21
Challenges – pre Invoice Manager
100% paper
Inefficient, manual and decentralized processes
Addressing resource demands of 20% CAGR
Increased oversight and audit requirements
Regional value added reseller of data center equipment and
operations
Success story
22
Outcomes – post Invoice Manager
88% reduction in paper invoices
75% reduction in AP time
Reduced keying errors and vendor inquiries
Streamlined and increased access to
information (audit)
“It was like hiring a body without…actually hiring a body.”
“I can’t think of a single company that could not benefit from doing this.”
23
Critical characteristics for success
Effective Affordable
Functionality that automates No cost supplier enablement
Low implementation, monthly, and transaction fees
No supplier fees
No per user license feesPartner alignment, low risk
No separate license for workflow, dynamic discounting