AP Automation: Struggles, Strategies and Solutions

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Eustace Wiggins
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Product Manager May 12, 2017 2017 Nivo1 LLC.

1 AP Automation: Struggles, Strategies and Solutions Gateway OAUG Presented by: Howard McKinney, AP Express Product Manager May 12, Nivo1 LLC. All rights reserved. AFFORDABLE, WORKFLOW-DRIVEN AP AUTOMATION SOFTWARE

3 About Nivo1 Headquartered in Pittsburgh, PA Focuses solely on the cloud-based accounts payable automation software solution, AP Express TM Combining deep knowledge of accounts payable and implementation expertise AP Express: A low-cost, cloud-based AP automation software Rapid, no-cost implementation cycle to simplify and eliminate the challenges of accounts payable processing Affordable, workflow-driven AP automation software Nivo1 LLC. All rights reserved.

4 About the Presenter Howard McKinney, Product Manager Over 25 years experience with procure-to-pay processes Former Accounts Payable Manager Former Procurement Director Highly experienced with invoice imaging and management solutions Nivo1 LLC. All rights reserved.

5 What s the Point? Optimize cash flow Capture more earned discounts Eliminate late fees Reduce risk of duplicate payment Better invoice management Eliminate lost invoices with centralized and electronic capture Improve tracking and visibility by getting the invoice in the system earlier Improve timeliness of approvals using workflow Nivo1 LLC. All rights reserved.

6 What s the Point? Process efficiency and effectiveness Eliminate manual touches Eliminate or reduce the paper Reduce per invoice transaction cost Reduce errors and increase productivity within AP department Tighter control Real-time snapshot of accounts payable Centralized and simplified process Reduced risk of fraud Nivo1 LLC. All rights reserved.

7 What s the Point? Best In Class Laggers 4.1 days to process an invoice receipt through approval $3.34 average cost to process an invoice receipt through approval 90% capture rate of early payment discounts 16.1 days to process an invoice receipt through approval $16.67 average cost to process an invoice receipt through approval 18% capture rate of early payment discounts Aberdeen Group, AP Invoice Management in a Networked Economy, May, Nivo1 LLC. All rights reserved.

9 Struggles Change Our process is not that bad How do you know? WIIFM Support Critical success factor: management must be on board Business operations must be engaged and buy in to change Strategic trading partners can help with external influence to improve process Nivo1 LLC. All rights reserved.

10 Strategies Partner with procurement Leverage internal and external catalogs with negotiated pricing Increase percentage of PO invoices Get it right at the beginning to avoid invoice issues later Reduce the number of suppliers Implement Key Performance Indicators (KPI) What gets measured, gets managed Start with a few Keep them simple Align with organizational goals Nivo1 LLC. All rights reserved.

11 KPI Examples Cost per invoice Receipt through settlement Processing speed Number of days receipt through settlement PO versus Non-PO PO-matched invoices (should) have lower process cost and fewer exceptions First Time Submittal or First Pass PO-matched invoices processed with no exceptions After the Fact PO Percentage of invoices with PO created after invoice receipt Nivo1 LLC. All rights reserved.

12 Automation Strategies Optical Character Recognition (OCR) Front-end data extraction from scanned image Electronic approval workflow Shorter approval time and fewer lost invoices Invoice modeling Automate data entry and reduce errors Electronic and virtual card payments Reduce payment processing costs Generate revenue Nivo1 LLC. All rights reserved.

14 Key Features Cloud-based, Software-as-a-Service (SaaS) solution Multi-channel invoice capture ( , scanner, upload) Three-way matching Invoice approval workflow with image visibility Invoice image attachment option in ERP system Automated data capture using OCR technology AP Analytics Secure data storage and access Nivo1 LLC. All rights reserved.

15 Product Differentiators ERP-specific integration and user interface No implementation costs No on premise technology investment No consulting or training fees No user licensing fees Monthly volume-based pricing Secure cloud access and storage ExpressFields Nivo1 LLC. All rights reserved.

How It Works Upload, email or scan invoices. Data captured & automatically entered in data form.

16 How It Works Upload, or scan invoices. Data captured & automatically entered in data form. Data validated, routed for approval & submitted to ERP Information is archived & reporting is available Nivo1 LLC. All rights reserved.

17 ERP Master Data Integration Currencies Supplier/ Sites Project Values Invoice Import Results Distribution Sets Purchase Orders PUSH Organizations GL Accounts GL Segment Values Transaction Controls GL Periods Invoice Image Invoice Data PULL Nivo1 LLC. All rights reserved.

24 Summary Cloud-based, SaaS solution Simple and affordable All-inclusive pricing Monthly volume-based subscription fee Short implementation timeline * Secure storage and access * 30 business days or less assumes no major implementation issues or customizations Nivo1 LLC. All rights reserved.

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