Automating the Account Payables Process Integrating Documents with PeopleSoft. November 2016

Transcription

1 Automating the Account Payables Process Integrating Documents with PeopleSoft November 2016

2 Agenda Introductions Arvind Rajan Co Founder Bob Singh Account Executive Niraj Parikh Solution Sales Engineer Why Astute Business Solutions & CANON Astute & CIIS Benefits of Automating AP Processes Value-added Platform Q & A

3 Astute Business Solutions PS Experts MODERNIZE PEOPLESOFT OPTIMIZE FINANCIALS OPTIMIZE PROCUREMENT OPTIMIZE SUPPLY CHAIN 3

4 Our imaging technology is cemented in our heritage Canon Inc. - Global Imaging Technology Company Top 5 patent earner for 30 years 4,134 patents in 2015 $31.4 B sales in 2015 Canon continues to push the limits of what imaging can do. 4

5 Canon Information and Imaging Solutions Core Competency : Transforming organizations through Digitization, Leading Technology, and Experience. Expertise in BOTH Digital Imaging and Business Process Automation. 5

6 Question: What are the biggest challenges facing AP departments?

7 Answer: 1. Minimizing Errors: 47.1% 2. Lack of Visibility into invoices and payments: 45.4% 3. Difficulty handling, managing and finding invoices: 42.0% 4. Cost of processing invoices: 38.7% Institute of Finance & Management (IOFM) White Paper 4 reasons Organizations are taking an End-to-End Approach to Accounts Payable Automation, Sponsored by Canon Information and Imaging Solutions

8 AP Processing is More Complex Significantly more complex Slightly more complex Unchanged Slightly less complex Significantly less complex Compared to two years ago, how has the complexity of your AP processing changed? Two years from now, how do you anticipate the complexity of your AP processing will change? 4% 4% 18% 13% 11% 50% 20% 37% 24% 19% Source: Institute of Finance & Management (IOFM) 2015

9 The Slow-Changing World of Paper Invoices Each AP employee is responsible for handling an average 694 invoices per month 56% of suppliers bill companies using paper Only 22% use electronic invoices In a manual process, only 48% of invoices are paid on time Only 58% of early payment discounts are capitalized Whitepaper by Institute of Finance & Management, 2015

10 Attendees Invoice Volume or more 2500 or more 5000 or more 10 November 2016

11 What are common pain points? Attendee Responses Scanning and upload manual invoices 12 Not having invoice copies for reference in PeopleSoft 8 Manually seeking approval for invoices 10 Errors in invoice entry leading to incorrect processing 10 No straight-through processing of payment for approved invoices 2 Time taken to process invoices is too long 12 Delays in paying vendors and suppliers 5 Dealing with too many supplier inquiries on invoices November 2016

12 Why are Organizations Automating? Company Profile 7,000 Employees Nearly $500 Million in Revenue Over 15,000 invoices a month, from over 20,000 vendors Challenges Example: Growing Hospitality Company Lack of visibility into the AP process. Inability to accurately and timely close books. Goals Solution Accurate working capital data Improved compliance and audit trail AP automation integrated with PeopleSoft and industry-specific system. Business Benefits Access to accurate and reliable information on the status of invoices and transactions to enable fast decisionmaking Standardized process to enable transparency and compliance 12

13 AP Automation: A First Step in Transforming Complex, Document Intensive Processes 13

14 Accounts Payable Automation Process Overview Start Receive, Scan, Extract Manage & Follow up Process Payments End AP Analyst Verification UI Service / Product Requestor EIP Application AP Team Process Payments Supplier Invoice Notification Notification EIP Import Extract Verify Approval workflow Create ERP Voucher 14

15 Purchase Requisition Workflow This will be an approval chain, the chain is determined based on Approval Limit configuration and the Organization configuration. For example if Amount = $300,000, PM, Manager, Director and EVP need to approve.

16 Invoice Receipt Capture From Inbox Capture of PDF and Excel invoices from . fetcher can be configured for several inboxes fetcher will allow vendors and other users to invoices in PDF or Excel format fetcher will start the process no need to print and scan the invoice

17 What Data Fields Can Be Captured? Capture & validation of invoice information as required The AP solution can capture all of the fields as per your requirements. For example: Determine PO or non-po invoice. Determine if invoice requires approval Field name Vendor Id Invoice Date Invoice Number Gross Amount PO Number Scan Date Legal entity name Bank account Net Amount VAT amounts Line item details IRIS Populate Method Identified based on address match of the vendor against the master data. Extracted from Invoice based on the most recent date or as invoices are trained. Extracted from Invoice based on the label or as invoices are trained Extracted from Invoice. Identified based on PO number of the vendor identified above. Prefill with Scan Date Identified based on address match of the Org Based on vendor master data Extracted from invoice Extracted from invoice Validated against purchase order

18 Digital Approval Process Across Devices

19 Available Management Reports Workflow escalation process if invoice is not approved timely Notification s Manager escalations AP team escalation dashboard OCR Metrics Pending invoices

20 Increasing the Value of your PeopleSoft Instance What do the new imaging capabilities offer? The new features enabled by Canon with PeopleSoft Open Imaging Integration Extract information from invoices directly into a PeopleSoft voucher Validate invoice data against PeopleSoft Master Data Visibility and access to the invoice image from within PeopleSoft Ability to attach and manage document images to any PeopleSoft transaction screen

21 EIP Solution Possibilities are Endless Finance/Accounting Procure to Pay Order to Cash Travel & Expense reporting Human Resources Employee Onboarding Application processing Benefits Management Healthcare Patient Records Insurance Claims Compliance Forms Marketing Direct mail Campaigns Contract Renewals Customer Surveys Education Admissions Financial Aid Student Billing Insurance Claim Processing Explanation of Benefits Underwriting 21

22 Enterprise Imaging Platform A Single Platform for digital processes supporting operational excellence Mobile Devices 22

23 Questions? Need More Information? Arvind Rajan Bob Singh 23