Accounting Automation

Transcription

1 Accounting Automation

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3 Market Trends 86% of accounting professionals see automation as creating more value for their clients. 67% of accountants are interested in adopting a cloud-based practice to stay relevant in today s accounting landscape. Overall, 50% of organizations surveyed have yet to adopt any automated AP systems. One third of organizations receiving more than 25,000 invoices per month are still using paper-based processes. 50% of automated Accounts Payable system users report a payback period of 9 months or less. A significant 22% report a payback in as little as 6 months. The average reduction reported in invoice processing costs is 29.2%. With 29% of organizations reporting savings of 50% or more from adopting AP solutions.

4 Market Trends Those streaming invoices through automated AP capture systems are achieving a 40% hands-free throughput on average. A quarter of users are achieving 65% or better straight-through processing. For Accounts Receivable (AR), 20% estimate that they are losing 3% or more of invoiceable income due to short-payments, late payments, out-of-time discount claims, tax disputes, contract disputes, unrecoverable debts, etc. The average figure for DSO (Days Sales Outstanding) or debtor days is 34.5 days. 24% have DSO of 40+ days. Better records and reduced time spent on collection are ranked as the two biggest benefits of using an automated AR system. Then come sharper cash-flow prediction and Reduced DSO / debtor days.

5 Award Winning Products A complete platform of products for capturing documents, extracting high value data, classifying that data into information and integrating into existing business processes for greater efficiency. Document Capture Automation Enterprise Content Management Business Process Management Dynamic Web Forms Management Transform captured business content into high value information that can be shared across your entire organization Secure and compliant storage of business content allows users to classify information for improved access and collaboration Redefine organizational efficiency with processes that enforce business rules while allowing for global participation Extend document automation effortlessly with web forms that eliminate paper-based processes

6 Why Square 9? Experience a partner focused on delivering new and innovative products, providing reliable and prompt service, and continuously evolving to meet customer business needs. 2/20 <7 min 96.4% >13000 Innovation Support Satisfaction Scalability 2 major product releases with over 20 enhancements per year Average customer support response time is under 7 min. 96.4% overall customer retention and contract renewal rate 13,000 customers from small business to enterprise

7 The Square 9 User Community Entertainment & Hospitality Financial Higher Education Healthcare Manufacturing & Distribution Government

8 Accounts Payable Automation

9 Challenges What are the challenges with manual AP document workflows? High costs for manual vendor invoice processing Risk that if invoices aren't paid on time, late fees might be acquired Risk of misplaced or lost documents as paper flows around the office Unclear whether business rules are being enforced Current status of any given vendor invoice is not easily known Risk of missing out on early-pay discounts

10 Solutions AP automation software allows you to handle the routing, matching, approval and distribution of purchase orders, invoices and more. Typically a 20-40% labor reduction Automatically route documents for approval Purchase Order and Invoice approval automation Instantly extract high value information Automated page separation and classification Feed captured data into accounting applications Stay compliant with all IRS mandates Prompt unwanted documents for destruction

11 How AP Automation Works 1. Requisition Submitted 2. for Approval 3. Invoice Scanned 4. Three-Way Match 5. Invoice Approval 6. Feeds into Financial System

12 KeyFree Indexing Intelligent OCR With KeyFree, you don t have to type any of the invoice information; you can just point-and-click on the image and our OCR engine extracts the information quickly and easily. Rapid Extraction Even though it still requires manual interaction, it's much faster than filing paper documents and quickly converts them to a digital format for routing with minimal cost.

13 Zonal OCR Labor Reduction Generally, Zonal OCR can achieve around 90% total accuracy with good quality documents resulting in a 20-40% labor reduction in document processing costs. Limited Investment Coupled with workflow, this can create a highly automated and efficient environment for vendor invoice processing while requiring only a limited investment.

14 Unstructured OCR Unstructured Data Document Capture Automation uses a combination of techniques including pattern matching, proximity searching, and database look ups. Accuracy Unstructured OCR tools work to automatically evaluate the document and find the appropriate index data on the page.

15 Accounts Receivable Management

16 Challenges Manual data entry of order information into the accounting system Lack of visibility into client payment performances Need to furnish proof of delivery if customer complains they didn t receive the goods Improper maintenance of documents and records retention Delayed cash receipts for open invoices

17 Solutions Increase levels of cash flow through prompt payments Easily track early and late payments Automated remittance processing Reduce Days Sales Outstanding (DSO) Reduce order processing costs through data capture Ensure records retention compliance

18 How AR Automation Works 1. Capture 2. Index 3. Search 4. Distribute 5. Service 6. Track

19 Barcodes Use of Barcodes Since PODs are created internally, we have the opportunity to put a barcode on the document representing a key value such as the order or invoice number. Documents Easily Filed When it comes back signed, it can simply be scanned, the barcode read and the document filed under that transaction. Improved Customer Service When a customer calls disputing a purchase, the order or invoice number can easily be keyed in and the proof of delivery can be furnished immediately, allowing the user to get paid that much faster.

20 Zonal OCR Reliability Because the Proof of Delivery is created by the user, you can reliably know where the data lives in the form. Convenience Easily create a template to read the document and automatically extract the data required to file it away.

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