20 Ways to Boost AP Efficiency:

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1 20 Ways to Boost AP Efficiency: Strategies For Becoming an AP Hero Jess Scheer Executive Editor, IOFM Slide 1

2 What You All Have in Common 1. You Believe Your Team s Performance Can Improve 2. Your Manager Is Investing In Your Ability to Drive Those Improvements 3. You Believe That IOFM Can Help You Identify and Implement Best Practices Slide 2

3 Our Goals For The Next Two Days 1. Help You See the Potential AP Hero Inside of You 2. Provide the Skills and Confidence to Unleash that Potential Image Source: Dusobox for IPPA Slide 3

4 Example of an AP Hero Problem: An AP manager identified a vendor that was billing through a third party, incurring an unnecessary expense. AP Director AP Manager AP Manager AP Manager Solution: After introducing the vendor to the existing portal, the appreciative vendor split the difference in what was previously being spent to bundle and submit invoices, resulting in $1.1 million annually to the bottom line. Slide 4

5 Example of an AP Hero Problem: After being placated by a pizza party, team morale was low. AP Director AP Manager AP Manager AP Manager Solution: AP Director took it upon herself to recognize, reward and celebrate her team s individual and team wins. Slide 5

6 Other Opportunities to Become an AP Hero Regulatory Compliance Example: Unclaimed Property Audits Business Value Example: Cash Forecasting, Spend Analytics, Early Pay Discounts Slide 6

7 Why Boost AP Efficiency? AP Hero Opportunity: Capture Early Pay Discounts Potential Share of invoices offering a discount Opportunity Typical percent discount offered Results Share of discounts captured Potential Best Practice 5% of total PO volume Opportunity 2% of Invoice amount Results 98% of potential opportunity Calculate the Missed Opportunity (If you re not pursuing discounts) Annual PO Spend X 5% X 2% X 98% Annual Early Pay Discount Slide 7

8 Which Ideas Speak to You? Use the handout to: 1) Prioritize which ideas you want to adopt/adapt for your organization. 2) Identify peers that can help you. 3) Capture notes on what s stopping you today and what you re going to do about it. Slide 8

Prioritize Best Practices 1 1 1 3 5 5 Keep Scale Simple 1 = Low 5 = High

9 Prioritize Best Practices Keep Scale Simple 1 = Low 5 = High Jane Smith Jane@APHero.com Save For the Closing Session Slide 9

10 Best Practices to Boost AP Efficiency (1-3) Improve Vendor Relationships 1. Prioritize Top Vendors Aligning Payments Monday 1:30-2:30 Grand Republic A Jack Reynaert Payments Optimization: Mastering the Dance with Your Suppliers Monday 2:40-3:40 Grand Republic D Ernie Humphrey 2. Reward Vendors for EFT and EDI Compliance Increasing Electronic Payments - A Southern California Edison Case Study Monday 8:10-9:10 Grand Republic D Lloyd Briggs The What, Why and WOW of Supply Chain Finance and Dynamic Discounting Monday 9:20-10:20 Grand Republic D Tom Glassanos Monday 4:15-5:15 Grand Republic A Tom Glassanos 3. Establish, Optimize, Evangelize Vendor Portal The What, Why and WOW of Supply Chain Finance and Dynamic Discounting Monday 9:20-10:20 Grand Republic D Tom Glassanos Monday 4:15-5:15 Grand Republic A Tom Glassanos Implementing a Global Vendor Portal for Self-Service Registration Tuesday 9:20-10:20 Grand Republic A Debra Richardson Slide 10

11 Best Practices to Boost AP Efficiency (4-6) Reduce the Number of Paper Invoices 4. Migrate Vendors to Statement Billing Accounts Payable Done Right: Supplier Engagement & Payments Optimization Monday 9:20-10:20 Grand Republic A Ernie Humphrey Instilling a Continuous Improvement Mindset in AP and P2P Tuesday 11:00-12:00 Grand Republic A Penny Weller 5. Increase P-Card Use and Spend Authority Turn Your AP Department into a Profit Center Monday 2:40-3:40 Grand Republic B Pamela Buda How to Lead Change Management and Overcome Resistance Monday 8:10-9:10 Sorcerer's Apprentice 1 Judy Bicking Monday 4:15-5:15 Sorcerer's Apprentice 1 Judy Bicking 6. Utilize Evaluated Receipt Settlement Related Session Day Time Room Number Speaker Aligning Payments Monday 1:30-2:30 Grand Republic A Jack Reynaert Slide 11

12 Best Practices to Boost AP Efficiency (7-8) Stop Paper at the Mail Room 7. Enable USPS to Sort Invoices For You Related Session Day Time Room Number Speaker Instilling a Continuous Improvement Mindset in AP and P2P Tuesday 11:00-12:00 Grand Republic A Penny Weller 8. Convert Paper into PCFs to Optimize Work Flow Instilling a Continuous Improvement Mindset in AP and P2P Tuesday 11:00-12:00 Grand Republic A Penny Weller Slide 12

13 Best Practices to Boost AP Efficiency (9-10) Automate What You Can 9. Establish Paths by Invoice Type Aligning Payments Monday 1:30-2:30 Grand Republic A Jack Reynaert Instilling a Continuous Improvement Mindset in AP and P2P Tuesday 11:00-12:00 Grand Republic A Penny Weller 10. Integrate Vendor Master File into Process Flow How to Clean the Vendor Master File Monday 8:10-9:10 Grand Republic A Steve Iannarone Who Really Owns the Master Vendor File? Monday 9:20-10:20 Grand Republic C Pam Miller Slide 13

14 Best Practices to Boost AP Efficiency (11-14) Simplify Manual Processes 11. Keep Indexing to a Minimum Related Session Day Time Room Number Speaker Increasing Electronic Payments - A Southern California Edison Case Study Monday 8:10-9:10 Grand Republic D Lloyd Briggs 12. Check Early for Duplicate Invoices Aligning Payments Monday 1:30-2:30 Grand Republic A Jack Reynaert Instilling a Continuous Improvement Mindset in AP and P2P Tuesday 11:00-12:00 Grand Republic A Penny Weller 13. Reduce Workflow Complexity Why Shared Service Centers Are Quick to Adopt Robotic Process Automation Monday 8:10-9:10 Grand Republic C Pam Rhoads Tuesday 9:20-10:20 Grand Republic C Pam Rhoads Impact of Metrics on Automation Monday 1:30-2:30 Grand Republic C Tina McGlasson 14. See/Standardize/Optimize the Entire Process Related Session Day Time Room Number Speaker Increasing Electronic Payments - A Southern California Edison Case Study Monday 8:10-9:10 Grand Republic D Lloyd Briggs Slide 14

15 Best Practices to Boost AP Efficiency (15-18) Minimize Time on Low-Value AP Tasks 15. Control Bill Routing Process Why Shared Service Centers Are Quick to Adopt Robotic Process Automation Monday 8:10-9:10 Grand Republic C Pam Rhoads Tuesday 9:20-10:20 Grand Republic C Pam Rhoads Successful Partnering with Key AP Internal Partners Tuesday 8:10-9:10 Grand Republic C Ryan McClintock 16. Simplify General Ledger Accounting Related Session Day Time Room Number Speaker Seven Ways an AP Shared Service Center Can Improve Profitability Tuesday 9:20-10:20 Grand Republic D Judy Bicking 17. Consider 3 rd Party Audits/Analysis Related Session Day Time Room Number Speaker The 4-R's of Leading a World Class Post Audit Function Monday 1:30-2:30 Sorcerer's Apprentice 1 Nicole Caley Tuesday 9:20-10:20 Sorcerer's Apprentice 1 Nicole Caley 18. Reduce Volume of Reports Related Session Day Time Room Number Speaker New Developments in Excel Reporting Monday 2:40-3:40 Grand Republic A Jeff Lenning Slide 15

16 Best Practices to Boost AP Efficiency (19-20) Streamline the Approval Process 19. Consider/Test Negative Receipt Notice Related Session Day Time Room Number Speaker The What, Why and WOW of Supply Chain Finance and Dynamic Discounting Monday 9:20-10:20 Grand Republic D Tom Glassanos Monday 4:15-5:15 Grand Republic A Tom Glassanos 20. Continually Question the Process Related Session Day Time Room Number Speaker The 3 Trends That Will Change Financial Shared Services As We Know It Tuesday 8:10-9:10 Grand Republic D Mark Brousseau AP Benchmarking Study Monday 9:20-10:20 Sorcerer's Apprentice 1 Jess Scheer Tuesday 8:10-9:10 Sorcerer's Apprentice 1 Jess Scheer How to Lead Change Management and Overcome Resistance Monday 8:10-9:10 Sorcerer's Apprentice 1 Judy Bicking Monday 4:15-5:15 Sorcerer's Apprentice 1 Judy Bicking Slide 16

17 Share Your Successes and Struggles With IOFM AP Heroes Help Your Peers by Sharing Your Successes, Challenges and Lessons Learned Slide 17

18 Q & A Please me any questions we don t have time to address We re happy to help Jess Scheer JScheer@DivCom.com Slide 18

7 Key Attributes to Make Your Shared Service Center or Global Business Services Stand out

May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida 7 Key Attributes to Make Your Shared Service Center or Global Business Services Stand out Judy Bicking May 2017 About Your Presenter May 7-9,