ELEVATING EXPENSE MANAGEMENT

Transcription

1 We appreciate your patience as we allow registrants a little extra time to log into the web seminar. Please note there will be silence on your phone line until the moderator begins the presentation. ELEVATING EXPENSE MANAGEMENT To Achieve Higher Value Business Outcomes Vishal Thakkar Marketing Director CPA.com, Inc. Presented by: Mike Sabbatis Chief Operating Officer XCM Solutions Scott West Director of Product Management XCM Solutions

2 Facilitator Marketing Director, CPA.com Helps lead the strategic marketing planning and development at CPA.com Over 15 years of direct and digital marketing experience in B2B verticals including media and trade organizations MBA, Marketing, College of William and Mary, VA Vishal Thakkar Marketing Director, CPA.com

3 WebEx Guide for Attendees Full Screen View Click Return to go back to WebEx panel or see View options to change your preference Audio This live webinar is broadcast through your computer. Please make sure to turn on your speakers for the webinar. Alternatively, you can click Teleconference on the menu, and use the call-back feature of WebEx to join the audio portion. In this case, please put your phone on mute as to be mindful of other attendees. Questions Use the Chat or Q&A features to submit questions throughout the webinar Survey At the very end of today s event, we ll put up a short survey to collect your feedback. Recording We are recording the webinar. The link to access the recording will be shared in a follow-up .

4 MISSION Empowering CPAs and Businesses For The Digital Age CPA.com PRODUCTS & SERVICES FIRM CLOUD BASED SOLUTIONS EDUCATION & RESOURCES

5 Supporting The Core Pillars Of The CPA Firm Tax WORKFLOW SALES AND USE TAX FINANCIAL PLANNING Audit ELECTRONIC CONFIRMATIONS FIN STAT CLEARINGHOUSE AUDIT SOFTWARE FIRM TRAINING IMPLEMENTATION CONSULTING LMS PLATFORM BEST PRACTICES CASE STUDIES WHITEPAPERS COMMUNITY Accounting VIRTUAL CONTROLLER CLOUD ACCOUNTING BILL MANAGEMENT Advisory VIRTUAL CFO REAL TIME REPORTING BUDGETING/FORECASTING

6 TAX D A T A ACCOUNTING & AUDIT D A T A FINANCE D A T A D I S P A R A T E W O R K F L O W S CLARITY CONTROL ACCOUNTABILITY E N A B L E S L E A D E R S T O F O C U S O N : Revenue + Profit + Compliance + Taxes + Budgets Financial Reporting + Accounting Closure

7 COO: MIKE SABBATIS Mike is the Chief Operating Officer of XCM Solutions and an enterprise level leader, investor, and trusted board member of software, technology, and information service companies, achieving exceptional financial and operational results. He has extensive experience leading fast-paced, customer focused organizations from over 3,000 employees to start-ups and joint ventures leveraging innovative forwardlooking technologies that disrupt the norm while sustaining long-term profitable growth. Prior to XCM Solutions, he was most notably: President and CEO of CCH Tax and Accounting, rth America at Wolters Kluwer Current board member at XCM and AverQ, former board member of Doc.It Chief Revenue Officer of Realpage, Inc CMO for Advantage MOTI a joint venture with Datamatics, Ltd. Vice President, Business Development and Strategic Accounts at Thomson Corporation Mike graduated from Cleveland State University with a degree in Accounting He is a member of the National Association of Corporate Directors Mike Sabbatis Chief Operating Officer, XCM Solutions mike.sabbatis@xcmsolutions.com

8 Director of Product Management: Scott West Scott is the Director of Product Management at XCM Corporate Solutions, a division of XCM Solutions, the world s leading accounting and workflow software. Scott leads the enterprise product management function for the business. In this role, he and his team define customer needs and provides the strategic insight and expertise of product requirements for software development. Our solutions deliver increased visibility, accountability and control of business processes within the corporate finance, accounting and tax functions. Scott has distinguished himself as a leader across multiple business settings. His strong background in banking and finance are strengthened by more than a decade of management in the software and services industry. Scott has designed, managed, and launched multi-million-dollar software suites and applications, effectively reducing cost and improving revenue. His combined understanding of lifecycle processes within business organizations and software applications provides a unique perspective on modern day financial operations and process management. West holds a Bachelors degree in Economics from the University of Oklahoma. Scott West Sr. Director of Product Management, XCM Solutions Scott.west@xcmsolutions.com

9 AGENDA Goals: Developing Enforceable Policies Elevating Strategic Importance Designing & Automating Processes Challenges of Traditional Expense Management Automating & Standardizing Expense Processes Advantages Considerations Insights Into Critical Business Processes Interdependencies On-Demand Accounting

10 EXPENSE MANAGEMENT TODAY XCM Productivity Enablement Platform Tax Accounting Finance Operations Entities Project Tasks Assign Due Date Status Knowledge B AP AR EX BS IS CF Budget Payables Receivables Expenses Balance Sheet Income Statement Cash Flow

11 EXPENSE MANAGEMENT TODAY Total Expenses OpEx Travel & Expense Fixed Assets Inventory CapEx

12 AUTOMATING EXPENSE MANAGEMENT: ADVANTAGES Improved management of suppliers More proactive approach to expense policy Better control over expense policies and procedures Reduced costs and improved cash flow Aligned with the strategic plan Provides transparency to stakeholders

13 AUTOMATING T&E

14 POLICY: BEST PRACTICES Write policy in clear, understandable language Ensure fairness Involve employees Consider localized travel policies Make it easy to find

15 POLICY: BEST PRACTICES Promote productivity Eliminate uncertainty Address security

16 PROCESS: CHALLENGES 8-12% of total annual operating expenses 40-50% of travel is booked outside of corporate travel system 36% compliance rate 6 out of 10 employees filed incorrect report 1/3 of employees submitted with 5+ errors 14% of asset misappropriation cases; average loss of $26K

17 PROCESS: CHALLENGES 8-12% of total annual operating expenses 40-50% of travel is booked outside of corporate travel system 36% compliance rate 6 out of 10 employees filed incorrect report 1/3 of employees submitted with 5+ errors 14% of asset misappropriation cases; average loss of $26K Good News: Compliance improves by 44% with software

18 PROCESS: CHALLENGES Time pressure Bad cop Unclear policy Scalability Missing the vision Source: Concur

19 PROCESS: CHALLENGES Employee incurs expenses Returned for correction Enter/Edit Expense Report Returned for Correction Submit Expense Report Manager approval? Manager approval required? Add l approval req d? Audit req d? Audit approval? Process Expense Report Ready to Reimburse

20 PROCESS: CHALLENGES Policy Issues Employee incurs expenses Returned for correction Enter/Edit Expense Report Returned for Correction Submit Expense Report Manager approval? Manager approval required? Add l approval req d? Audit req d? Audit approval? Process Expense Report Ready to Reimburse

21 PROCESS: CHALLENGES Policy Issues Employee incurs expenses Returned for correction Enter/Edit Expense Report Returned for Correction Submit Expense Report Manager approval? Manager approval required? Add l approval req d? Audit req d? Receipts Received? Process Expense Report Ready to Reimburse

22 PROCESS: CHALLENGES Policy Issues Employee incurs expenses Returned for correction Enter/Edit Expense Report Returned for Correction Submit Expense Report Manager approval? Manager approval required? Add l approval req d? Audit req d? Receipts Received? Message to work center to correct Error in reimburse process Process Expense Report Correct error and reset status Create voucher & Update employee Ready to Reimburse

23 PROCESS: CHALLENGES Employee incurs expenses Returned for correction Enter/Edit Expense Report Returned for Correction Submit Expense Report Manager approval? Manager approval required? Add l approval req d? Audit req d? Audit approval? Process Expense Report Ready to Reimburse

24 PROCESS: AUTOMATION

25 PROCESS: AUTOMATION

26 AUTOMATING T&E: ADVANTAGES Reducing employee time on T&E Requiring less support staff time Cost savings through visibility & compliance Improving audit operations Empowering employees to make smarter decisions Net savings = ~$55K/100 users over 3 years* *Source: IDC

27 AUTOMATING T&E: ADVANTAGES Before TEM With TEM

28 ELEVATING EXPENSE & COST MANAGEMENT

29 INTERDEPENDENCIES People Process Technology

30 INTERDEPENDENCIES People Output Input

31 INTERDEPENDENCIES People CEO or CFO/Senior Finance

32 INTERDEPENDENCIES Employees/ Departments People

33 INTERDEPENDENCIES Employee incurs expenses Returned for correction Enter/Edit Expense Report Returned for Correction Submit Expense Report T&E Process Manager approval? Manager approval required? Add l approval req d? Audit req d? Audit approval? Process Expense Report Ready to Reimburse

34 INTERDEPENDENCIES Budgeting Process Costs & Expense Management AP AR Cash Flow Income Stmt

35 INTERDEPENDENCIES XCM Productivity Enablement Platform Process B AP AR EX BS IS CF Budget Payables Receivables Expenses Balance Sheet Income Statement Cash Flow

36 INTERDEPENDENCIES XCM Productivity Enablement Platform Technology B AP AR EX BS IS CF Budget Payables Receivables Expenses Balance Sheet Income Statement Cash Flow

37 INTERDEPENDENCIES Investment Total Cost of Ownership (TCO) Speed Flexibility BPM T&E BUDGET BI ECM Technology

38 INTERDEPENDENCIES My View Technology

39 INTERDEPENDENCIES Advanced Search Technology

40 INTERDEPENDENCIES Checklist Done Done Done Done Done Done Done Foley, Cathy Foley, Cathy Ake, Michelle Foley, Cathy Bouldin, George Abrams, Bruce Abrams, Bruce 2/12/16 2/12/16 2/15/16 2/15/16 2/20/16 2/24/16 2/25/16 Technology

41 INTERDEPENDENCIES Review Points 2/12/16 2/12/16 2/15/16 Technology

42 SUMMARY 1 Elevate expense management 3 Design & automate processes 2 Develop enforceable policies

43 QUESTIONS? Mike Sabbatis COO, XCM Solutions LinkedIn: /mikesabbatis