5 Ways e-invoicing Can Boost AR Productivity
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1 5 Ways e-invoicing Can Boost AR Productivity 5/31/2016 The Accounts Payable & Procure-To-Pay Conference & Expo is produced by:
2 ABOUT ME Professional Summary Michael has spent the past 17 years working with organizations to enable and implement enterprise technology, AP/AR automation, and global compliancy. He has helped companies of all sizes and verticals improve their practices and achieve best in class status. Michael Jasper Head of E-Invoicing, Americas Global Center of Excellence Basware, Inc. As Head of e-invoicing, Michael is tasked with helping organizations in the America s move from paper based processes to truly electronic communication and commerce. Michael leads Basware s payment strategies practice in North America, guiding organizations to improve their working capital management and achieve hard dollar savings. Michael is also a member of Basware s Global Center of Excellence. He works with his counterparts around the world to identify new trends and risks in the global marketplace. Together this team works to ensure that Basware continues to be a leader in Global Finance, best practices, and compliancy.
3 THE EASIEST WAY TO SEND E-INVOICES IS THROUGH THE BASWARE COMMERCE NETWORK The world s largest open commerce network - connecting buyers and suppliers, improving relationships and ultimately enabling the flow of commerce. A NETWORK OF USERS IN >100 COUNTRIES VAT COMPLIANT WITH DIGITAL SIGNATURES >1 MILLION ACTIVE BUYERS & SUPPLIERS BASWARE COMMERCE NETWORK SUPPORTS 65+ INVOICE FORMATS CONSOLIDATED E-INVOICING & E-ORDERING 200+ E-INVOICING PROVIDERS CONNECTED
4 OUR TIME TOGETHER Discuss 5 (or more) Ways e-invoicing Can Boost AR Productivity Invoice Creation Invoice Delivery Compliance Dispute Resolution Customer Acquisition Open Conversation, PLEASE ask Questions!
5 BUSINESSES ARE DISSATISFIED WITH THEIR RECEIVABLES Primarily satisfied 35% Extremely satisfied 6% Extremely unsatisfied 5% Primarily unsatisfied 18% [CATEGORY NAME] [PERCENTAG E] Source: Aite Group
6 AR DEPARTMENTS FACE A WIDE RANGE OF CHALLENGES Fewer unauthorized deductions/adjustme nts taken by customers - 3.2% Increased accuracy - 8.1% Improved timeliness % The top objectives for AR for 2016 Source: IOFM 2015 Decreased DSO % Better efficiency, 24.2% Greater cash flow predictability % Lower operational costs - 9.7%
7 #1. INVOICE CREATION How do we Create Invoices? When do we Create Invoices? Where do we Create Invoices?
8 E-INVOICING BASICS All of these work alone or in combination EDI PDF INVOICES E-INVOICES One-to-one Direct purchases Based on Supply Chain automation Business critical data Only for strategic customers/suppliers One-to-many Indirect purchases Based on order/contract Delivered via For SMEs Many-to-many Indirect purchases Based on order/contract For all business partners
9 Missing data elements Incorrect data elements as a result of manual processing Cannot support the format in which remittance arrive Lack of automation Our systems do not support automated matching Legacy systems cannot accept remittance information Our bank does not offer the services we need to automate remittance/payment Time and cost required for staff to manually enter remittance information Customers have different business practices for supplying remittance information No need to change existing processes BARRIERS BEGIN WITH INVOICE CREATION 36.1% Which of the following are barriers to your company s automation of remittance/payment processing and reconciliation? 18.0% 11.5% 29.5% 11.5% 13.1% 1.6% 16.4% 16.4% 24.6% Source: IOFM 2015
10 HOW WE CREATE A VALID INVOICE? Correct Data Elements Legal / VAT Sources Tax invoice / Credit / Adjustment Date of Issue Sequential ID Customers VAT ID Tax Representative Customer Required Information Correct Data Format Fields are correct format Data is not duplicated Acceptable File Format cxml X12 (810) PEPPOL LEDES PIDX Other Network Format Government Format ERP Format Customer Specific Format
11 WHEN DO WE REALLY CREATE AN INVOICE? PDF & Paper Process 1. Invoice Created (In ERP) 2. Invoices Batched for Manual Creation (Print, Stuff, Stamp, Send) 3. Invoices dropped at Post Or ed Day 1 Day 2 Day 3 Day 4 Day 5 Potential DSO reduction
12 WHERE TO CREATE INVOICES? In-house Most Common Approach Maximum Oversite Ineffective use of internal resources Outsourced Maximum efficiency Inflexible delivery schedule Less oversite into invoice detail (accuracy, duplication, etc.) Combination Create E-invoices in-house Opt Out programs generally 80-90% electronic Utilize outsource Printing for hold-out customers to minimize costs
13 #2. INVOICE DELIVERY How do we deliver Invoices? When do we deliver Invoices? Where do we deliver Invoices From?
14 HOW DO WE DELIVER INVOICES? 69% of companies still print invoices in-house Over 30% of B2B invoices are currently paid after the due period (usually 30 days). The average DSO figure is 50 days. 24% of companies report avoidable invoice issues as a key driver of cost and cash problems Paper based invoicing Visibility & cash flow forecasting Lack of communication between business partners Laborious dispute management 81% of invoices are scanned for invoice processing Invoice processing may take from 30 days up to 120 days in large organizations Every exception delivers a 300% increase in invoice handling costs Sources for quotes: Paystream Advisors (With Basware), Accenture, Forrester and Basware
15 HOW WE SHOULD DELIVER INVOICES Invoice Recipients Invoice processing system or ERP Direct connections Sender Billing system Integrated, automated output of structured data E-Invoicing Network Integrated e-invoicing E-invoicing via Portal Paper Invoicing Interoperability agreements Manual invoice processing Online receiving from Portal with notification receiving with attached invoice Paper invoice via global printing partners Activation Service
16 WHEN DO WE DELIVER AN INVOICE? Paper Batch process 2-21 Day Delivery High Cost No Delivery Confirmation No Security Batch Process Immediate Delivery Low Cost No Delivery Confirmation No Security E-Invoice Real Time Process Immediate Delivery Low Cost Delivery confirmation Secure Invoice Access 16
17 WHERE DO WE PRINT OUR INVOICES? Domestic 2-4 Days International 7-21 Days
18 WHERE SHOULD WE PRINT OUR INVOICES? Domestic 2-4 Days International 7-21 Days
19 #3 INVOICE COMPLIANCE Why are Compliance Standards Different? Levels of Invoice Compliance Working with Government Mandates
20 E V I D E N C E Post-audit view to compliance Freedom to choose e-invoicing method Business Controls/ Audit Trail, EDI, Digital Signatures as examples VARYING COMBINATION OF LEGAL, TECHNICAL AND PROCESS REQUIREMENTS NORTH AMERICA AUSTRALIA & NEW ZEALAND EU B2B Mandatory e-invoicing Technical integration requirements Regulated sending methods and invoice formats > no room for interpretation EU B2G ASIA, RUSSIA, TURKEY LATIN AMERICA C O N T R O L Legal requirements Technical requirements Change management
21 LEVELS OF INVOICE COMPLIANCE
22 HIGH-LEVEL COMPLIANCE PROCESS 2. Assessment of requirements: Compliance management and legal counsels analyze the information. 1. Identifying obligations: Multidisciplinary information gathering with leading partners. 3. Assessment and design of solutions: Compliance and product management assess the solutions. 6. Maintenance: Basware receives notifications about regulatory changes from its compliance partners and Compliance Management follows changes in regulation in supported countries. 4. Implementation: Compliant solution features and controls are implemented to Basware solutions. 5. Evaluation: Basware solutions and services are evaluated regularly by compliance management.
23 #4 DISPUTE RESOLUTION Reduce Errors Eliminate Duplicate Invoices Streamline Customer Communication
24 HOW BIG IS THE PROBLEM? 35% of executives ID d high % of Exceptions as #1 AR Issue 20% of executives ID d Dispute Resolution as #1 AR Issue More than 1 in 5 businesses loose over $250,000 in unauthorized deductions OO X OO USDC estimates businesses spend $700 M Annually on Dispute Resolution
25 REDUCE ERRORS, REDUCE DISPUTES E-Invoicing Network Sender Billing system Integrated, automated output of structured data E-Invoicing Network E-Invoice validation E-Invoice format conversion Visualization of invoices Support for invoice attachments Duplication Check VAT compliance support Digital signature verification (if needed) Transaction security, support services and SLA Customer Delivered to Customer Electronically or by Print
26 STREAMLINE COMMUNICATION
27 #5 - CUSTOMER ACQUISITION Self promotion Networking Global visibility
28 GAIN CUSTOMER VISIBILITY Easily Allow Customers to Connect with Your Organization Easily Allow New Customers to Find You
29 CONNECT WITH OTHER COMPANIES Your Company Your Network
30 INTEROPERABILITY EXPANDS YOUR REACH Your Company Your Network
31 Accounts Receivable Efficiency IN SUMMARY Compliance Dispute Resolution Customer Acquisition Invoice Delivery Invoice Creation
32 Questions? Michael Jasper Head of E-Invoicing, Americas Global Center of Excellence Basware, Inc. 5/31/2016 The Accounts Payable & Procure-To-Pay Conference & Expo is produced by:
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