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Invoice handling for Finance

hi everyone good afternoon welcome to our November webinar make invoice processing easier see a powerful invoice processing solution with pre-built workflows of everyday processes my name is Nichole shmita marketing specialist and I'll be moderating today's session the webinar today will be presented by anvil itis senior consultant at key point intelligence and David Reiner Regional Sales Director here at DocuWare and we'll go over some data she has on how aap departments are braiding today and recommendations and benefits of automating aap processes then Dave will jump into a live demo of the doctor for invoicing processing solution and then at the end we'll open it up for Q&A thank you again for joining us and now I'll pass it off to Anne Thank You Nicole I am anvil itis and I'm very fortunate to be here today with DocuWare and be given this opportunity to share some of our research some of our insights and to the studies and analysis analyses that we conduct I am responsible for the content and image scanning vertical market and solutions practice areas and I've been with key point intelligence for about 12 years now so key point is a product of a merger so a few years ago Byers laboratory and info trends came together and we are now key point intelligence we are a worldwide organization with coverage in key areas around the globe which allows us the ability to study and examine strategic geographies and multiple product categories such as production print solutions consumer imaging and what we're going to talk about today which is under a category of office technology for us so vertical markets have been a strategic focus area for us for many years now and we followed vendors and providers as they pivot and look to be more targeted towards specific vertical markets and the processes which honestly drive your business so along with the specific vertical markets we also studied common horizontal business processes such as accounting and our mission was to map out and understand just how certain items within each of the categories are handled and often how often they're handled and how they're being processed whether it's paper electronic and we'll see that in a few minutes minutes but the mission for us was to see where there may be gaps and areas of opportunity to automate business processes so accounting as you all know provides for the recording of financial transactions within an organization is an important critical function within any company regardless of the type where the size really is the heartbeat of the company the size and the shape of the functional department can certainly vary widely but foundationally it's certainly crucial to any organization so for us we looked at these accounting workflows and we studied them today we're going to be focused mainly on accounts payable but we did look at the continuum of areas within the accounting department to kind of get a full picture so let's just jump in and start talking about some of the research results that keypoint has as it relates to accounting and invoice processing so we can see here from the top that items such as receipts are primary primarily paper-based or a combination of paper and electronic and as we move down the chart we're also seeing that paper-based or a combination of paper and electronic is the basis for performing many of these tasks so the green area represents electronic documents as used mainly to handle tasks and the takeaway really from this chart is that yellow area right in the middle which is representing a large portion and that's a combination of paper and electronic so you're thinking about your own processes and understanding how they're performed think about where you might fall into this and where some of your criteria for handling some of these processes whether it's paper or electronic and as we go forward you'll see how we're going to look at of that data in this chart we're looking at paper-based documents and how they're stored for their Accounts Payable processes - so to see that paper is used within the process this is important to understand how the paper is stored so more than 25 percent were said to scan the Accounts Payable documents and store them in their accounting management system and 20 percent of the documents actually remain in paper form and are stored in file folders on-site so the others represent a mix of maintaining hardcopy and inputting into the system as well so just kind of an overview of how some of these documents are being stored within the accounting department so we also wanted to understand how documents are typically submitted to people and other departments and we can see here that email is very often used method in addition to a little bit of faxing so some submission is handled through the electronic system itself that was in the case of the vendor they're being submitted or shared through the mail and we do know that when it comes to sharing documents without side entities like a vendor often paper is that most common denominator and it's really the easiest way to communicate so we understand why some of this is driven this way and why these responses are like this so it's another area where we're looking at understanding where the opportunity is possibly to automate some of those some of that tasks and submission but in each case we wanted to understand how respondents viewed the level of automation for each of the processes that we handled that they handled so we can see here from the left to the right that many items are seen as very manual or manual so communications and delivery confirmations and invoices sent by vendors and product managers to accounting departments we're all seen as very manual to manual so another area to keep in mind understand while we're going through this maybe we're you fit more your own organization kind of hones in on some of this so reflect for respondents who felt they have highly automated processes we wanted to understand what some of the benefits are for this so time we see is a major factor and we see that time gained has impacted things like turnarounds of invoices and improvements of payments to vendors in addition the value of these just you know just redistributing resources so they can focus on other tasks was also highly cited as well so just some of these gaps and people are validating some of the things that we wanted to understand with our research in mentioning time we did also look to quantify the time and resource of attentiveness to specific tasks and processes so each item had a good level of time and resource intensive necessity to it so it's no wonder when we ask those who felt it was automated that time savings what was also mentioned so let's summarize some of the business objectives relating to the accounted process so the accuracy of data privacy and the integrity of the data all while ensuring customer and client satisfaction very important so automation can improve key areas and provide multiple benefits as we saw when we asked improved processing time crease productivity amongst employees and garnering just more positive results and of course the top element of improved efficiency would be improved time to turnover and rapid turnover often results in cost benefits Automation is not without its challenges though and there are barriers that exist in many organizations and we highlighted the continued use of paper whether it's for collecting and exchanging information for approvals the outright complexity of certain internal processes or working with vendors that have little technology to help them be more flexible and agile so we can say with our research that companies are willing to affect technology to help achieve these goals and are likely setting themselves up to capitalize on some of this so as we conclude we do see organizations automating going digital or electronic and we do however see that paper is still largely used and there are many areas and processes as we outline that are using paper and in some cases is a primary mode to conduct certain processes so even though paper is routed out of a process in some cases without a fully formed workflow solution you can experience the same challenges with electronic documents that you do with paper so I think it's important for all of us to understand that just moving in a digital transformative direction it's not necessarily the most efficient and productive so we're now going to send this over to Dave and Dave is going to show a demo of DocuWare so Dave all right thank you very much I appreciate it thank you all for attending so you know when you look at accounts payable processes and counting processes I've also here is that that really are a factor are dealing with capturing data entering data right into other systems validating and in the process for routing data routing documents internally for approvals right understand key areas that take a lot of time and really areas we can help out with on top of the complex processes and other other gaps we have in technology so we've docked with the DocuWare solution it is a cloud-based solution based on the azure platform and as such can be very readily and easily implement in any given environment but without spending too much time on slides let's actually get into and take a look at the technology so I am accessing our cloud solution right now at this moment you'll also notice I'm logged into multiple web browsers simultaneously just so I can show you the user interface as I log on with different users and interact with the software through various workflow that we demonstrate okay when you look at the doc your solution I hope once again it is web-based everything that I can see and do is based on my credentials which can be local credentials they can be Active Directory credentials as well because we do support that level of integration and you can also have a account setup or contract temp employees etc but clinicians are very important and of course we do have a lot of trails and that sort of thing as we navigate through the solution in the web browser the first thing I see up here on the top left working from left to right is my trays and I have search ability with tasks etc trays are kind of like your desktop it's a staging area for document so when you think about the average the average individuals process if they receive a document will scan to them email to them etc what most people end up doing is they will drag to their desktop will then take a look at the document right they may change the name of it and then from there they'll send it on to somebody else upload it to a to a file server or to some other back-end maybe accounting system etc and that's similar to to what the trays are the staging area for processing a Hangul document but it's also much more because it can be not just user specific but also group in process specific so you can use it to be handled or managed by multiple end users in a given process as they as they go through the workload and go through the documents okay well beyond that we've also got search ability with these search options we can actually set up customized search options based on these or the process to really give you that easy simplified approach everything that we're doing everything we can do can be completely customized to the end-user to make things as simple and easy as possible and if remember got lists and tasks and we'll dig into this a little bit deeper but this is where you really kind of get that dashboard view so a common fact we've seen many organizations these days is people spend a lot of time just looking for information and looking for documents or waiting for document come in and they're checking emails and checking other systems and we've realized that we can really get a lot of efficiency gains by bringing documents to them and this is totally customizable but essentially the way it works is we have key factors and documents we focus in on and once those once those factors are met the documents are then presented with the end user so they can more focus on what's important in their data act and not spend so much time just looking for information so as we go through this and we look at the solution one of the one of the starting points is how do we get information to a system that's a common challenge many people have we all have access to scanning technology most of us do through copy there's desktop scanners people may email documents to us but they're all disparate options and you look at how can we more simply getting into a single solution so I can then handled appropriately classified and routed on so with our system we support scanning from any any device that has scanning capabilities so copiers scanners you can print to our system packs in we can do bulk ingestion so scanning in multiple documents at once all in a single batch we're going to splitting and barcode processing and QR code processing and template recognition a lot of really fun things but what I like to do as a simple example is just drag document to the web interface so I've got several invoices here and I'm literally going to drag them in as they come in one thing you'll see is the documents being analyzed so if you see the bars going up and down this is our intelligent indexing engine at work and this is really what differentiates our software from the Veals when with most applications you look at classifying and capturing data it usually involves either barcodes or sending up complex templates where essentially it depends on that document being very much static try to enrich standardize where you have to teach it and configure for that given document right and so this is really important because our software learns as you process the documents all based on key fields and you just point and click and it remembers exactly what you did it maps that document eclis and it we can get a lot of efficiency gains from that as I hold my cursor over the document you'll notice there are several fields here that are available that are all completely customized into your process and while we're focus on accounts payable for this demonstration this can easily transition into other departments HR contracts we go you name it it's a very very very flexible and robust system so but as we look at profits of socking so with this us feel invoice this illustrates a common example we see in many organizations where this is APO generated invoice so we actually had initiated the purchase of this products with a purchase order right and then from there we receive the products and after we receive the products we received an invoice and sometimes you get them voice before what have you but the key point of this is we want to make sure we validating the data to make sure that the invoice we got matches the per source order that we submitted and it also matches the delivery ticket that we received but for the product make sure we had all the quantities etc etcetera as I looked at process this document I can took and complete it in any one of a number of file cabinets in this case is going to the Accounts Payable top cabinet all I have to do is hit store and you'll notice I've already it's already pre-populated all these fields on the type name the company name the purchase order number invoice number etc all the fields are populated including the tax the subtotal Creighton handling and our total amount when we're stored in system ID stored now also keep mine as we're talking about that everything I'm showing you manually can also be done completely automatically right so as I go through and I process that doc and I'm so what's happening behind the scenes is we're taking that data and we're then routing it to another individual in this case I'm going to switch over to pegging jenker I know it don't sound like Peggy but in this moment I'm Peggy so I logged on as Peggy and I can see I've got a tax popped up so let's take a look at my pack and here it shows me I've received a new invoice and I need to actually go through and complete the process these activities and all the processing fee are completely customizable but in this case I can see my invoice I see all my team fields I can see that it actually did what's called a three-way match where it matched my purchase order my invoice and my delivery ticket to make sure everything's correct right and I've also got here my bill date which I'm actually going to set today's date and I'll show you the reason why here in a minute the pen of also got geocoding so geocoding in many county departments is very very important especially in our solution and so what I want to make sure that I'm putting in the appropriate GL codes for all of my lineman's right and I can tab to this and this is very simple so these are we're looking at job materials and so I'm gonna go through here and code in for job materials these cost centers and all the descriptions are sync can actually come out of your accounting or you ERP system and we can walk through and show you how if you'd like and so here I've also got some tax of my taxes thank you very much and here I can also use clean click index and so notice I'm just clicking on these key fields but I don't have to go through and spend a lot of time doing a lot of manual data entry that's what really takes a lot of time and let's face it we as humans tend to make mistakes but let's let the software do the work force you may also notice that the software has done the math for me I put in the subtotal I put in the tax its figured out based on what was in the document based on my total not what my Freight and delivery was and this total matches with totally my document and then I hit confirmed from there what happened with the process of that document and it's going to go through to my it's going to go through and it's actually creating a booking record for me so at the end of the day I captured it at my document but what's really important is I want to be able to take that data I want to do something with that data right in which case in most cases we're putting it into our accounting or ERP system so if I look at this it's actually created the booking record family right with all the line is based on my geo code and I can also download this and it's CSV format so open this guy up and I expand all my cells so now I've got all of that data captured in a very usable format what I really like is if I scroll over here to the right I actually have a hyperlink to that document so if I wanted to I could push the hyperlink into another system so if anybody wanted to click on that from inside of that system they don't have to navigate out they don't have to leave it can be one-stop-shop and here is my document all my key information and it took me very very little time extremely efficient process so and provides a lot a little a lot of automation and impact the next step we're going to go through is something we also sleep very commonly this is with a company called W Mason this is the servicing company they provide a lot of services source but in our case that they're providing office supplies and this literally is paper a service provider for our office our home office and we get supply ceiling all the time and we have set up a rule called a quick batch so and essentially what we have is because this because this vendor is a common vendor for us and may provide a lot of services usually it can be under thousand dollars a month but they're going to do the same thing again and again and again and what happens is we have it set up so as long as it came as long as it comes in as long as we've confirmed that it's them and that their services are the weather your invoicing is for is less than $1,000 based on a master record then we're going to go ahead and approve that and go through the normal process for for creating the booking record so here we go I have the document here once again a hit store it captured all the appropriate fields it's going to go under system we're going to go back to it miss Peggy and you notice here she's going to have a new task that pops up in just one second and here's on your task with our W mates and in words I've got all my fields down here once again I'm going to geocode this guy and in this case it supplies my comp Center just happen through this actually we put in the subtotal here once again just clicking in the document it's already done in that for me here's my total we're going to set the builder cook today again what happens when I set that build a good today is actually merging the data with that existing booking market so when I go back here to my booking record I'll see this automatically updates first we had us steal information now exam a some information I can download it we can move on you can see the efficiency we're gaining with this no longer my having to enter data manually a lot of the validation and a lot of that is taken out so we want to get rid of as much manual data entry as possible the third example I'm looking at is an invoice here so this is not a common invoice that we get this is not a Pio generator voice in this case what this is is this is for some telephone so someone in the organization wanted or some telephone I have know who they are and I'm going to take this in would split it up and send it to two different department heads so once we kind of score the invoice it capture all the key piece of data we need to put a subtotal in there okay and hit store very very simple coming back to miss Peggy she's going to have a calf it pops up right here see my new task very nice I'm going to say check detailed and I'm going to go ahead and proceed notice it said three my match failed it's going to give an option to continue by appreciative sign it's going to go process and come right back to her and from here what's going to happen is I'm going to get have the ability to take this invoice and then tell the system how much I wanted to then allocate to each individual department and department head maybe it is sign the invoice once again all these props can be completely customized so if you prefer that if there's something other than a sign of choice that's not a prom at all so here we go these are for telephones cost Center I take the amount in this case I'm going to take for this Elizabeth I'm going to sign her $400 again notice it's done the math I have the remaining amount here and we're going to assign that to mr. Cooper Frank and get confirmed and so what happens is it takes that now the document is going to follow this workflow and the rest of the contras completely automatically if I switch over to mr. Peter King and that's a lizard with cash I'm logged in then and you'll see their tax rep and it's going to pop up here with the tax for each one now it's important to note that as these tasks coming to the queue whoever gets to it first locks that docking in that process so they can't both modify it simultaneously which is a port okay I'm going to go to Miss Elizabeth cash first click on this she has option to accept or reject if she rejects it'll loop it back and start all the way over again from the beginning in this case she's just going to hit accept we're completely done that in I go to mr. Peter King if we wanted to see the history you can even see that she's already approved it and now he's number two in line he can go ahead and he can approve this and we're done this workflow is designed to all happen completely automatically now once they've done what they needed to do it comes back to Peggy Jenkins it's going to show up in her task list it's going to come in here go back to a rig to where we were with the other invoices we need to complete the invoice right we'd already geocoded it everything has already been done right total daytime go ahead and set to today it can fun and if we go back and we look at our booking records once again instantly updated second it will update and I'll include that information on the same booking record as well and whenever I want to at any point in time I can download that booking record and then important that into my accounting system I can also lock this if I wanted to to where it shows exported so if any new invoices came in it would just create a new booking record automatically and take that one out of the pool okay so the last example that I want to walk through something we commonly see as well where I have a new vendor it's a new relationship and they have sent me an invoice and it's and it's great when I wanted order the products from them but they haven't gone through the right steps right the relationship isn't barrier I don't have the right information I don't have the w9 right in the accounting part we have a process and process as we call it so if I get an invoice what happens right in many cases you have this stop gap that bottleneck don't know what to do and we need to go through that process so what we've done here is the invoice comes in let's get a normal process this was captured got all the information scanned in store and it's going to flow through good Miss Piggy Jenkins once again and she's going to get a task that says wait we need to request it W not so with the w9 request what happens here if it's going to no I'm going to I'm going to put in my email one of my email accounts with it the way that's designed is I would put in the vendors email address here which if it's in the document I could just click on the interface and the document would say and it's going to send them I'm going to put in my email okay and I'm going to hit confront so if I switch over to my email sending I'm the vendor here what I'm actually going to get is the meaning of it looks just like this it says it came from DocuWare it's got all the printed information it was a completely customizable message to have an automatically through our workflow engine right and you'll see I just got a new one this one night had earlier and so it received it gave me the invoice number game to date if I didn't know right or maybe we have lots of invoices going back and forth it shows me a copy of invoices as well okay five questions and essentially said I need your w9 we have some more information and this if I click on the link which is a publicly available link I don't need parentals underneath anything specific right this is something that's part of our cloud solution and our vendors can now onboard themselves automatically they get in here they can put in their information they put all they need to just provide or fill in the required fields in providing double-time the company name address city state etc and once they've submitted this then with sitting in the queue waiting to be processed continues on as if as if they had already been an on board a vendor for years and years and years there is no bottom like there's no that way it's a very very streamlined and simplified process okay so with that being said so what have we accomplished today so we've walked through and showed you how you can easily scan your documents writing this can be scanned from a scanner from a smartphone really from any source right if you can get the document with conically we can capture the format also doesn't matter we primarily focus on PDFs but they can be pissed they can be Word files Excel files it doesn't matter the format is everything can be cloned keyword searchable speaking of searching if we go to our search engine we want to see anybody's option we can easily search through one of our customized menus here everything here is full text searchable so if there's some pizza didn't need in the invoice from that document that was not part of the field that I was capturing they would be there our system also supports full type-ahead we're I can hit a drop down which whichever I prefer okay click back on that guy and essentially so as I look I can see what inputs in the system I can either put in select u.s. steel here or if I to start typing you it'll show me the options available and of course I can filter down based on the date etc etc etc okay and of course when we get out of that and for our list we talked about having lists for different documents we have our dashboard view we can see all of our tasks by the way if I have administrative rights I can see not only my tasks for me but also any tasks that are out there in the queue so if I'm ever curious what's going on with a given process I can actually see all the tasks all my bottlenecks so I can then really work on screen running the process but the goal of all of this is we want to save you time the more site I'm we can save you from these manual repetitive processes the more time you have back to folks so much really important streamline increasing efficiency and growing your organization hopefully right I'm really leveraging the technology to us to its post limits so with that being said I'm gonna go ahead and turn it back over to Cole thank you very much all right thanks Anand Dave let's wrap up the webinar we're almost at the 30 minute mark so just wanted to so what you saw was an introduction to the invoice processing solution but I also wanted to show you this testimonial from the case study in the handout section this is Jenny just so the accountant at the retirement community they use docker for processing their invoices so you can see she's saying that you know now they know exactly how many invoices are waiting approval their CEO oh can remotely view and compare invoices so we have transparency now in addition to removing all of the boxes of paper everywhere and now they never have to call each other and waste time looking for an invoice and with that we'll open it up for Q&A if you go to the next slide again we want to hear from you if you want to take the next step in digitizing your invoice processing reach out to us