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Invoice handling for Sport organisations

[Music] very good thank you very much i appreciate that good afternoon everyone and welcome my name is peter lopes and i'm a solution executive and at canon digital imaging solutions and i'm very pleased to present to you today our webinar entitled level up your invoice processing this is sponsored by our great partner gsi today many organizations are looking to automate their accounts payable and they are having various levels of success in doing so i'm going to focus today on in this presentation on how to achieve greater return on your automation investment by taking your ap automation to the next level let's begin by providing a level set now what most accounts payable practitioners are working through on a daily basis as you can see they're working through a lot a recent institute of financial management survey has found that the typical accounts payable practitioner spends about 84 of their day bogged down one of these manual tasks such as key in invoice data shuffling paper chasing down required information and of course responding to supplier inquiries in fact the average accounts payable manager also spends a higher percentage of their work day on transaction processing rather than on the managerial tests they were hired to perform there are five key issues that the majority of under automated ap departments deal with on a day-to-day basis let's take a look at each one of them first of all paper invoices more and more suppliers are realizing the advantages to be gained by emailing their invoices to their customers and thus are moving to emailing invoices to all their customers who will accept them i'm sure you'll see in that uptick of email invoices in your environment as well elimination of manually handling in preparation of invoices eradication of the u.s mail delivery lag time erasing the cost of postage for each invoice all can lead to encouraging a faster return on the receipt of payment the suppliers that are still mailing the paper invoice to their customers have been inundating customers for years with piles of paper that must be manually handled and processed by those organizations who have not automated their ap process on the remote working side since the inception of the covent pandemic in 2020 millions of workers have been working successfully i might add from their home offices beach house or mountain cabins or wherever they can access an internet connection this presents a problem for non-automated ap departments because how are they going to obtain the invoices that come to their office and how are they going to process them with the remote staff late payments if you can't obtain your invoices in a timely manner and then process them quickly then another headache exhibits itself in the form of late payments and the ensuing strain of relationships with valued suppliers supplier inquiries come as a result of that excuse me since you may be late in making payments to your suppliers because of the lack of automation the suppliers will be calling texting emailing or using whatever method that works for them to contact you their customer to inquire about payment of their invoice if they can't reach you they may go up the chain of command with their inquiries creating another potential headache for ap and last but for not least poor visibility now if you ever had to research where an invoice is in a manual ap processing environment that effort just became even more difficult if not impossible in a remote working environment the headaches just don't stop coming besides the five major issues described previously ap departments are also dealing with the many weaknesses of their legacy erp systems many businesses retain legacy software because of its familiarity everyone in the business knows how to access the systems and for the most part find what they need but a legacy system is actually outdated computing software and or hardware that is still in use the system still meets the needs it was originally designed for but it doesn't allow for growth or modernization therefore businesses find themselves working in siloed environments with a system not specifically built to accommodate the needs and requirements of a modern day ap department a system that does not allow for or encourage customization in order to meet those needs and therefore provides very poor visibility into the operation of the department and the status of the invoices being processed with this poor visibility naturally comes the inevitable late in miss payments and the resulting degradation of the organization's relationship with its suppliers legacy ap systems need to be leveled up in order to provide ap with the tools it needs to do their job more efficiently leveling up the automation and accounts payable can be provided through a front-end solution that provides the tools necessary for an ap department to upgrade its operations yet still communicate with the existing legacy system an automated ap processing solution needs to provide the following tools in order to level up ap digitization it is the conversion of paper documents or invoices into digital documents that can be read and the data contained within them captured by the ocr component of the solution the optical character recognition or ocr capability automatically extracts or captures the key pieces of data on the invoice and verifies them against the master data in the legacy system including the facilitation of po matching so that the information on the invoice is verified against the information on the originating purchase order these automated solutions not only work support the processing of po based invoices but can also support the processing of non-po based invoices by providing workflow technology in order to route invoices for their appropriate review and required gl coding and last but not least providing flexible reporting capability and business analytics of the process leveling up automation essentially eliminates the paper invoices that inundate many accounts payable departments from today's legacy world by providing the means to receive and digitize submitted invoices whether received by email or us mail capture data that is on those invoices and using ocr technology to do so without them for approval using advanced workflow capabilities and store the electronic documents in a content repository for easy access and retrieval all of these automation capabilities contribute to the elimination of the paper that has been clogging up ap departments in perpetuity this slide shows the institute of finance management iofm when they establish some benchmark data based on results achieved by businesses who have automated their accounts payable departments from partial automation to a full auto mission what this data shows is that as the level of automation of ap increases the number of invoices that are processed by each full-time employee or fte it increases from a low of 1 350 per fte to a high of 22 756 per fte a more than 16 fold increase also as the level of automation increases it also affects the cost of processing each invoice from a high of eight dollars and 78 cents per invoice with low automation to a low of 1.77 cents per invoice with high automation in this case a savings of more than 80 percent these are tangible hard savings that have a direct impact on the bottom line of a business an automated audit process reduces the risks within ap by tracking erroneous payments validity of payments vendor discrepancies and any inconsistencies within the system this approach to ap also allows organizations to stay ahead of compliance requirements for any tax filings or audits the four biggest risks for accounts payable are the following vendor master risks the vendor master is central to ap functionality so control of accessibility is key to its security errant payments errors in the vendor master have a way of multiplying down the line therefore visibility into payments is very critical fraud tracking of invoice activity can help prevent all types of fraud both internal and external in the lack of visibility or controls it's critical to protect all your data and to provide visibility into what is happening to that data and this requires strong controls foiling invoice fraud is often frustrating but implementing these tips will significantly reduce the risk of your company falling victim to fraud employ three-way matching watch invoice amounts check on your vendors track your invoice activity and implement fuzzing matching achieving enterprise automation means the opportunity to realize the following benefits it saves your employees time saving time is one of the main benefits of automating accounts payable it facilitates the reduction of costs everybody wants to reduce costs of course it helps the bottom line it increases productivity throughout the organization not just in ap but elsewhere in your organization as well it standardizes your business processes thus making them more efficient in that everybody is on the same page it minimizes and even eliminates errors especially those caused by human error during manual processing for manual entry of data is no longer required it reduces fraud both internal and external and it provides auditable records that show the entire history of a payment ap departments are leveling up their automation in this survey conducted by iofm asking many organizations large and small what is their current level of automation there are a few key points to take away from their answers first of all six percent are not very automated and they're not considering additional automation eleven percent consider themselves to be mostly automated and not considering any additional automation and nine percent of respondents consider themselves to be fully automated with few or no manual processes and last but not least the other 71 are all considering further automation for some reason perhaps they didn't get the message but five percent did not understand the question so they didn't answer it some of the benefits that accounts payable automation delivers to the enterprise time savings for the ap staff streamlined and accurate processing easy access to information real-time monitoring and greater control of data better insight and transparency and integrations with your existing finance systems improve business relationships and increase early payment discounts i'd like to present to you a case study at this point a case study of a current customer of mine in the healthcare industry this organization is a large healthcare organization with a complex network of vendors their accounts payable processes over 6 000 invoices per month and at the time of their search for an ap automation solution 90 of those invoices were paper-based you can imagine the amount of paper within that organization seventy percent of all these invoices are paper po-based however and that was good news as you'll see in a minute in the ap staff ap has a staff of 10 and more than 350 business users who must review and approve the invoices for payment get some challenges and goals in this project so let's talk about the challenges a little bit again they're paper based processes they're very time consuming paper is costly takes a lot of storage space and they had a lot of it all over the desks of the 10 ap folks ap processes were decentralized at that time and the manual invoice processing makes made it difficult to avoid delays and processing payments and retrieving the documents and maintaining transparency was cumbersome so they had some goals for this project that was improve the overall efficiency of accounts payable reduce the excessive paper get rid of that paper as much as they possibly can enable visibility and collaboration with the ability to view invoices online and not have to pass paper around to be able to collaborate electronically so that we can work together in order to resolve any issues that come out of a particular invoice in standardized workflows for approvals and coding and retention of invoices in erp what they ended up doing is selecting the canon ap automation solution to automate their invoice process this is just a graphic that shows a little bit of what a high level view of what the canon solution can do starting on the left hand side what happens first is an invoice comes in to the system it could be coming in through email or can come into us mail if it comes in by email the canon solution automatically holds one or more email boxes and when an invoice is is discovered in one of those email boxes it opens that invoice and that email and extracts the invoice bringing it directly into the canon ap automation solution if the invoice comes in by mail then someone has to open that envelope and scan that invoice into the a network folder that can and again monitors like it does with an email box and when a document shows up it grabs that document and brings it into the solution so now we have electronic versions of all invoices at this point the canadian optical character recognition or ocr technology takes over it first of all cleans up the invoice as best it can if necessary and then it extracts the data that's on that invoice uh it captures that data if you will information such as supplier name or invoice number or po number also line items for po based invoice so it's extracting specific data that it will validate now in the next step against the master data in your jd edwards system it will now validate that makes against the po the open po that that invoice was created from if everything matches up properly this is on a po based invoice it will then immediately generate the voucher within jd edwards if it's a non-po based invoice what will happen next is it'll generate a workflow uh one of the workflows that are defined for specific types of invoices you'll start that process by moving the invoice to the first individual in the workflow that invoice will then proceed through that workflow until it has a complete review and approval and at the end of that approval it will then create the voucher within jd edwards when the voucher is created within jd edwards the system will also establish a link at the voucher level so that an individual in accounts payable right from jde will be able to just click on the link and see the image of the invoice that they're working on or that voucher was created from the invoice in the meantime is stored in the content repository which is part of the solution not only can you store the electronic image of the invoice but any associated documents as well and associate them with that invoice such as the landing packing slip contract whatever you might have that should be associated with that invoice and that's there for audit purposes as a result at the end you have the analytics that is available to anyone during the entire process so at any point in time an individual can see where any specific invoice is and what invoices are in process how many from a specific vendor the value of those invoices totally or individual basis a lot of information on the analytics that is available in a real-time basis uh of the information of the invoices that are going through the process excuse me this slide just shows an example of what the ocr does when it extracts the information from a specific invoice on the left hand side you'll see an invoice from digger companies and you'll see on the right hand side the information that was extracted from that invoice the items in green and the invoice itself are reflected in the specific boxes on the right hand side so you'll see things like invoice number invoice date uh value of the invoice the gross amount and you'll also see a digger company in their address this is all coming from that invoice at the top you'll see the vendor id and in company code that does not come from the invoice that happens when the sys when the solution matches up that invoice to the to that individual company in the master data and that is where it finds the vendor id and the company code all this information is reflected on the right hand side from that invoice if there are any exceptions they'll be highlighted and that invoice if it has an exception will then be routed to an individual to review it and make a correction some of the benefits that this company realized are those as follows they reduced the paperwork they had in process tremendously up to 90 percent is what they say they have reduced their paperwork by the accuracy of the information input into this into jde has also been improved tremendously because they're not having any human error from that's typical with manual data entry and also there's no chance for duplicate invoice passing through because the system checks that out automatically as it processes an invoice to see if there was already one like it processed before it's fast and automated approvals are happening because of the workflows so now instead of when an individual is out of town or traveling or perhaps on vacation and that's stopping the approval process instead they are able to approve and review an invoice from their smartphone or ipad or whatever the case may be and not hold up the process itself access to accurate and reliable information on the status of the invoice and transactions is available on a real-time basis so no longer does anybody have to go hunting for a specific invoice and see where to find out where it is and now this was a big step for them because they they had multiple processes for approving an invoice now they have one standardized process that improves their compliance as well as improves the rate of approval and review of invoices throughout the organization there's a complete audit trail of all the system activities and error in fraud prevention mechanism is in place to help them reduce the number the amount of fraud taking place both internally and externally that was the results of that specific customer and what i'd like to do at this point is really tell you what canon has to offer because in this challenging remote work environment the ability to work more efficiently and collaboratively in a digital world is very important canon offers a vast array of intelligent automation solutions that help customers automate their key business processes by leveraging our consulting expertise best-in-class technology and consultative customized approach to delivery we are committed to helping our customers make their business processes digital secure and accountable canon offers its solutions in two possible deployments on premise or in the cloud and our solutions are able to integrate with any legacy erp system but of course with jd edwards enterprise one to this point i'd like to thank you for your attention and your participation today if you have any questions please go ahead and submit those and we'll try to answer them [Music]