Four Key Considerations When Automating For the First Time - - PowerPoint PPT Presentation
Four Key Considerations When Automating For the First Time Presented by: Sponsored by: Jess Scheer, IOFM Helee Lev, Goby Tyler Yates, Cedar Street Companies Todays Presenters Jess Scheer Tyler Yates Helee Lev IOFM, Executive Editor
Four Key Considerations When Automating For the First Time
Presented by: Sponsored by:
Jess Scheer, IOFM Helee Lev, Goby Tyler Yates, Cedar Street Companies
Jess Scheer IOFM, Executive Editor Helee Lev Goby Chief Revenue Officer Tyler Yates Cedar Street Companies, Director of Asset Management
Your current pain points Tomorrow’s goals and needs Prioritizing automation vendors that can meet those needs
Selling your automation recommendations internally
Gain Insight Through A Four-Dimensional Vision of Your Process
PCF ID Hierarchy ID Name of Process Step 10301 4.2.1 Develop sourcing strategies 10302 4.2.2 Select suppliers and develop/maintain contracts 10733 4.2.3 Order materials and services 10756 4.2.4 Manage suppliers 10869 9.6.1.1 Verify AP pay file with purchase order vendor master file 10870 9.6.1.2 Maintain/Manage electronic commerce 10871 9.6.1.3 Audit invoices and key data in AP system 10872 9.6.1.4 Approve payments 10873 9.6.1.5 Process financial accruals and reversals 10874 9.6.1.6 Process payroll taxes 10875 9.6.1.7 Research/Resolve payroll exceptions 10876 9.6.1.8 Process payments 10877 9.6.1.9 Respond to AP inquiries 10878 9.6.1.10 Retain records 10879 9.6.1.11 Adjust accounting records
Source: American Productivity & Quality Center’s Process Classification Framework www.apqc.org/pcf
Develop sourcing strategies Select suppliers and develop/maintain contracts Order materials and services Manage suppliers Verify AP pay file with purchase order vendor master file Maintain/Manage electronic commerce Audit invoices and key data in AP system Approve payments Process financial accruals and reversals Process payroll taxes Research/Resolve payroll exceptions Process payments Respond to AP inquiries Retain records Adjust accounting records
Look For Handoffs, Bottlenecks, and Single Points of Failure
Responsible Person(s) responsible for completing the task. Schedules meetings Accountable Person ultimately answerable for the activity. Leads meetings Consulted Person(s) who should have input into decisions. Provide input into meeting agenda Informed Person(s) who need to be kept in the loop on decisions. CC'd on outcome of meeting
Envision Your Ideal Future State by Addressing:
Automate: invoice receipt, routing, approval, processing, payment, etc.
Internal changes External changes
Onboard new staff faster Expose veterans to best practice
11,327 10,494 11,911 9,306
4,000 6,000 8,000 10,000 12,000 14,000 IOFM Certified Not IOFM Certified IOFM Certified Not IOFM Certified Limited Automation Moderate Automation
Invoices Per FTE Share of E-Invoices Received Requiring No Manual Intervention Low: <10% Limited: 10%-29% Moderate: 30%-49% Significant: 50%-80% High: >80%
10,763 13,912 14,224 17,723 19,403 LOW LIMITED MODERATE SIGNIFICANT HIGH LEVEL OF AUTOMATION $13.09 $8.33 $7.37 $5.56 $4.02 LOW LIMITED MODERATE SIGNIFICANT HIGH LEVEL OF AUTOMATION
Invoices Per FTE Cost Per Invoice
Share of E-Invoices Received Requiring No Manual Intervention Low: <10% Limited: 10%-29% Moderate: 30%-49% Significant: 50%-80% High: >80%
Automation vendors that can meet those needs
Who Can Help You Achieve Your Goals?
Hardware Configuration Operating System Supported Networks Supported Multi-User System Features Security Recovery Help Desk Features Customization and Programmability Import/Export Capabilities Installation and Setup Import Functions User Interface Program Specifications Workflow and Routing Options System Manager/General Information Chart of Accounts Account Number Format Master File Vendor Master Data Fields Support Processing Capability AP Reports Additional Features
RFP Checklist https://www.iofm.com/ap/process- improvement/automation/ap-software-rfp-checklist-template
Keys to Being a Strong Influencer
THE BUXE Company
THE BUXE Company
Helee Lev Chief Revenue Officer Goby Tyler Yates Director of Asset Management Cedar Street Companies