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Sponsor Learning Objectives This webinar will explore how you can - - PowerPoint PPT Presentation

Nov 25, 2022 34 likes •487 views

Sponsor Learning Objectives This webinar will explore how you can get started and drive efficiencies in your Accounts Payable Department to: Better leverage reporting and analytics Digitize supplier information and organize vendor data

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Sponsor

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  • Better leverage reporting and analytics
  • Digitize supplier information and organize vendor data
  • Centralize processing and reporting
  • Free up cash and strengthen working capital
  • Accelerate invoice processing

Learning Objectives

This webinar will explore how you can get started and drive efficiencies in your Accounts Payable Department to:

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Event Notes

  • The slides are available under the “Resource List.”
  • We will send you links via email to the presentation and the recording within

24 hrs.

  • For CPE/CE/CPD: Answer three polling questions and remain for the
  • duration. Credits awarded in 24 hours.

– Questions on credits? Email cpe@proformative.com.

  • We want to hear from you! Ask questions for the Q&A session at the end of

the event.

  • Please take the short survey at the end of the webinar.
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Do More, Better

Driving efficiencies in your AP department

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MEET CHRIS HAPP

Goby Co-founder & CEO

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connect the world’s professionals to make them more productive and successful

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Why Platforms enable more, better

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AP Automation Social media

From one, to many

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Manual processing

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Today, the accounts payable process at most businesses is a hands-on affair

  • Invoice arrives in

the mail

  • Routed

internally

  • Manually

logged

  • Filed or

archived

  • Paid

manually

Late Fees Hours of Manual W

  • rk

Billing Errors Cumbersome Processes

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This becomes 100% hands-off

Fully automated workflow Digital payment Data capture and digitization Streamlined process Hours saved Errors are eliminated Late fees minimized

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THE FUTURE

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SLIDE 13 HAVE OR ARE IMPLEMENTING Innovators & Early Adopters Nearly 100% 25% 50% 75% 100% HAVE OR ARE IMPLEMENTING HAVE OR ARE IMPLEMENTING Early Majority & Late Majority 85% Laggards 55%

How do we know?

*PMNTS and MS report, 2018
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SLIDE 14 HAVE IMPLEMENTED Innovators & Early Adopters 36% 25% 50% 75% 100% ARE IMPLEMENTING WITHIN 3 YEARS PLANNING TO IMPLEMENT BY 2021 Early Majority & Late Majority 31% Laggards 23% Innovators & Early Adopters 19% Early Majority & Late Majority 19% Laggards 12% Innovators & Early Adopters 45% Early Majority & Late Majority 35% Laggards 20%

Expectations by companies by level of innovation

*PMNTS and MS report, 2018
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78%

  • f AP departments operate in manual
  • r lightly automated environments

59%

  • f supplier payments are

initiated electronically

—United States Federal Reserve —IOFM

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Goals

  • Become #1 Fictitious Company
  • 6,000 Invoices/Month
  • <75% Automated
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Acme Corp

ROI analysis

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Best in class AP department performance

An average cost of $1.77 to process a single invoice. More than 23,000 invoices processed per full-time equivalent. A duplicate invoice rate of less than 1 percent. An on-time payment rate of more than 96 percent. An early-payment discount capture rate of more than 85 percent.

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34%

  • f AP leaders believe AP will become more

strategic and an agile business function

—Ardent Partners

Only 13% of senior leaders believe it’s a strategic partner that adds value

—Institute of Financial Operations
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MAKING THE BUSINESS CASE

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STEP 1

Data Coming in to ACME

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SLIDE 23 LESS KEYING AND PAPER PUSHING

51%

  • f accounts payable departments anticipate that

their departments will eliminate most of the paper invoices it receives from suppliers by 2021

—IOFM’s 2018 Future of Accounts Payable Study
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AP

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SLIDE 26 MORE TECHNOLOGY

Accounts payable practitioners are placing their bets on image capture, intelligent data extraction, mobile, cloud, and artificial intelligence

—IOFM’s 2018 Future of Accounts Payable Study

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Creating efficiencies

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27%

  • f AP processing

time is considered waste —PwC

21%

is the amount of available early-pay discounts captured by most companies

—IOFM

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How will we save time & money?

Invoices do not get into the process as quickly as possible Coding errors Errors in keying the invoice data High paper storage and retrieval costs Lost or misplaced invoices Delays uploading data on approved invoices to downstream systems Long approval and exception resolution cycles Difficulty implementing operational best practices

Fix this

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Controllers rank AP as the most labor and time-intensive finance function

—IOFM

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Save time

Avoid costs

Save money

ROI

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STEP 2

Data coming out of ACME

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OK

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OK

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THE CHECK WON’T BE IN THE MAIL

Accounts payable departments expect to make less than half as many payments to suppliers via paper check within the next three years —IOFM’s 2018 Future of Accounts Payable Study

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STEP 3

Data inside ACME

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92% of C-level

executives, plan to increase the pace of investment in big data this year

28%

expressed having a “data culture” in place

  • NVP Big Data and AI Executive Survey 2019
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Better leverage reporting and analytics

Analyze your performance Use data for other parts of the organization

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Break down data silos

Centralize Organizational data

Prioritize bottlenecks

Create impact Build a team

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ENGAGING STAKEHOLDERS

Implementation

Best Practices

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Questions?

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www.gobyinc.com

chapp@gobyinc.com https://www.linkedin.com/in/chris-happ-goby/

Chris Happ, CEO

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  • Thanks to our speaker
  • Join us at www.proformative.com to continue the conversation

with your peers in our community

  • If you want an introduction to today’s speaker or sponsor,

tell us on the survey!

A Few Final Items

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Sponsor