Published on July 11, 2016
1. THE IMPACT OF ACCELERATED CASH FLOW VISIBILITY GAIN A CLEARER VIEW OF CASH FLOW
2. Do you have a clear view of your cash flow… AT EVERY STAGE FROM INVOICE RECEIPT TO PAYMENT? 22
3. 3 MANUAL, PAPER- HEAVY PROCESSES CAN MEAN YOU’RE BLINDED BY DETAIL AND ERRORS
4. AFFECTING YOUR ABILITY TO MAKE CLEAR-SIGHTED PAYMENT DECISIONS 4
5. The key to more control over cash flow is an up-to-date view of… What you owe. Who you owe. When you need to pay. and, when you’re ready to pay. 5
6. • Manual processing of paper invoices • Rekeying data into other systems • Human error – resulting in payment queries, complaints and the risk of penalties • Lost invoices and other documents • Inefficient approvals processes with sign-offs slowed down by multiple sites, mobile teams and multiple languages • Poor access to supporting documentation. It all starts when you see beyond paper and manual input. Beyond the blockers that slow down information flow: 6
7. of accounting departments say that 50% of their invoices are paper1 . 1 Solutions for Finance Departments, Canon/RS Consulting, 2011 76% 7 SEE BEYOND PAPER Processing paper invoices manually is slow and cumbersome.
8. of finance departments manually input invoice line items into their ERP system1 . 1 Solutions for Finance Departments, Canon/RS Consulting, 2011 75% SEE BEYOND MANUAL INPUT Manual input increases the potential for payment errors – and that means a direct impact on your cashflow. 8
9. • The cash position – so you can decide whether to pay early, or hold off • Payment deadlines – so you can minimise late payment fines and improve supplier relationships • Approval bottlenecks – so you can see what slows down the process and makes your life harder • Easy access to supporting documents – so you can avoid delays in approvals and processing • Transparent archiving – so you have a searchable audit trail and can be fully compliant. That’s when your whole organisation can gain a clear view of the payments processing essentials: 9
10. of suppliers’ invoices take 10 days or more to be processed1 . 2/3 10 1 Solutions for Finance Departments, Canon/RS Consulting, 2011 PROTECT YOUR PROFITS Manual invoice processing can mean missed payment deadlines, penalties and lost early payment discounts. Fraud and duplicated payments are more likely too. All of which hits profit.
11. of companies report that their account payable employees spend at least 10 minutes each per day retyping incorrect invoice information into the AP system1 . of these spend an hour or more.46% 4% 11 1 Solutions for Finance Departments, Canon/RS Consulting, 2011 MAKE THE MOST OF YOUR PEOPLE Manual data capture means highly skilled staff waste time on menial tasks.
12. of finance professionals receive more than ten payment queries per day1 . 1/3 Manual systems and paper documentation mean wasted time and mismatched details. The result: payment queries, disgruntled suppliers, and the risk of late payment fines and interest charges. 12 BUILD STRONG RELATIONSHIPS 1 Solutions for Finance Departments, Canon/RS Consulting, 2011
13. 13 SIMPLIFY COMPLIANCE Paper invoices are insecure. That can mean breaching compliance, audit failures, and fines. of companies lose at least 5% of their invoices1 . 25% 1 Solutions for Finance Departments, Canon/RS Consulting, 2011
14. INVOICE RECEIVED • Multiple locations • Multiple formats • Multiple capture devices DATA CAPTURED • Multiple languages • Data captured from invoice COST ALLOCATED • Check and flag exceptions automatically • Automatic cost allocation • Flag errors for user validation APPROVAL MATCHED • 3-way matching • Multiple approver workflow PAYMENT MADE • Cash flow visibility • Improved supplier relationships ARCHIVING ACTIVATED • Digital secure storage • Searchable audit trail • Full regulatory compliance How we see it... These are the core elements of Canon’s payments automation and management solution. 14
15. Here are some examples of payments automation and management solutions in action. HOW IT LOOKS FOR OTHER ORGANISATIONS 15
16. “” Entrepreneurial construction firm Dramatically reduces burden of admin It changed the way we work. The incoming invoices are sorted in a way that we couldn’t imagine before. And I have more time to be out in the field at the project with my employees and customers… work that would have taken a week or so can now be done in two or three hours. JOHAN SELENIUS ROSENGREN COMPANY DIRECTOR, SARAB ENTREPENAD AB 16
17. 17 “”Not only did our efficiency increase but the time needed for archiving also decreased. The high degree of transparency, fast information flow and increased flexibility convinced even the most critical employees. DANIEL FÖLLMI HEAD OF INTERNAL SERVICES, FÖLLMI Föllmi Construction in Switzerland manages creditor invoices more efficiently with their automated solution
18. 18 CLEAR ADVANTAGES As you can see, this approach means: • Less paper • Fewer manual inputs • Reduced risks • Protected profits • Increased staff productivity • Better supplier relationships • Simplified compliance
19. 19 A clear view of what you owe, who you owe, when you need to pay, and when you’re ready to pay… …means a few small changes can have a big impact.
20. If there are any areas of particular interest that you would like to discuss further, or to set up a meeting please contact us. Or ask one of our experts to get in touch about how we can help you across your information and document management processes Telephone Number Email Partner Logo Accreditation Logo
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