ap automation checklist: what to know before you buy
DESCRIPTION
As more and more companies look at productivity as a true measure of success, accounts payable, like many other departments, is under enormous pressure to run more efficiently. AP managers are considering AP automation initiatives such as electronic invoicing to cut costs while achieving higher efficiency. It is clear--e-invoicing can cut costs dramatically and free up time for higher value work; however, that’s where the clarity usually ends: Which type of automation to implement? How do you choose between cloud, SaaS, APS or in-house alternatives? How do you know which solution will truly optimize your AP process?TRANSCRIPT
AP Automation Checklist: What to Know Before You Buy
Agenda
What to Know Before You Buy
Invoice & Workflow Automation
Choosing the Right AP Automation for
your ERP Environment
Checklist and Product Demo
WHAT TO KNOW BEFORE
YOU BUY
AP Automation Addresses
Time to process invoices and other
payables
Errors and delays of manual processes
Visibility to AP processes and financial
reports
Cost of manual invoice processing
Security and regulatory compliance
Studies Show Organizations that
Automate AP Experience…
25%
improvement
in labor
productivity
90-95%
reduction
in paperwork
Elimination of
lost invoices,
late payments
Improved
transparency
and visibility
*Based on results of companies utilizing full technology solution
Takes time away from what matters most.
Bottom-line Results
After Automation
$4.84/invoice
cost to process an invoice
3.7 days/invoice
day to process an invoice
4.1% year-over-year
increase in early payment
discount ability
Before Automation
$25.83/invoice
cost to process an invoice
41.3 days/invoice
day to process an invoice
.5% year-over-year
increase in early payment
discount ability
INVOICE & WORKFLOW
AUTOMATION
Components of
Invoice & Workflow Automation
Paper Invoice Handling
Partner with a vendor to automate this process
and avoid spending money on costly scanning
equipment.
Document and Data Capture
This process doesn’t have to be in-house, it
can be outsourced entirely.
Electronic Invoicing
Speeds up the process, eliminates the possibility of
data entry error, and allows AP staff to focus their
resources on disputed invoices.
Document Management
Integrate closely with existing ERP or back-end
accounting systems for seamless retrieval of
documents.
Matching and Workflow
Route pending invoices & tasks according to
pre-defined business rules.
Reporting and Analysis
Provides comprehensive audit trails of all
activities taken within the system.
CHOOSING THE RIGHT AP
AUTOMATION
FOR YOUR ERP ENVIRONMENT
AP Optimization
Technology
Business
Process
Business
Build within ERP/AP System
Provides multiple
applications that address
many of a company’s needs
Comes with a significant
amount of costs, risks, and
complexities
Designed to excel in terms
of functionality and
customization.
Can pose challenges, such
as increased cost, training
and support, and complex
interfaces with other
systems.
On Premises Software Application
SaaS allows you to get best-of-
breed without the cost of
installation and integration.
Ideal solution for companies
that want to save money by
eliminating the pain of dealing
with integration, upgrades, and
database connection.
SaaS (Software as a Service)
IMPORTANT CHECKLIST ITEMS
Summary Checklist
Application Delivery
– Single or multi-tenant?
– Will I need to invest in additional hardware/software to run the
solution?
– Do you charge a large implementation fee?
– Do you provide the option of not being on the latest release?
– Will I have access to the solution via the Internet 24/7?
– Are you SSAE 16 (formerly SAS 70) certified? Can I see the
report?
Payment Model
– Am I locked into a long-term contract or will I be on a pay-as-you-
go pricing model?
Summary Checklist
Feature and Upgrades • How often should I expect upgrades to occur?
• Do upgrades incur added fees?
• Are support/maintenance built into the cost of the solution?
• Does it cost extra for mobile/offline access to the solution?
Service Guarantees and Disaster Recovery • Are we expected to store data on-premise or do you outsource to a
cloud-based data center?
• Is the data center backed up by redundant geographical locations?
• Does your Service Level Agreement guarantee uptime, backup, and
disaster recovery?
• Can you provide a list of the data center’s references?
One Last Thing … • Don’t forget to ask the solution provider for references!
ABOUT
PO Requisition
Electronic Invoice Network
Invoice OCR Capture & Extraction
Approval Workflow
Invoice Matching
ERP Integration
Payment & Remittance Mgmt
Cloud-based AP automation
solution
For every step in your AP process,
Corcentric is the solution you’ve been
looking for
Your process is unique; your needs
are many
From purchase-to-pay, Corcentric
takes you from manual to automated
in just a few easy steps
About Corcentric
PO
Requisitions
Approval
Workflow
Automated
Invoice
Matching
Straight
Through
Processing
Dashboard
Reporting
Document
Archive
Platform
Convert any invoice format into
electronic data at the
Invoice Virtualization Center.
AP / ERP System
Send and receive invoices with
direct integration through the
Corcentric supplier network.
To see a live demo of COR360, visit corcentric.com or call 703.962.9474