ap automation checklist: what to know before you buy

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