the accounts payable department of the future ap...digitized manually coded manually approved...
TRANSCRIPT
THE BUXE Company
RETHINK WHAT AP CAN BE
The Accounts Payable Department of
the Future Modernizing an Archaic, Back Office Function
THE BUXE Company 2
Patrick StokowskiAccount Manager
Paro
Helee LevChief Revenue Officer
Goby
Our speakers
THE BUXE Company 3
Even today, most companies still run accounts payable (AP) the old fashioned way:by hand
THE BUXE CompanyCopyright © 2019 - Ardent Partners Ltd.
AP’S TOP CHALLENGES IN 2019
24%
33%
40%
49%
51%
62%
0% 10% 20% 30% 40% 50% 60% 70%
Lack of visibility into invoice and payment data
Getting the budget to invest in automation
Too much paper
Lack of respect/status within the organization
Invoice/payment approvals take too long
High percentage of exceptions
© Ardent Partners - 2019
THE BUXE Company
The diffusion of innovation
INNOVATORS2.5%
EARLY ADOPTERS13.5%
EARLY MAJORITY34%
LATE MAJORITY34%
LAGGARDS15%
THE BUXE Company 6
Manual processing of invoices costs companies billions per year
People are expensive
Manual mistakes are made
Opportunities are missed
THE BUXE Company
Nice
ACME2880 Sand Fork RoadMillersburg, IN 60606
ACME location #1736999 S. Platinum Dr.Beverly Hills, CA 90201
Manually digitized
Manually coded
Manually approved
There’s a better way to process invoices
Sent via postal service
Received at mail room
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THE BUXE Company
It’s all about the opportunity cost
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Before After
THE BUXE Company9
CAPTUREEvery invoice an intake
engine turns paper into digital information
CODINGArtificial intelligence reads the invoice and adds your accounting
information
WORKFLOW Exceptions are flagged
and electronically routed, invoice routed for approval based on your business process
ENTRYThe approved invoice is
sent right to your financial system or Enterprise Resource
Planning (ERP) platform
You can automate 100% of your invoicesOur solution is so simple you don’t even have to open the mail
THE BUXE Company
Save Money & Time+
Avoid Costs+
Make Money
ROI
THE BUXE Company
How will we save time & money?
Invoices do not get into the process as quickly as possible Coding errors
Errors in keying the invoice dataHigh paper storage and retrieval costs
Lost or misplaced invoicesDelays uploading data on approved invoices to downstream systems
Long approval and exception resolution cycles
Difficulty implementing operational best practices
Fix this:
THE BUXE Company
How will we avoid costs & fees?
Stop paying late fees Don’t be defrauded
Stop over-payingHire fewer people per invoice as you grow
Stop double-paying
THE BUXE Company
How will we make money?
Captureearly-pay discounts
Negotiatefavorable terms
Celebratecash-back rebates
THE BUXE Company
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Consolidation of responsibilityWith remote accounts payableReduces redundancies and uncovers opportunities
All bookkeeping activities and AP functions can be handled by a single person, working remotely:
Fully automated AP
Improve cashflow
Reduce collections and risks
Value add activities
THE BUXE Company 15
The business case
THE BUXE Company 16
AP as a remote functionReducing redundancies uncovers outsourcing opportunities
Hiring a full-time CPA to accommodate a new client doesn’t make sense• Costs your company $140,000 (plus benefits)
Working on a project basis with Paro• Save as much as $70,000 per year
THE BUXE Company
A typical business case for AP Automation
Pre-Goby Monthly Processing Costs
$8.33 x 4,500 invoices = $37,485
A mid-market company with:• 1,000 employees • $200 million in revenue• 4,500 invoices paid per month• Limited automation
VSWith Goby Monthly Processing Costs
$4.20 x 4,500 invoices = $18,900
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Savings of $223,020 per year
THE BUXE Company
Total savings
Project basis work with Paro:Automated AP with Goby:
$70,000 $223,020
Total: $293,020
Thank you!19
Thank you!
