The 6 Biggest Trends for AP Leaders in 2021
•Als PPTX, PDF herunterladen•
0 gefällt mir•3,286 views
These are unprecedented times for organizations across the globe where solid accounting practices matter more than ever before. Established processes and procedures have been turned upside down. As staff continues to work from home and the recession continues, finding new ways of working and delivering value to the enterprise will be key to navigating the challenges that lie ahead. Canon Information & Imaging Solutions and SmartERP presented the six biggest trends that accounts payable leaders will face in 2021 and the steps they should take to address them. Automation helps an organization's bottom-line through cost savings and efficiencies. In many cases, it allows workers to stay safe, as automation enables workers to reduce or avoid returning to the office to process manually-based workflows such as scanning and printing invoices, purchase orders, and even checks.
Empfohlen
Empfohlen
Weitere ähnliche Inhalte
Was ist angesagt?
Was ist angesagt? (20)
Ähnlich wie The 6 Biggest Trends for AP Leaders in 2021
Ähnlich wie The 6 Biggest Trends for AP Leaders in 2021 (20)
Mehr von Smart ERP Solutions, Inc.
Mehr von Smart ERP Solutions, Inc. (20)
Kürzlich hochgeladen
Kürzlich hochgeladen (20)
The 6 Biggest Trends for AP Leaders in 2021
- 1. The Biggest Trends in Accounts Payable for 2021
- 2. Today’s Presenter from SmartERP Lewis Hopkins Senior Applications Consultant Lewis has been working in governance, risk, and compliance for the last 12 years, providing solutions and guidance to over 200 Organizations. He is a Board Member of the Governance, Risk and Compliance User Group and regularly speaks at industry events.
- 5. SmartERP Solutions | Global Expertise with Local Presence UAE Dubai Bangalore Hyderabad INDIA • Toronto • Boston • Chicago • Texas • Atlanta HQ Pleasanton, CA Chennai Founded in 2005 by former Oracle Executives, Architects, and Consultants Implementation Partner Oracle Cloude, NetSuite, PeopleSoft, EBS and JDE Solutions and Services A unique blend of Solutions and services 300+ Clients Worldwide clients for life across various industries 350+ Employees Certified experts around the world – 24x7x365
- 6. Today’s Presenters Peter Lopes Executive, Account Solutions Canon Information & Imaging Solutions Bob Singh Executive, Account Solutions Canon Information & Imaging Solutions
- 7. Transforming organizations through Intelligent Automation powered by our advanced digital technologies DOCUMENT CAPTURE WORKFLOW CONTENT MANAGEMENT ANALYTICS MOBILE CLOUD
- 9. Trend #1: Remote Working Continues
- 10. “Where is Your AP Team Working?” 8% 9% 52% 31% Completely in the office Mostly in the office, remote sometimes Mostly remote, in the office sometimes Completely remote Source: IOFM Online Survey, 1/21
- 11. Remote Working Challenges 10% 24% 17% 34% 47% No audit trail Approval routing Segregation of duties Exceptions resolution Invoice receipt/data capture Which of the following are remote working challenges for your accounts payable team (check all that apply)? Source: IOFM Online Survey, 1/21
- 12. Tracking Invoices is Harder 13% 27% 40% 7% 9% Other AP solution ERP E-mail chains Excel spreadsheets How are you tracking the processing of invoices? Source: IOFM Online Survey, 1/21
- 13. Remote Working is Here to Stay Social distancing Staff flexibility Talent recruiting Office downsizing
- 14. Now is the Time to Modernize AP Digital systems Intelligent data capture Dynamic workflows Online collaboration ERP integration Built-in controls
- 15. Trend #2: Pressure to Increase Efficiency
- 16. Top AP Priorities 3% 16% 22% 24% 27% Reporting & analytics Mitigating risk Dealing with paper Getting invoices paid on-time Ensuring productivity What are your biggest AP priorities as staff Work from Home? Source: IOFM Online Survey, 9/20
- 17. The Impact of Remote Working 7% 22% 22% 22% 27% Invoice data capture Exceptions resolution Approval workflows Payment processing Invoice receipt Which of the following AP tasks has been impacted the most by Work from Home? Source: IOFM Online Survey, 9/20
- 18. In your solution, if an invoice is PO generated, do you still circulate the invoice for approval? 1. Yes 2. No 3. Sometimes 4. Unsure
- 19. Does your solution handle multi-language and multi-currency OCR extraction? 1. Yes 2. No 3. Yes but not all 4. Unsure
- 20. Beyond scanning invoices and supporting AP can your solution do anything else? 1. Yes 2. No 3. Yes but not everything we want 4. Unsure
- 21. Do Workarounds Really Work? RISK!
- 22. Trend #3: Push to Eliminate Manual Tasks
- 23. Manual Processes Bog AP Down
- 24. How to End the Paper Chase
- 25. A Frictionless AP Lifecycle Supplier onboarding Invoice receipt Invoice data capture Invoice approval Exception handling ERP upload Reporting & analytics
- 26. AP Departments are Automating 9% 44% 11% 27% 6% Fully automated with few or no manual processes Largely automated, but we are automating further Largely automated and we have no plans to automate further Not very automated but we plan to automate further Not very automated and we have no plans to automate How would you describe your current level of AP automation? Source: IOFM Town Hall Meeting, 6/21/20
- 27. Trend #4: Better Supplier Management
- 28. The Supplier Management Challenge Collecting documents/data Verifying key details Vetting suppliers Creating a vendor master record
- 29. Supplier Management Risks IRS penalties or fines Wasted employee time Incorrect or duplicate payments Strained supplier relationships Supply chain issues
- 30. Automated Supplier Management E-mail registration links Self-service portal Approval workflows ERP integration Intelligent dashboards
- 32. The Power of AP Data CFOs Controllers Procurement Treasurers AP Leaders
- 33. Smart Insights at Your Fingertips Visibility Dashboards Drill-down Integration Reporting Mobile Exports
- 34. Trend #6: Higher Standing for AP
- 35. The Rising Value of AP
- 36. How AP Contributes to Business Growth Revenue growth Profitability Cash management Supplier management Risk Management
- 37. Senior Management is Supportive 63% 5% 32% Is your senior management is more open to AP automation? Yes No Not sure Source: IOFM September 2020 Survey
- 38. Case Study: Utility Company
- 39. Over 2,200 employees 6,000 vendors, about 100,000 invoices per year 70% of invoices paper-based, about 85% PO-based 200 users of the ERP system (Oracle) Utility Company Complex AP workflows, in need of automation to provide visibility and control over the AP operations.
- 40. Challenges and Goals Goals for AP Automation Project Transparent and standardized AP process Improved visibility into the status of the invoices Faster payment cycle: not only on-time payments but also early-payment discounts from suppliers Challenges Manual processing of over 100K invoices Manual approvals Limited visibility into approvals and invoice processing Payment cycles are too slow Vendors keep inquiring about the status of their invoice Complex process
- 41. Solution: Accounts Payable Automation Intelligent document capture with high accuracy Integration with financial system Visibility into invoice status Standardized workflows Ability to approve invoices even with a mobile phone
- 42. Benefits Enable cost savings Improve on-time payment and early payments of invoices Fast and efficient invoice processing Reduce manual tasks and limit reliance on paper Improve productivity of the team Transparent invoices, approvals and payment status Manage compliance and risk of fraud Improved supplier relations Standardized financial process - easy to control and adapt to work-from-home situations.
- 43. Accounts Payable Automation Intelligent invoice capture Content Management Workflow and collaboration Business analytics Integration with financial system Mobile access Fraud detection Multiple Deployment Models: On premise Preferred where the datacenter has capacity Perpetual license AP Automation Cloud solution Scalable, reduce upfront cost Software as a service model
- 44. Consulting Experience with AP and other Business Processes Expertise in integrating with ERP systems Industry expertise in multiple verticals Technology Intelligent Capture Content Management Workflow and Collaboration Delivery Implementation Customization Training/Change Management What CIIS Offers In the challenging remote work environment, we are committed to making your business processes Digital Secure Accountable
- 45. A. Just Smart Form I-9 (Free) B. Both Smart Form I-9 and E-Verify (Free) C. Smart Applications with Smart Onboarding ($) D. Full Suite with HR Integration ($) E. Full Suite with HR Integration plus other apps ($) F. Not Sure? Use the question feature in your Zoom application
Hinweis der Redaktion
- These are unprecedented times for accounts payable departments. Established processes and procedures have been turned upside down. As staff continue to work from home, and the recession continues, finding new ways of working and delivering value to the enterprise will be key to navigating the challenges that lie ahead. Learn the six biggest trends that accounts payable leaders will face in 2021 and the steps they should take to address them.
- Bob – I am the Western Region Account Executive for Canon based in California. I joined the Canon team 9 years ago and Have a background in Oracle Technology and ERP Systems. I crrently resides in California with my wife and 2 sons.” Peter – I am the Eas6ern Region Account Executive for Canon based in Mass. I joined the Canon team 9 years ago and I also Have a background in Oracle Technology and ERP Systems. I crrently resides I Bost with my wife….
- Canon Information and Imaging Solutions, Inc. (CIIS), a wholly owned subsidiary of Canon U.S.A., Inc., brings together Canon’s world-class imaging technologies and information management expertise to assist organizations in achieving their digital transformation objectives. NET SALES: $35.6 Billion NET INCOME: $2.3 Billion In the TOP FIVE U.S. Patents for 34 Consecutive Years CIIS transforms organizations through Intelligent automation. Intelligent automation solutions from CIIS can remove friction across the process lifecycle and speed the delivery of information to downstream systems and decision-makers. Intelligent automation can eliminate errors that increase costs and impact customer service. It can control task execution in a configurable and efficient manner. Powered by our advanced digital technologies for information capture, management and analytics, intelligent automation from CIIS does more than automate core business processes. It makes them smarter.
- These are unprecedented times for accounts payable departments. Established processes and procedures have been turned upside down. As AP staff continue to work from home, and the recession continues, finding new ways of working and delivering value to the enterprise will be key to navigating these turbulent times. Accounts payable departments will have to modernize the way they do things to address six significant trends in 2021.
- Remote working is the new normal in accounts payable.
- Eighty-three percent of accounts payable departments are working from home, at least in the part, according to an online survey conducted last month by the Institute of Finance and Management (IOFM).
- The sudden shift to remote working has disrupted the way that many AP departments operate. Forty-seven percent of AP leaders say that invoice receipt and data capture is their department’s biggest challenge as staff work remotely. It is hard to adapt paper-based processes to remote working. Thirty-four percent of AP leaders say that exceptions resolution is more challenging these days. Similarly, 24 percent of AP leaders say that approval routing is a challenge. Tracking down approvers and getting invoices to them is harder when staff work remotely. And 17% of AP leaders say that ensuring segregation of duties is their biggest remote working challenge. This speaks to the number of organizations that are using e-mails to route invoices.
- It’s also harder for organizations to know where things stand in the process when staff work at home. Only one-quarter of AP departments have an AP solution for tracking invoices. Other departments rely on ERPs, spreadsheets and e-mail chains to track invoices, which provide limited visibility and control.
- The challenges of working from home aren’t going away any time soon. Moving forward, employees may be asked to continue working remotely to ensure social distancing. The success of Work from Home during the pandemic also may embolden some organizations to offer more flexible work arrangements to employees. And more organizations are likely to offer remote work arrangements to recruit new talent to finance. Over time, some businesses may downsize their office space because of the success of remote work arrangements.
- After settling into this new operational rhythm, accounts payable departments must now adapt their processes to streamline and scale their operations. The goal is sustainable operational improvements. The success of an accounts payable department will depend on its ability to deploy the right technologies and tools to support staff when staff Work from Home. This will require: Digital systems that are available at any time, from any location, using any device. Intelligent data capture solutions that aggregate electronic invoices (including those sent via e-mail) and extract and validate information with a high degree of accuracy. Dynamic workflows that keep processes moving, no matter where staff work. Online collaboration tools for accelerating supplier onboarding and exceptions resolution. Seamless uploads of invoice data to any ERP or accounting system. Built-in controls and complete audit trails that ensure transparency and security. Automation helps accounts payable departments work smarter when staff work remotely. And that will be key because there’s no telling when or if AP will be returning to the office.
- Businesses expect their departments to do more with less. Accounts payable is no exception. To achieve better operational efficiency, accounts payable departments will need to address the disruption caused by the sudden shift to remote working.
- Accounts payable is no exception. To achieve better operational efficiency, accounts payable departments will need to address the disruption caused by the sudden shift to remote working.
- Twenty-seven percent of accounts payable leaders say invoice receipt has been impacted most by Work from Home, IOFM finds. Government restrictions during the pandemic has made it hard for some departments to get staff into the office to open and scan invoices received via the mail. Twenty-two percent of accounts payable leaders say that approval workflows, exceptions resolution, and payment processing have been impacted most by Work from Home. Slow invoice processes result in late payments, missed early payment discounts, more calls and e-mails from suppliers regarding the status of invoices and payments, and difficulty in forecasting cash flow. Seven percent of AP leaders are having more trouble capturing data now that staff work remotely. Many accounts payable departments lack the software to extract data from invoices sent as PDF e-mail attachments, the invoice delivery method of choice for many businesses during the pandemic.
- Many organizations have created workarounds to try and address the challenges created by remote working arrangements. But these workarounds may be creating more issues than they solve, particularly when it comes to control and visibility. Workarounds such as routing invoices via e-mail … Are not secure Do not ensure segregation of duties Do not provide chain of custody assurance Do not track actions taken on an invoice Do not provide ready access to audit information And do not stop document images can be deleted ahead of deadlines It is for these reasons that automation is a top priority of many accounts payable departments. Efficiency and productivity will be top of mind for accounts payable leaders.
- For years, accounts payable has been the quintessential back-office function. Tactical. Cost center. A drain on company resources. The higher the invoice volume, the more people accounts payable required to get the job done.
- The typical accounts payable practitioner spends 84 percent of their day bogged down on manual tasks such as keying invoice data, shuffling paper, chasing down information, and responding to supplier inquiries, IOFM finds. In fact, accounts payable managers spend a higher percentage of their workday on transaction processing than on the managerial tasks they were hired for.
- As departments look to adapt to new ways of working and help position their business for the economic recovery, the potential benefits of eliminating manual processes are too clear to ignore. Digital workflows do not require staff to be in the office to receive or approve invoices. Staff can electronically collaborate with suppliers and internal stakeholders to resolve exceptions. Online portals allow suppliers to submit invoices electronically, securely provide contact information and banking details, and check on the status of invoices and payments. Built-in governance controls and audit trails ensure accountability and security, no matter where staff work. And unified, real-time visibility enables accounts payable leaders to manage operations across multiple geographies and business units. All this means you can have visibility and control, no matter where staff work.
- Automation eliminates friction across the accounts payable cycle: Supplier onboarding Invoice receipt Invoice data capture Invoice approval Exception handling ERP upload Reporting Whether it is extracting invoice data, matching invoices to purchase orders, or routing invoices to approvers, automation eliminates tedious manual tasks and frees staff to focus more time on higher-value activities such as data analysis, supplier management, and vendor master database cleanup.
- Automation is long overdue in accounts payable. Only 9% of accounts payable departments say they are completely automated. Conversely, 14% of accounts payable departments have no automation. And 6% of accounts payable departments have little automation. The sudden shift to Work from Home has exposed and exacerbated the shortcomings of these manual and semi-automated AP processes. As a result, automation has become a top priority for AP departments. 71% of businesses plan to automate their accounts payable function further. Even those organizations that are largely automated have plans to deploy more technology this year. Only 6 percent of businesses have thrown in the towel and say they won’t budge from their manual AP existence.
- When it comes to managing suppliers, things can get complicated quickly.
- It all starts with having a process for collecting documents and data from vendors, verifying key details, vetting vendors to avoid banned entities and people, entering data into purchasing and accounting systems, and more – all while following laws, regulations, and corporate standards. And the supplier management process is especially hard for businesses that try to manually onboard and register vendors while staff work from home. In this environment, businesses face some big challenges when it comes to validating vendors, gathering complete and accurate contact information and banking details, verifying sanctions clearing, and classifying the vendor for tax reporting.
- All this has big implications when it comes time to pay suppliers or complete tax reporting. Inefficient or ineffective supplier management can result in IRS fines, wasted employee time tracking down information, incorrect and duplicate payments, strained relationships with important vendors, and even supply chain issues. At a time when businesses are looking for ways to do more with less and grow their revenues, the issues caused by poor supplier management are untenable.
- That’s why more businesses will rethink the way they manage suppliers in 2021. Automated supplier management solutions that include e-mail registration links, online portals, approval workflows and process status visibility can make better supplier management a reality. The result will be better reliability and less risk.
- Managing cashflow and corporate spending is harder these days. Information is not readily available when staff work from home. Business conditions are changing fast. The pressure to get things right has never been higher. In 2021, more accounts payable departments will automate to unlock information that was previously trapped on paper invoices and expose issues and opportunities that the business needs to act on, fast.
- Accounts payable is the only function inside a business that sees how every non-payroll dollar gets spent. This means that accounts payable sits on a treasure trove of actionable insights. Using accounts payable data: CFOs can assess the financial health of the business. Controllers can spot suspicious transactions. Procurement can see how money is being spent. Treasury can identify opportunities to optimize payments to suppliers. Accounts payable leaders can ensure optimum efficiency and effectiveness. Business leaders are starting to wake up to this realization. Accounts payable leaders anticipate that more stakeholders across the enterprise will expect real-time visibility into invoice data.
- Automation provides the visibility the enterprise needs into accounts payable data: Real-time graphical dashboards Drill-down capabilities Seamless integration with any ERP Ad hoc reporting Mobile access to information Export capabilities Automation will put valuable insights at the fingertips of enterprise stakeholders.
- In times like these, all parts of the business need to pull together to drive revenue growth and value. Accounts payable is no exception. In fact, the strategic standing of accounts payable continues to rise as business leaders see the potential of unlocking the data that flows through the department.
- The perception of accounts payable already is growing within businesses. Most businesses now see AP as being very or exceptionally valuable. This is a far cry from the long-held perception that AP is a tactical back-office function.
- Automating accounts payable frees staff to focus more time on higher value activities like data analysis, supplier management and vendor master database cleanup. Focusing AP staff on strategic activities contributes to: Revenue growth Profitability Working capital optimization Better supplier relationships And stronger compliance and risk management This is music to a senior manager’s ears!
- And it is why more senior managers are supportive of AP’s efforts to automate. At a time when capital budgets are being slashed, it really says something that senior management is committed to automating AP. AP leaders will face some big challenges in 2021. But automation can help them address these trends in the short-term, while setting the function up for long-term success. Here’s Bruno to tell you more about how automation can help.
- The ability to work more efficiently and collaboratively in a digital world is now more important than ever. CIIS offers a vast array of solutions that help customers automate their key business processes. Leveraging our consulting expertise, best in class technology, and consultative, customized approach to delivery , we are committed to helping our customers make their business processes digital, secure, and accountable. We are here to work with organizations like yours, to identify areas where you experience challenges, assist you in short term needs, while allowing you to plan for the future. So I urge you to reach out to us today.