Increase the value of Accounts Payable Presenter: Daniel Kimpton
Agenda § Introduction § Benefits § Solution Overview § Live Demonstration § Pricing & Free Trial Offer § Q&A
Introduction
About Us § Founded 2013 § Parent company ‘Cogent Consulting’ have been implementing Invoice Automation solutions for 10 years § As a result customers had more people processing statements than invoices § Developed a solution to solve the problem based on customer requirements § Customers across the globe
The Problem with Manual Statement Recons § Manual process is very time consuming § Can only reconcile small No. of suppliers § Tedious & un-popular task with users § High volume of invoice status queries from suppliers § Invoice processing errors not identified on a timely basis leading to late payments and account stops
Why reconcile statements? § Ensure all credit notes and invoices have been received § Identify invoices on the ledger that are not on the statement § Identify invoice entry mistakes § Invoice # - Increased risk of duplicates § Invoice/Credit wrong way round § Incorrect Amounts § Reduce phone calls from suppliers by sharing status § Accurate supplier balances § Best practice financial controls
Benefits
Automating the Process § More time to: § Process higher volume of statements § Manage the exceptions § Resolve exceptions to pay suppliers on time § Provide suppliers with invoice status (portal and email) § More accurate supplier balances § Improve Controls = More Profit § § § Fewer duplicates Never miss a credit note Identify incorrect values Maximise early payment discounts Identify miss-postings before they are paid
Automating the Process contd. § Better role for Accounts Payable users § Headcount savings or do more with same resources § Raises the profile of AP with the CFO § Enables you to be more proactive with suppliers § Improve supplier relationships § Reduces potential cost of Audit Recovery
Why chose Statement-Matching. com? § Cloud based ~ No IT and system ready to use in 3 days § Developed based on feedback from AP users § Fully automated reconciliation – Exception only processing § Works with paper, pdf and excel statements § Supplier’s can access invoice status, exchange messages and upload their own invoices (optional)
Solution Overview
Getting data into the system § Periodic feed from your ERP system(s) § Paper and PDF statements uploaded via Managed Service § Suppliers or AP users can upload Excel statements directly
Principles § New statements automatically matched (by vendor and company) § Existing statements automatically re-matched on upload of new ERP data § Overall status for statement plus status for each line § Always looking at most recent statement § Previous statements viewed in statement history § Reports automatically updated on upload of new ERP data
What does it look like for AP?
Dashboard – Key Reports & Statuses
Search Screen
Search Results
Reconciliation Example – Missing Credit Note
Let’s Look at Some Scenarios 1. Un-paid items on system missing from statement 2. Fully Matched with Data Mismatches – Multiple errors 3. Missing credit note
Let’s Look at Some Scenarios 1. Un-paid items on system missing from statement
Un-paid items missing on statement
Un-paid items missing on statement Un-paid invoice on the ledger dated prior to the invoices in the statement.
Let’s Look at Some Scenarios 2. Fully Matched with Data Miss-Matches
Fully Matched with Data Mismatches
Multiple Errors
Let’s Look at Some Scenarios 2. Missing Credit
Incomplete Matching
Missing Credit Note
Email PDF Report to Vendor
Copy of PDF Report the Vendor Sees
Add Notes to denote action taken Add notes & view existing notes
Supplier Self-Service Option
Key Features § Invite suppliers via Statement-Matching. com § Suppliers can view invoice status § Suppliers can submit messages against documents, which are visible to Statement-Matching. com users § Suppliers can upload their own statements in Excel or email PDF and Scanned images § Suppliers can view reconciliation results
Supplier Portal Dashboard § Suppliers have a single login to view invoice status from all customers who use Statement-Matching. com
My Invoices View
Supplier submits message against document
AP Replies to Message via Statement-Matching. com
Suppliers can upload their own statements
Supplier maps Excel columns to correct fields
Suppliers can view reconciliation immediately
Reporting
Statement Reporting • Reports can be run by company and vendor, sorted and summed • Reports can be used to list and manage statements by error reason.
Supplier Reporting
Share statement audit reports with vendors
Internal/External Audit Reports: § § Statement totals Payment totals Balances Copy of reconciliation and image appended
Pricing & Free Trial
Pricing comprises two components: 1. Monthly Subscription – Fixed monthly cost based on annual volume of invoices processed. 2. Monthly Statements Processed – Variable monthly cost based on volume of statements processed. Commercials: • 4 week free trial • 30 day rolling agreement
In Summary § Enables you to reconcile more statements § Improve profits § Proactive with suppliers = Fewer queries § Cloud based ~ System available to use in 3 days § Get suppliers to reconcile their own account via portal § 4 week free trial
Any Questions? Take advantage of a 4 week free trial daniel. kimpton@statement-matching. com
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