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Western Forest Products Inc. Accounts Payable Solution Western Forest: – – – Western Forest Products is an integrated Canadian forest products company, managing timberlands and producing lumber in coastal British Columbia. Principal activities include timber harvesting, reforestation, sawmilling logs into lumber and wood chips, and value-added remanufacturing. WFP’s operations, employees and corporate facilities are located in coastal BC, while its products are sold in more than 20 countries worldwide 3500 employees 31 locations on Vancouver Island lower mainland (2) Very tough economy – restructuring Contact was CIO (original), Director of Finance, AP Manager (for AP)
WFP AP Issues • • • Over 2500 suppliers 700 invoices/day. Invoices manually entered to generate “GL” code “Apron” Entered into accounting system (JD Edwards) “Apron” and invoices couriered to managers at each location to verify and approve expenditures • 10% of manager’s day dealing with invoice approvals and tracking down who/what/where/why of invoice • Receive invoices via fax, email, mail. All need to be entered manually into system. • No consistency or control
Old Process • 3 full time accounts payable personnel – 3 x 43000/year = $129 K/year • Courier service to shuttle all invoices/approvals between locations – 31 sites with two weekly runs: $40 per site/week = $64480/year • Managers Time: 10% of day – – 4 hrs /week 208 hrs/year x 31 managers 6448 hrs/year @ 60 K/year $ 186000/year in manager wages managing invoices • Process took week (s) • Total cost of old process = $379480/year
Working Solution • • • Invoices scanned in at accounting office or at MFP’s at remote locations. Turned into PDF’s and funneled to the accounts payable system where they are OCR’d and based on “Zone OCRing” specific fields or information (such as GL code, date, supplier code, line item, postal code ect) are captured The info is input to the data base and verified based on stored supplier info and cross referenced. If errors then human intervention is prompted. Manual data entry is now Automated Validation screens Verified data entered into approvals process: emails with line items, costs and suppliers are sent to managers for approval. Email provides check box for approval/refusal and is sent back into system where if approved it automatically cuts check or in case where it is not approved invoice is moved up the escalation process. All invoices and copy of checks are moved into archiving once paid. This provides simple search protocols to prove payment and closes loop.
New Process • • One accounts payable clerk: $43 K/Year 5% of managers time: $37 K/year Our solution $110 K/year Total: $190 K/year • Savings: $250 K/year, ROI of 14 months
Software Components • Docushare CPX – advanced routing and approvals. Automated workflows. • Ascent Capture (Scanning/OCR), Virtual Re. Scan (Quality Assurance) and Xtrata Pro (Validates data and queries users when issue arise). All from Kofax (business partner) • Cost – 400 K
Who are we looking for? • Companies: Medium and large business’ receiving 100’s invoices/day • Have difficulty finding, tracking or confirming date or payments • People: Accounts payable/receivable managers, controllers, accountants, CIO’s, COO’s and CFO’s
Elevator Speech • • Full automation intake and approvals process Improved turn around time on invoice payments Reduction/redeployment of staff Improved customer/supplier experience- improved customer retention and loyalty. • Less managerial time required to validate expenses • Full records management and archiving
Questions • How many invoices do you handle a day/week/month? • How long does it take to get a supplier cheque cut? • How labor intensive is your current process? Who is involved, ie managers, clerks ect. • How much of your managers time does this take? • How many AP clerks? • How long does it take to get answers back to customers/suppliers? • How often do issues arise that require someone to go through physical records?
AP Flo Video/Case Study Links • Computerworld Information Technology Awards Foundation - Laureate 2010 • “Paperless office moves out of the realm of pulp fiction in 2010” –ZDNet • Case Study: studyhttp: //docushare. xerox. com/partners/vars_68. html • Video: (5 minutes) http: //www. cdit. com/Xerox/AP_Automation_Solut ion/landingpage. php