Automating Accounts Payable for Increased Efficiency and Accuracy

1. Increase the value of Accounts Payable Presenter: Daniel Kimpton

2. Agenda • Introduction • Benefits • Solution Overview • Live Demonstration • Pricing & Free Trial Offer • Q&A

3. Introduction

4. 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

5. 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

6. 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

7. Benefits

8. 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

9. 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

10. 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)

11. Solution Overview

12. 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

13. 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

14. What does it look like for AP?

15. Dashboard – Key Reports & Statuses

16. Search Screen

17. Search Results

18. Reconciliation Example – Missing Credit Note

19. Let’s Look at Some Scenarios • Un-paid items on system missing from statement • Fully Matched with Data Mismatches – Multiple errors • Missing credit note

20. Let’s Look at Some Scenarios • Un-paid items on system missing from statement

21. Un-paid items missing on statement

22. Un-paid items missing on statement Un-paid invoice on the ledger dated prior to the invoices in the statement.

23. Let’s Look at Some Scenarios 2. Fully Matched with Data Miss-Matches

24. Fully Matched with Data Mismatches

25. Multiple Errors

26. Let’s Look at Some Scenarios 2. Missing Credit

27. Incomplete Matching

28. Missing Credit Note

29. Email PDF Report to Vendor

30. Copy of PDF Report the Vendor Sees

31. Add Notes to denote action taken Add notes & view existing notes

32. Supplier Self-Service Option

33. 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

34. Supplier Portal Dashboard • Suppliers have a single login to view invoice status from all customers who use Statement-Matching.com

35. My Invoices View

36. Supplier submits message against document

37. AP Replies to Message via Statement-Matching.com

38. Suppliers can upload their own statements

39. Supplier maps Excel columns to correct fields

40. Suppliers can view reconciliation immediately

41. Reporting

42. 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.

43. Supplier Reporting

44. Share statement audit reports with vendors

45. Internal/External Audit Report Audit Reports: • Statement totals • Payment totals • Balances • Copy of reconciliation and image appended

46. Pricing & Free Trial

47. Pricing Pricing comprises two components: • Monthly Subscription – Fixed monthly cost based on annual volume of invoices processed. • Monthly Statements Processed – Variable monthly cost based on volume of statements processed. Commercials: • 4 week free trial • 30 day rolling agreement

48. 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

49. Any Questions? Take advantage of a 4 week free trial daniel.kimpton@statement-matching.com