Accounts payables with SharePoint and Nintex
- 1. December 10, 2015 Using SharePoint & Nintex for Accounts Payable (AP) Processes
- 2. IT Solutions from Business Experts ACTS is a Florida-based IT solution provider working with businesses to leverage technology for competitive advantage and market share growth With work grounded in a business outcome methodology, ACTS has been helping clients (from regional SMBs to global Fortune 500 enterprises) drive better business outcomes for more than 15 years
- 3. IT Solutions from Business Experts About the Presenter: Miranda Davis Business Development/Solution Consultant SharePoint SME and Power User
- 4. Industry Trends Best-In-Class Companies Automated AP Process Advantages AP Process Scan/OCR Invoices with Purchase Order (PO) Invoices without Purchase Order (Non-PO) Demonstration Why Use ACTS? Questions Agenda
- 5. Manual processing of paper invoices is cumbersome and costly In a manual environment Suppliers have no visibility Finance has difficultly managing the company’s cash position Penalties are often incurred and discount opportunities can be missed The industry average for AP processing is 9.7 days at an average cost per invoice of $15.61.* With automation services provided, ACTS improve your AP model to under 4 days to process and drop costs below $4 per invoice! Industry Trends for AP Stats provide by:*An AberdeenGroup Consulting study conducted in the spring of 2011
- 6. Surveys show that firms employing Best-In-Class performance shared several common characteristics which are all features of the ACTS AP Solution Accelerator: Best in class companies are: 2.4 times as likely to have invoices archived in a central, searchable location* 1.9 times as likely to have automated matching of invoices to purchase orders* 4.1 times as likely to have automated dashboards summarizing current AP status and performance* Best-In-Class Companies Stats provide by:*An AberdeenGroup Consulting study conducted in the spring of 2011
- 7. Why Automate AP with Scan/OCR and SharePoint? • Scanning invoices provides the opportunity to use OCR technology, extract data and drive automation in the AP process • Using Smart Capture we can pull relevant data to complete previously all manual tasks such as: • Auto route invoices to appropriate groups for GL coding OR automate completely via vendor tables • Auto route invoices for approval using approver tables OR automate completely by using approval rules • Auto compare Invoices with Purchase Orders and Receipts, for an automated 2 or 3 way match resulting in AP staff only handling exceptions • Auto route approved invoices to AP staff for entry into the accounting system OR automate data entry completely with web services • With SharePoint and Nintex we can use Forms and Workflow to automate the AP process either via workflow to streamline the process or eliminate all manual intervention depending on a companies level of complexity and tolerances Automated AP Process Advantages
- 8. The first step: Centralize and scan all invoices • Scanning invoices provides the opportunity to use OCR technology, extract data and drive automation in the AP process • Using Smart Capture we can pull relevant data to direct work or complete tasks, as well as, aid in driving which workflow is invoked • PO, Non-PO, special handling routing for vendor specific requirements or credit memos AP Process – Scan/OCR
- 9. Invoice Processing • Nintex workflow can evaluate the data provided and determine the path for the invoice to travel by using rules and algorithms • Invoices with Purchase Orders can be reconciled in an automated fashion against data retrieved from the accounting system using • 3 way match • 2 way match AP Process – Invoices with Purchase Orders (PO)
- 10. Invoice Processing • Invoices without a Purchase Order can be routed via workflow based various options, including: • Vendor Name or ID • And using a Vendor Table, for example we can • route invoices to appropriate groups for GL coding and initial review • OR we can automate the GL coding process by pulling it from the vendor table • Once appropriately reviewed and coded workflow can • route invoices for approval using approver tables • OR approval can be completely automated by using automated approval rules (For example: Setting limits for the amount of the invoice or a using 12 month history comparison) AP Process – Invoices without Purchase Orders (Non-PO)
- 11. Reduce the amount of time users spend performing tasks Remove bottlenecks and minimize manual actions Easily deal with high volumes of requests Maintain visibility Making End Users Productive
- 12. Automated Accounts Payable Process Work Queues Exceptions Coders/Processors Approvals Tables Nintex Forms and Workflows Dashboards Excel Services Power BI Demonstration
- 13. Using the BOM, ACTS identifies the pain points and areas of opportunity to automate Using SharePoint and Nintex to create an automated solution customized to your organizations practices and policies Implement a SharePoint-based solution that enables you to Leverage the collaboration platform everyone is using to surface line-of- business (LOB) data Make data-driven decisions with confidence, Manage risk and compliance across SharePoint and Exchange, and Boost Return On Investment (ROI) How ACTS Can Help Your Business The following AP Best Practices will be employed with our solution: We help you Use Technology We help you pay within your Vendors Payment Schedules We help you Reduce required approvals and Improve processing time We help you Use Automation for Approval of Repetitive Non-PO Invoices We help you by providing AP experts to help you process your invoices
- 14. Join us in 2016 for more training and demos! (904) 317-2140 info@actsolution.net