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Automating Finance Processes

Automating Finance Processes. Christine Whyte . Focus on process expertise AP, O2C, P2P, CSC, HR, Claims, Contracts, etc ”One software for all document on-boarding” Electronic formats are growing XML, PDF-email… Enterprise Capture is everywhere ECM, WF, ERP….

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Automating Finance Processes

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  1. Automating Finance Processes Christine Whyte

  2. Focus on process expertise • AP, O2C, P2P, CSC, HR, Claims, Contracts, • etc ”One software for all document on-boarding” Electronic formats are growing • XML, PDF-email… Enterprise Capture is everywhere • ECM, WF, ERP… What are the market trends?

  3. DOCUMENTS 7 SURVEY/FORMS DOCUMENTS CUSTOMER DOCUMENTS CustomerSolutions BUSINESS DOCUMENTS BACK OFFICE ARCHIVING

  4. Automated cash allocation and remittance management Making month-end just another day

  5. What is the ReadSoft AR solution? Sales Ledger Extract Payment File Remittance Advice • Powerful self-learning accounts receivable software • Not wholly reliant on the need for remittance advices • Automatically matches up to 80% of incoming payment to invoices in a matter of minutes • Complete repository of all payment types and remittances • Pre-built interfaces to all major banks • Multiple currency support BACS Cheques Faster Payments Auto Matching – 80% Filter Exception Payments Auto Load Matched Payments Flexible Reporting UpdateMatchReconcile Sales Ledger General Ledger Bank

  6. Automated solution diagram Cheques Scanning Remits MICR data captured Correction station to validate £ Continual learning once scanned ReadSoft OCR software Image & Data scan Audit trail Cheque data file Remit data file Automated matching >80% Software continually learns payment behaviour Constant on-line visibility of receipts Manual input only required on exceptions Cash allocation software Bank BACS data All major banks have pre-built interfaces Sales ledger Interface to M3 System Audit trail kept of all transactions

  7. Typical scenario after implementationAverage of 1,600 payments/day (BACS and cheques) – Double at month end Other improvements High customer satisfaction Storage costs eliminated Full audit trail

  8. Covers electronic and offline transactions Work to a clean sales ledger View remittances where payment due Reduce number of ‘already paid’ chase-ups View cheque and remittance images Full payment history Eliminate allocations to invoice and unallocated rework Full control of the call Benefits to credit controllers

  9. Demonstration...

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