Category Archives: Accounts Payable

7 Reasons to Automate Accounts Payable in an Oracle E-Business Suite Environment

 

 

Do you work in the Oracle® E-Business Suite realm? Are you still looking into automation and how it could fit into your organization? Look no further, Esker has laid out 7 Reasons to Automate Accounts Payable in an Oracle E-Business Suite Environment. That’s right, you heard me: in an Oracle E-Business Suite Environment! Not only does Esker offer accounts payable (AP) automation, we now have a seamless connector for those working in the Oracle space.

What’s Your Reason to Automate?

Do you suffer from lack of visibility into your KPIs (Key Performance Indicators) on a daily basis? Maybe your AP specialists are being stretched thin by manually processing invoices, or you could be looking to take advantage of early payment discounts but don’t have a good way to track them in your current process. Whatever your reason to automate may be, you will want to start putting an action plan in place for automation by laying out how it will benefit your organization. Now, there is no need to rack your brain coming up with reasons to automate, I already did the work for you!

 Reasons to Automate Accounts Payable

  1. Address the Issues
    What pains are you experiencing in AP? I am sure if you have pains, others in your department feel them as well (or additional ones). Take a moment to familiarize yourself with all the procedures, or even give yourself a nice refresher, you might end up pinpointing a few issues automation could fix that you didn’t think of before. You want to make sure you have identified all the pains in your department to make a strong case for automation.
  1. Consider the Big Picture
    What is automation going to bring your organization for years to come? Maybe you are being hit by the lack of visibility, imagine the joy of automation providing total visibility into invoices throughout the process and the ability to track KPIs on a daily basis! Think of all those in your organization that will benefit. Are you looking to improve supplier relations? Automation can give you a vendor portal which gives vendors insight into where their invoice is without needing to pick up the phone! Think of the time that AP specialists could be saving. Can you already imagine a few of your vendor relationships improving? Maybe early payment discounts are a hot topic, think of the money your organization could save by having visibility into the process with real-time tracking. Catch those discounts before they are gone! What does your big picture look like and where do you want automation to take your organization?
  1. Assess Your Situation
    You have pinpointed your issues, taken a look at how automation will benefit your organization, in the long run, now it is time to assess your situation. How well do you rank among your competitors? Do you have easy access to your KPIs and other important data? If you are not happy with where you stand, or you are content with your ranking but know you can improve, it is time to take action with automation!

Get all 7 reasons to automate AP in an Oracle E-Business Suite environment by downloading our guidebook today! You won’t want to miss out — kick start your business case today!

Algoma Chooses Esker’s Cloud-Based Solution to Streamline Its Accounts Payable Processes in an SAP® Environment

Sydney, Australia — June 5, 2017 Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announced it is working with Algoma, a North American steel manufacturer, to automate its accounts payable (AP) processes. Esker’s cloud-based accounts payable automation solution will integrate with Algoma’s SAP® system to bring more speed, accuracy and visibility to the 12,000 incoming documents it processes monthly.

Algoma selected Esker after implementing an SAP system in 2012. One of Algoma’s top priorities was to gain greater real-time visibility into important invoice details. The ability to integrate with SAP applications and sophisticated analytical capabilities of Esker’s solution were exactly what Algoma was looking for. Additionally, Esker will enable Algoma’s team of AP specialists to transition from clerical work to analytical roles, setting the stage for greater productivity and professional growth opportunities.

“Our goal was to not only transact vendor invoices more efficiently, but to also gain rapid insight into the potential bottlenecks and problems in our processes,” said Piper Lee Frech, senior manager – financial accounting, taxation and pensions at Algoma. “Esker’s machine learning technology and real-time dashboards that can be tailored to individual needs of each AP Specialist, gives us the flexibility and user-friendly interface we need to achieve our goal.”

This project signifies a positive step for the organisation, as it is the company’s first venture with a cloud-based solution. Algoma believes they will see real benefits from Esker’s cloud capabilities when it comes to communication with its vendors.

About Algoma

Algoma has been a mainstay of the North American steel industry for more than 100 years. A fully integrated steel producer with a raw steel production capacity of approximately 2.8 million tons per year, Algoma’s size and diverse capabilities enables it to deliver responsive, customer driven product solutions straight from the ladle to direct applications in the automotive, construction, energy, manufacturing and defense industries. Algoma’s operations are based in Sault Ste. Marie, Ontario with sales offices in Burlington, Ontario and Calgary, Alberta.

 

[Infographic] A Brief History of Payment Methods

We are excited to share a blog post from SlimPay today. This post features an infographic on the history of payment methods that evolved alongside civilizations.

Using a Mobile App to Maximize Accessibility & Boost Efficiency in Accounts Payable

If there’s one thing that all accounts payable (AP) departments stand to benefit from, its greater accessibility to invoices and purchase requisitions. We can all agree that work isn’t confined to the office, so why should your AP processes be?

As the integration of business processes and technology grows and strengthens, so do customer expectations when it comes to speed and accuracy. One way AP departments can meet and exceed those expectations is by way of a mobile application. With one, managers are provided on-the-go, always-on access to: invoices, purchase requisitions, invoice approval or hold, document lists, key data, line items, original documents, and the sending of documents back to the AP department or previous approver.

The best part of using a mobile app for purchase requisition and invoice approval? The benefits of one span the entire P2P cycle.

Advantages of a Mobile Requisition & Invoice Approval App

  • 24/7/365 availability
    A mobile app allows managers to access invoices and purchase requisitions at any time and any place. Whether it’s a holiday or during travel, invoice and purchase requisition approval is always just a click away.
  • Work while on the go
    Managers have on-the-go accessibility to invoices and purchase requisitions with a mobile app, enabling continuity and speed in AP processes. During travel, there’s no need to wait for managers to be back in the office for approval — they can approve on their time, from wherever they are.
  • Easy approval
    Approving invoices and purchase requisitions is as simple as hitting a button thanks to mobile applications like Esker Anywhere™, available for both Apple® and Android™ devices.
  • Quickly resolve exceptions
    Rapidly resolve any exceptions and move forward with approvals from a single app. Doing so fosters positive relationships with suppliers and speeds up the invoicing process.
  • Increase efficiency
    With fewer bottlenecks along the way and less effort needed for approval, efficiency in the P2P process is improved.

Learn more about how a mobile requisition and invoice approval app can help your business by watching the video below!

Picking the Winning Bracket (and Automation Solution)!

basketball floor

It’s bracket time! Millions of people fill out brackets every year with the hopes of getting it right and winning big. Whether it’s for your local office or a national pool, the chance to win big money is too enticing to pass up. As I have been filling out brackets since the age of 6 years old,  I thought I would share the three factors that help me decide on who has the best chance of winning it all — and how to do the same when it comes to picking a winning automation solution for your business.

To start, here’s a little history. The first NCAA tournament was in 1939 and the Oregon Ducks ended up winning the championship. In those days, only eight teams made the big dance. Today, that number has ballooned to over 72 teams in 2017. That’s a lot of unknown factors to account for, leaving the chance of you perfectly predicting the bracket as 1 in 9.2 quintillions. Yup, that’s a real number.

So what factors do I follow to increase my chance of winning (and that companies can follow in their hunt for an automation solution)?

  1. The Point Guard: The most important position come tournament time. Why? Because point guards are the extension of your coach on the floor. They communicate what offense to run, control game tempo and are usually responsible for defended the other team’s point guard.Think of your customer service representatives (CSRs) as your organizational point people. Not only are they responsible for entering orders, CSRs answer customer questions, handle disputes and make sure customers are taken care of. They are an extension of your company’s values, philosophies, and strategies. According to Forrester Research, great work by CSRs (aka point guard play) can translate to over $80 million in additional revenue.
  1. The Coach: One of the most underrated aspects of picking a potential candidate for winning March Madness. Look for a coach with a history of creating a culture of winning. That kind of coach excels at recruiting talent and utilizing that talent to maximize the potential of not only each individual player but of the team as a whole.Organizations that are constantly looking at ways to improve business processes are creating a culture of winning — always improving and never content with last year’s successes. In order to achieve success, they must be willing to invest in their talent by giving them the coaching and tools to meet customer needs in a timely matter.
  1. Defense, Defense and More Defense. In today’s data-driven world, you can look at statistical splits (+/-) to try and predict how far they will go. Field goal percentages at the rim and the three-point line can all be used to forecast a team’s performance come tourney time. Taking a peek at advanced statistics can also reveal underlying issues that wouldn’t otherwise be noticeable.Visibility into how efficiently your company is processing orders and invoices allows organizations to take advantage of things like early payment discounts, and help the supply chain with demand planning and inventory thanks to the ability to monitor orders before they even hit the ERP system!

Having a winning bracket usually isn’t based on luck … I mean, there are some folks who guess correctly based on uniform color, mascot, or even who sponsors their shoes. Luck isn’t sustainable,  but your organization’s success is — especially once you’ve carefully evaluated your people, process, and technology. Esker can help your organization optimize its business functions with automation, just give us a shout here.

Meet Michael – Controller | Esker Accounts Payable

 

Michael oversee’s the accounts payable department – him and his team have a lot to do with little time to do it. Michael faces challenges such as poor cash flow visibility, delayed approvals & late payments, missed discounts, and lack of tracking & reporting.

 

Mobile Requisition & Invoice Approval App | Esker Anywhere

 

Financial professionals are expected to perform with speed, accuracy, and accessibility. In a workplace where everything was needed yesterday and instant 24/7 availability and access is becoming the norm – mobile adoption in any solution is a necessity.

Digging for Data: Four Essential Accounts Payable KPIs

Only 15% of businesses track their metrics using technology like dashboards that display key data, a 2015 IOFM study found. What gives?

Key Performance Indicators (or KPIs) are the bread and butter of process improvement initiatives — revealing important data about core activities in accounts payable (AP) and propelling your project from concept to reality. The nature of this information is essential, as it pinpoints problem areas and can help guide companies looking to transform their AP department into a best-in-class performer.

Four Essential Accounts Payable KPIs to Follow

  • Number of invoices processed per employee per day
    There’s no definitive market average for this KPI due to the many factors that play a part in this calculation, but you can bet your bottom dollar that this is one metric you should be following. Once you are, make sure to communicate your expectations with employees and allow them to provide input to ensure you’ve set attainable goals.
  • Average number of invoices received containing exceptions
    According to a 2015 Ardent Partners study, more than 1 in 6 invoices received by the average business result in an exception. This represents a significant portion of AP staff time spent solving exceptions and clearing the invoice for re-entry into the workflow. In a manual environment, exceptions are yet another obstacle that AP departments must overcome.
  • Average cost per invoice
    A lot is involved in the total cost to process an invoice (e.g., copying and follow-up, IT support, staff salaries, etc.). A 2015 PayStream Advisors study found that the average all-inclusive cost for an organization to process a single invoice manually is $40.70. If you don’t know how much you’re paying to process an invoice, you’re most likely paying too much.
  • Average invoice processing speed
    A 2015 study by Ardent Partners found that the market average for processing a single invoice was 11.4 days. Meanwhile, the very same study found that best-in-class companies (i.e., ones who use automated workflow tools to drive their AP process) took an average of only 3.6 days to process an invoice. Why’s it matter? The longer it takes to process an invoice, the more likely you’re losing money on late payment fees, missed discounts and low staff productivity.

What to Do When the Digging’s Done

  1. Analyze
    Take a close look at the metrics you have gathered and analyze why the numbers are what they are and the consequences it may have on other parts of the process (even beyond AP). If you spot a continuous problem, dig deeper into surrounding metrics to find out what may be causing it.
  2. Make a plan
    What’s the plan, Stan?! Having the data at hand is all well and good, but now you need to create an action plan. After analyzing everything, you should have a better idea of what’s causing problems and possible remedies. Ask the team for their thoughts on how to better the process, they can provide insight in areas you aren’t as familiar with.
  3. Evaluate effectiveness
    A few months after implementing your plan, make sure to go back and review the latest numbers to see if you’re headed in the right direction. Like any project, you may have to do some fine-tuning before experiencing the results you’re looking for — don’t let it discourage you.

Numbers don’t lie. Solid metrics can be leveraged in business cases for process improvement initiatives such as AP automation. With the ultimate goal of running an efficient, well-oiled AP department, KPIs are the transformative tool that can you get your process to that point.

Want more information on important accounts payable KPIs to track? Read our eBook on it here.

Esker Expands Presence in Latin America Through Partnership with Signature Consulting

Alliance provides customised solutions that are compliant with Latin America’s evolving regulatory requirements

Sydney, Australia — January 3, 2017 — Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, announced today its partnership with Santiago, Chile-based Signature South Consulting, a leading provider of solutions related to electronic document exchanges with digital signatures. The alliance is designed to benefit the Latin American customers of both companies by providing a more comprehensive set of offerings while meeting the complex and evolving electronic invoicing (e-invoicing) mandates that vary by country. 

Esker is a global company with customers that also have a worldwide presence. Esker decided to pursue a regional partnership to help navigate the various diverse e-invoicing mandates of the Latin America region. In Signature South Consulting, Esker found a partner with unparalleled expertise in e-invoicing compliance.

“Signature South Consulting was the obvious choice for us in terms of a partner,” said Steve Smith, U.S. Chief Operating Officer at Esker. “Not only is it the only provider of a solution that meets all e-invoicing requirements in Latin America, but it also has a reputation for integrity and excellent customer service. We knew right away that Signature South Consulting would be an asset to both our customers and our brand.”

Signature South Consulting also saw the value in an alliance with Esker. Although the company has expertise in electronic document exchanges, it wanted to expand its business service capabilities to include document automation and processing.

“We believe that developing relationships with companies whose skills complement our own is imperative as we continue to serve clients in many different markets with varying needs,” said Sergio Chaverri, Chief Marketing Officer at Signature South Consulting. “Esker is a global company with impeccable solutions and a long history of putting client relationships first, so we knew we had found the technological and cultural fit we were looking for.”

Now that the two brands have forged a synergistic partnership, they will begin offering integrated solutions to current and future customers.

About Signature South Consulting

Signature South Consulting is the leading company providing solutions for the electronic exchange of documents using electronic signatures, including e-invoicing. The company began operating in Chile in 2001 as a team of professionals with the goal of obtaining a harmonious set of capabilities that would enable them to achieve the results required by customers with the excellence and professionalism which they deserve. The corporate office is located in Santiago, Chile, with a shared services center in San José, Costa Rica and local offices in: Argentina, Brazil, Colombia, Ecuador, Guatemala, Mexico, Peru and Uruguay.

There are more than 5,000 companies issuing 100% of their invoices by integrating Signature South Consulting solutions with their ERPs. Over 2,000,000 electronic tax documents are trafficked daily, all of which are transactions between companies through Signature South Consulting solutions. Signature South Consulting actively participates in events in Latin America, the U.S., and Europe, lecturing on Latin American models of e-invoicing (considered the strictest and most complex in the world) and the Signature South Consulting experience.

 

Esker Shortlisted for 2016-17 Cloud Awards Program

TermSync accounts receivable platform honored in Best Payment, Finance or Billing Solution category

Sydney, Australia — January 17, 2017 — Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, is a finalist in the 2016-2017 Cloud Awards Program in the category Best Payment, Finance or Billing Solution.

Now entering its seventh year, the cloud computing awards program celebrates excellence and innovation in the rapid-growth cloud computing market. Over 300 organisations entered, including companies from across the globe, covering the Americas, Australia, Europe and the Middle East.

Steve Smith, chief operating officer at Esker, said: “In such a competitive year it’s a special honor for Esker to be recognised for its accounts receivable (AR) solution. Esker’s TermSync platform is allowing organisations to automate their AR processes resulting in reduced administrative costs, improved customer relations and expedited payment.”

Esker is a worldwide leader in cloud-based document process automation software that helps organisations of all sizes improve efficiencies, accuracy, visibility and costs associated with accounts receivable and other business processes. Esker’s accounts receivable automation solution automates the entire process of delivering and archiving invoices, regardless of media type, in compliance with global regulations. This automation solution cuts processing costs by 80 percent and reduces days sales outstanding (DSO) by as much as seven days.

Cloud Awards organiser Larry Johnson said: “In our sixth year of recognising and celebrating excellence and innovation in the cloud the standard of entries has been staggering. This high level of excellence is reflected in the size of organisation we are seeing enter – from start-ups to blue chips – but it’s also the sheer global presence of cloud technologies, and innovators outside of the US that have started to become more prominent this year.

Final winners will be announced on Tuesday, Jan. 31, 2017. To view the full shortlist, please visit: https://www.cloud-awards.com/2017-shortlist.

 

About the Cloud Awards

 

The Cloud Awards is an international program which has been recognising and honoring industry leaders, innovators and organisational transformation in cloud computing since 2011. The awards are open to large, small, established and start-up organisations from across the entire globe, with an aim to find and celebrate the pioneers who will shape the future of the Cloud as we move into 2017 and beyond. Categories include Most Promising Start-Up, Best SaaS, and “Best in Mobile” Cloud Solution. Finalists were selected by a judging panel of international industry experts. For more information about the Cloud Awards please visit http://www.cloud-awards.com/.