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BUILDING YOUR BUSINESS CASE FOR AP AUTOMATION
©2016 PROPRIETARY AND CONFIDENTIAL
TODAY’S PRESENTERMichael Johnson, AP Automation Expert
Have your ever talked with anyone at your company about transitioning to automated AP process?
Yes
No
3
AUDIENCE POLL
How many invoices do you process each month?
1 – 250
251 – 500
501 – 1000
1001 – 2500
2500+
AUDIENCE POLL
FIRST OFF, WHAT IS AP AUTOMATION?
©2016 PROPRIETARY AND CONFIDENTIAL 6
PAPER BASED PROCESS
©2016 PROPRIETARY AND CONFIDENTIAL 7
COMPLETELY AUTOMATED AP PROCESS
WHAT’S GOING ON IN THE INDUSTRY?
…PAPER CHECKS ARE EXPENSIVE & INEFFICIENT
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“What are the biggest challenges your organization faces in the payment management process?
2014 Pay Stream Advisors, Inc.
INDUSTRY TRENDS
*2013 ePayments Survey, The Association of Financial Professionals
WHAT ARE THE BENEFITS?
BENEFITS – MORE TIME
•Routing and Approval
2-3 Days vs. 28 Day Industry Standard
•Eliminate Manual Processes
Opening Mail, Data Entry, etc.
•24/7 Visibility into Invoice and Payment Status & Approvals
•Vendor and Payment Management
Rule # 1- Carries no balance from day to day.
Rule # 2- Deletes any balance you have left over at the end of the day you failed to use.
What would you do?
YOU HAVE $86,000 TO SPEND EVERYDAY
The most valuable commodity in the world!
14
TIME
• 24/7 Visibility
• Audit Trail
• Automated Approval Process that Mimics Your Existing Process
- Invoices
- Approval Routing Hierarchy
- Approval Routing by Threshold
- Payments
- Double Signatures
- Conditional Amounts
BENEFITS – IMPROVED CONTROLS
Industry Average for a Paper Invoice $14.89
AvidXchange Cost per Invoice $1.50*
Industry Average for a Paper Check $7.15
AvidXchange Cost per Payment $.68*
*Doesn’t include the small labor cost still necessary
BENEFITS – REDUCED COSTS
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BENEFITS – CLEAR RETURN ON INVESTMENT
Based On:
• 1,000 Invoices
• 1,000 Payments
• 2 AP Staff
Check printing process ($1 per payment)
1200 payments per month = $1200/month
14,400 payments per year = $14,400/year
The AvidPay Network ($0.15 per payment)
600 payments per month = $90/month (.15 per payment)
7,200 payments per year = $1,080/year (.15 per payment)
7,200 payments per year= $5,976/year (.68 per check)
EXAMPLE- 1200 PAYMENTS/ MONTH
Savings of over 50% per year- Potential Rebates $7,200
AP AUTOMATION WITH AVIDXCHANGE
15+ Year History
5,500+ Customers
300,000+ Vendors in the Network
98% Customer Retention
500+ AvidXchange Team Members
Offices: North Carolina, Utah, New Jersey, and Texas
THE AVIDXCHANGE STORY
DIVERSIFIED CUSTOMER BASE
5,500+ ClientsAcross Many Different Industries
On average it takes solution providers 6 – 9 months to implement a solution of this kind, but not AvidXchange. How do they do it so much faster?
45 DAY IMPLEMENTATION
DedicatedImplementation Specialist +
A Proven Project Plan
1) Assigned Account Manager at the relationship level to understand your business and keep you up-to-date on major product changes. Typical contact: 4 calls annually.
2) Support Hotline w/ Support Case Tracking – 15 minute response time.
3) Quarterly Support Checkup Calls – Support calls 4 times a year to check on your configuration andidentify any issues we can help you with.
4) One Free Annual Tune-Up – The support team looks at your portal and recommends best practices andfeatures that can be implemented to optimize your experience.
5) Annual User Conference – Our User Conference, REVOLUTION, provides training, educational sessions,and networking opportunities.
6) AvidBill Team – We reach out to vendors to connect with them about API without your involvement.
7) Payment Team – We reach out to vendors to connect with them about eligible payment methods andoptimize your payment mix.
PHENOMENAL SUPPORT
Stop by our booth toreceive a free copy ofour Buyer’s Guide toAP Automation.
LIVE Q&A
THANK YOU FOR ATTENDING!