Transcription
GuideWhat does the finance department do forbudget holders?
The next generation paperless accountspayable business unitAccounts payable and the budgetholdersEvery AP function currently “works”. It capturesinbound invoices, gets them approved, enablesthe suppliers to be paid and delivers the monthend accounts, VAT Returns and meets HMRC andauditor requirements.The problem is the current methodology ispredominantly paper based and therefore slow,cumbersome and locks up all the supplier andbudget information in the accounting / ERP vaultand filing cabinets. Every report produced is alwaysbased on historical information that is out of dateas soon as it is produced.Budget Holder’s don’t help either. They sit oninvoices, some of which you know nothing about,others wait weeks for approval and still more situnder query – then they complain when supplierpayments are late! However, from the BudgetHolders’ perspective, the Accounts Payable (AP)process is archaic and seriously inhibits their abilityto effectively run their business units because of thelack of any readily accessible supplier information.This Executive Summary explains how automatingthe AP process revolutionises the roles andrelationship between the Finance function and theBudget Holders, helping you work together moreefficiently and effectively to considerablemutual advantage.To justify this change, the alternative to the statusquo has to be compelling, affordable plus extremelyfast and easy to adopt – read what follows andmake your own judgement.You will have noticed the rapid increase in supplier’sinvoices arriving via email as a PDF, because thefirst thing you currently do is print them.You probably already send out your own salesinvoices this way, but if you don’t, you should.It saves over a 1 per invoice, delivery is bothguaranteed and instant, and it is 100% “green”.Every modern accounting and ERP applicationprovides this functionality as standard, it is verysimple to enable and everyone has either alreadyadopted it, or is planning to do so.The fact that it is so easy to get 85%- 95% of allinvoices as emailed PDFs has created the catalystfor the most significant change to the AP functionand Budget Holders in generations.This applies to every business, including yours,today.Compleat Invoice Approval Automation ande-InvoicingA PDF is an electronic document that contains all ofthe data required to generate the human-readableversion. It is an “e-Invoice”.Simply ask your supplier to use a different emailaddress (that we provide) and scan / email thereducing number of paper invoices upon arrival tothe same email address and Compleatdoes the rest.Compleat delivers a fully formatted XML invoicetransaction with the PDF attached – readyfor processing and including full DocumentManagement, without any further effort.www.compleatsoftware.comp. 2
You instantly achieve a 100% paperless AccountsPayable process that is fully HMRC / VAT compliant. It includes Document Management (meeting allHMRC / VAT / Audit requirements)(Link: HMRC / VAT Notice: Electronic Invoicing 22May 2015) It includes comprehensive Dashboard andReporting to deliver all of the associatedintelligence and information on demand, fromany device to both Finance and theBudget HoldersThe Compleat Invoice Approval application extendsand “turbo charges” the functionality of yourexisting accounting / ERP solution and enables fullypaperless approval processing, from any connecteddevice 24 x7.The benefits to AP, the Budget Holders and thebusiness are transformational.Accounts Payable and Budget Holders –Automation and VisibilityThe Compleat Invoice approval applicationautomatically captures the e-Invoice within a minuteor two of the email being sent, ready for processing. The invoice transaction (supplier, purchase ordernumber, invoice number and date, currency,net VAT and gross values etc.) is automaticallydelivered into the Compleat InvoiceApproval application If a particular supplier invoice always has thesame approver and General Ledger (GL) coding,it is delivered directly to that approver with zerotouch from AP. It removes a minimum of 50% of all the timespent by AP on the current methodology,time that can be better spent on activities thatactually add value to the business It delivers the Budget Holder with immediateaccess to all relevant purchasing information fortheir role (see below) AP and Budget Holders are both able to seeeverything they need from any device, 24x7A single common source of information that isalways 100% up to date for every current andhistoric transaction processed.Enablement - The digital bridge betweenAP and the budget holdersYour Budget Holders are going to be both ecstaticand enabled. Invoice approval can be undertaken from anyconnected device (PC / Tablet / Smartphone) andon final approval, is automatically posted to youraccounting / ERP applicationCompleat Purchase Invoice Automation (withe-Invoicing) unlocks the Accounting / ERPinformation vault and delivers real time informationto AP and every Budget Holder on demand fromany connected device. This information (controlledthrough security settings) is provided by ourDashboard and Reporting module, with drill downto individual transactions. Invoice queries are flagged and individuallymanaged with associated narrative Simple and fast invoice approvals andquery management This is a 100% paperless process delivering100% instant access to all of the information toeveryone involved All supplier information If not, it is coded by AP for the GL, saved andsubmitted to the appropriate approver(s)www.compleatsoftware.comp. 3
turnover current status of every invoice effective management of queries and creditnote requests real time payment status of every invoice Instant access to historic invoices to check fordetails and associated pricing Real time budget information, based on everyinvoice processed to date Supplier performance metricsAP and Budget Holders can now work together,digitally, accessing the same information using thesame tools to make much faster, smarter, moreinformed and timely decisions.Invoices are processed and approved in a fractionof the time, so suppliers get paid on time. APfocuses on managing the exceptions and budgetholders have the information to ensure theymaximise the effectiveness of the spending – withinbudget – for everything they buy.pushing paper to proactively working with theBudget Holders and helping them to make the mostof their budgets. It enables people to learn newskills and add more value to both themselves andthe business.Compleat’s objective: To deliver ALL the tools thatenable all Budget Holders AND Finance to worktogether more effectively to your mutual advantage.Compleat Invoice Automation with e-Invoicing issimply a far better and more cost effectiveway of working.The Compleat purchase-to-pay journeyCompleat Purchase Invoice Approvals ande-Invoicing can be deployed as a CLOUD solution,or as a local Perpetual License, fully integrated intoyour existing accounting ERP solution. It is onemodule of our full Purchase to Pay solution. TheCompleat Purchase Order and Receipting, ContractManagement and Employee Expenses modules canbe added at any time.Take the next stepsPricing and deploymentThe Compleat proposition is founded on makingour solution available and affordable to the widestpossible audience. An organisation that is a single company with upto 50 approvers can go live within oneor two days. A complex business with multiple tradingcompanies will take no more than 5 daysto go live.The cost of the deployed solution is usually lessthan one third of the value of the time saved in APalone. Or put another way, replacing a methodologythat currently wastes a minimum of 50% of the APfunction, doing work that adds zero value to theindividual or the business, then hiding all of thebusiness intelligence from the Budget Holders inthe Finance vault.Change only happens when someone doessomething! So we recommend that you: Share this document with you fellow Financeteam and your Budget Holders to make themaware of what is possible and start helpingeach other! Contact us directly (information below) to: get an quotation, this costs far less than youwould expect. In terms of deployment, you could be life andoperational in as little as a day or twoWe look forward to hearing from you and helpingyou transport your company into the 21st century!The role of Accounts Payable is transformed fromwww.compleatsoftware.comp. 4
Compleat Software is a leading provider of powerful spend management solutions for SMEs that eliminatespaper and unites finance, procurement and budget holders, providing an accurate, real-time picture of companyfinances. Offering the next generation of purchasing and budget management automation at an affordablecost, its P2P software comprises solutions for e-invoicing, purchase invoice approval, purchase order andreceipting, employee expenses, contract management, and report generation. For further information about ourcapabilities and to learn how we empower results for clients, please visit our website.CONTACT US 2017 Compleat Software Limited. All rights reserved.
The next generation paperless accounts payable business unit You will have noticed the rapid increase in supplier's invoices arriving via email as a PDF, because the . You instantly achieve a 100% paperless Accounts Payable process that is fully HMRC / VAT compliant. (Link: HMRC / VAT Notice: Electronic Invoicing 22
