Sponsor - Goby · 2019. 10. 2. · Redefining the future of finance. Chief Financial Officers are...
Transcript of Sponsor - Goby · 2019. 10. 2. · Redefining the future of finance. Chief Financial Officers are...
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THE BUXE Company
Strengthening Working Capital Through Automation
Chris Happ, Co-founder and CEO, Goby
THE BUXE Company 4
Converting cash is becoming harder
Capital expenditure is continuing to decline
The cost of cash is increasing
Working capital has improved only marginally
*Navigating uncertainty: PwC’s annual Working Capital Study 2018/19
THE BUXE Company 6
THE BUXE Company 7
Capture cash-back rebates on payments made
via card
Extend your payment terms
to free up capital
Avoid late payment penalties
THE BUXE Company 8
52% of accounts payable departments expect to earn more early payments three years from now*
Suppliers will exchange a discount on an invoice for earlier payment
The usual discount is 2 percent
*IOFM’s 2018 Future of Accounts Payable report
2%
THE BUXE Company 9
Stronger relationships with suppliers
Pricing or Service Level Agreement concessions
Better financial operations for suppliers
THE BUXE Company 10
• Cash management
• Forecasting
• Budgeting and planning
• Finance and procurement collaboration
• Developing supplier payment strategies
• Enhancing supplier management
• Mitigate financial and compliance risks.
THE BUXE Company 11A well-defined big data strategy is associated with strong financial performance
Dat
a St
rate
gy
Financial performance
THE BUXE Company 12
THE BUXE Company
Nice
ACME2880 Sand Fork RoadMillersburg, IN 60606
ACME location #1736999 S. Platinum Dr.Beverly Hills, CA 90201
Manually digitized
Manually coded
Manually approved
Sent via postal service
Received at mail room
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1
2
3
4
5
THE BUXE Company
ACQUISITION APPROVALSGL CODING
ACH, CREDIT CARD
API
REBATESINVOICE REPOSITORY
VENDOR PORTAL
ANALYTICS
CTX, NACHA
BANK PORTAL
automatically match and code accounting information as general ledger, supplier, and department
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CHECK / ELECTRONIC PAYMENTERP
BANK
DIRECT PAYMENT
CHECK / ELECTRONIC PAYMENT
THE BUXE Company 15
People are expensive
Manual mistakes are made
Opportunities are missed
THE BUXE Company
24%
33%
40%
49%
51%
62%
0% 10% 20% 30% 40% 50% 60% 70%
Lack of visibility into invoice and payment data
Getting the budget to invest in automation
Too much paper
Lack of respect/status within the organization
Invoice/payment approvals take too long
High percentage of exceptions
© Ardent Partners - 2019
THE BUXE Company
Eliminate paper andreduce manual tasks
Implement AP automation
Reduce processing costs
Improve connectivity/collaboration with suppliers
Improve collaboration withprocurement
Improve AP reporting /data analytics
Improve visibility intoInvoice and payment data
ANALYTICS
Our features directly target both the needs of the AP department and the CFO
47%
30%
27%
22%
48%
20%
40%
SOURCE: Ardent Partners, State of ePayables 201917
THE BUXE Company18
CAPTUREEvery invoice an intake
engine turns paper into digital information
CODINGArtificial intelligence reads the invoice and adds your accounting
information
WORKFLOW Exceptions are flagged
and electronically routed, invoice routed for approval based on your business process
ENTRYThe approved invoice is
sent right to your financial system or Enterprise Resource
Planning (ERP) platform
THE BUXE Company
Save Money & Time+
Avoid Costs+
Make Money
ROI
THE BUXE Company
Invoices do not get into the process as quickly as possible
Coding errors
Errors in keying the invoice dataHigh paper storage and retrieval costs
Lost or misplaced invoicesDelays uploading data on approved invoices to downstream systems
Long approval and exception resolution cycles
Difficulty implementing operational best practices
Fix this:
THE BUXE Company
Stop paying late fees Don’t be defrauded
Stop over-payingHire less people per invoice as you grow
Stop double-paying
THE BUXE Company
Captureearly-pay discounts
Negotiatefavorable terms
Celebratecash-back rebates
THE BUXE Company
Pre-Goby Monthly Processing Costs
$8.33 x 4,500 invoices = $37,485
A mid-market company with:• 1,000 employees • $200 million in revenue• 4,500 invoices paid per month• Limited automation
With Goby Monthly Processing Costs
$4.20 x 4,500 invoices = $18,900
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* Based on a low automation rate assumption with a cost of $8.33, no automation rate is 13.9 per invoice, in average
THE BUXE Company 24
Automate everything Actionable analytics Customer hypercare
THE BUXE Company 25
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THE BUXE Company
https://www.linkedin.com/in/chris-happ-goby/
Chris Happ, CEO
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A Few Final Items
Redefining the future of finance.
Chief Financial Officers are under greater pressure and taking on more
responsibilities than ever before. More than just accounting overlords
and stewards of the bottom line, they must lead their colleagues to use
data-driven decision making and lead organizational transformation,
serving as the facilitators of innovation and disruption.
After attending CFO Live, you’ll be able to:
Spend more time focusing on strategic priorities
Become a forward-looking strategic enabler in your company
Lead your organization’s transformation to a data-driven business
Improve your company’s efficiency through adoption of
digital technology
Harness the power of data analytics
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