CASE STUDY

The pain – In many organizations, Account Payable/Account Receivable (AP/AR) remains a labor-intensive, paper and check-centric, and expensive process.  Lack of control and oversight can create audit issues and payment fraud.  With the continual pressure on margin in today’s business, you have every reason to change and streamline/automate the AP/AR operations.

Typical Account Payable Process – For most companies, the AP/AR process remains email, fax, paper, checks, and spreadsheets driven.  There are numerous manual interventions required, and reporting is an arduous task.

Some sample statistics, average invoice processing time is 35 minutes, 92% of all invoices are paper-based, and 80+% of B2B payments are still sent via checks.  If we account for human errors and rework, the full invoice processing cost averages $40/invoice.  This does not even include the $750M in check fraud the financial industry encounters annually, or audit issues caused by lack of control and oversight.

Clearly, there is a lot of inefficiency and deficiencies in the current system that need to be addressed.

Solution attempts that often do not deliver the savings – To drive cost out of the system, some attempted to streamline it with custom-built platform utilizing tools such as business process management, document capture and management, and EDI platforms.  However, these are general-use middleware with minimal (if any) integration with each other.  Creating a custom solution takes 8-18 months, with endless studies, hundreds to thousands of hours of development time, plus a huge price tag.  They end up with a complex system and infrastructure that they must maintain and support in perpetuity.  Any future enhancement would require them to repeat the cycle, and tying up even more precious resource.

This approach often delivers a shorter invoice process time, along with improved control and oversight.  But the payment steps mostly stayed the same, paper and checks are still prevalent, and the risk for check fraud has not been addressed.  The cost-of-ownership often exceeded the efficiency gains, but it is too late by the time they realize it.  In one extreme case, we have seen a large corporation abandoned a completed system after spending well over $1M on software and professional services.

That is the primary reason one still sees archaic AP/AR process using paper and spreadsheets in so many organizations.

Our belief – Our offering team has 15 years of firsthand experience in what works, and what does not work in process automation.  We established a few guiding principles in selecting our solutions to avoid common pitfall and to ensure our clients meet their financial objectives:

• Solution must be quick to deploy and custom-built for the AP/AR automation, we avoided all general-purpose middleware approaches that requires IT involvement
• Integration with popular financial and accounting packages must be built-in and not an afterthought, you should not have to replace everything you own to use it
• If custom business rules and process flows are required to meet your unique needs, business users should be able to accomplish it without IT or developers involvement – this is often the most requested item and it should not be overlooked
• Software-as-a-Service (SaaS), let the provider take care of security, maintenance, upgrade, scaling, testing, infrastructure, etc… You should focus on your business, and not running an IT shop.
• SaaS gives you the business agility along with a clear view of your total cost of ownership. You can walk away if it does not deliver value, it protects you from huge sunk cost and wasted resource
• Let the provider who specializes in AP/AR optimization innovate for you, it ensures you never fall behind in the efficiency curve
• Modular, pay for what you use. You should be able to adopt it at your pace and not all or nothing

Our offering – With these guiding principles in mind, Juno Payments is proud to offer you an automation solution purposed built for Account Payable/Account Receivable (AP/AR) operations.  It delivers the first out-of-the-box, Artificial Intelligence-supported automated invoice-to-payment platform that integrates with any accounting and finance systems.  It minimizes the need for human intervention and dramatically optimizes efficiencies in invoice payment processing, linking AP and AR across organizations.  It accommodates and enhances existing processes, while providing predictive recommendations to optimize company cash flows.

Our values propositions – In Juno Payments, our goal is to help you achieve your business goal quickly without becoming an IT expert.  Our AP/AR offering can deliver it along with the following benefits:

• INCREASE EFFICIENCY – Reduces unnecessary man hours spent on invoice processing and dramatically decrease invoice-to-human ratio. Our solution can save you up to 92% in invoice processing cost, reducing the full invoice processing cost from $40 to $2.50 per invoice
• IMPROVE CONTROLS – We enforce your customized workflow & business rules, while optimizing throughout & creating cost savings. Inject manual checks where you choose, or allow invoices to pass straight through to payment on a designated schedule.
• REMOVE DATA ENTRY & PAPER – We can reach 100% effectiveness and accuracy on invoice data extraction. Thereby reducing human intervention and resulting errors.
• NEVER WRITE ANOTHER CHECK – Electronically pay an unlimited number of invoices from an unlimited number of suppliers, with a single click. Our patented technology does the work for you – the funds & remittance data are seamlessly delivered directly to the banking system & receiver, improving your current process.  The built-in fraud detection also eliminates payment fraud.
• MANAGE YOUR SPEND – Use only what you need, and only pay for what you use. We can be deployed as a standalone platform, or modules can be used to augment other AP/AR platforms. You only pay per transaction processed, or based on the modules used
• CUSTOMIZE IN SECONDS – Simply Drag and drop process arrows in the order you choose, with tolerance triggers. We configure the process to match your unique needs in seconds.
• AUTOMATED PO MATCH & INVOICE APPROVAL – We enforces your customized business rules with fully automated PO matching and invoice approval.
• JUST CONNECT – Connect with your vendors and clients like never before, to get even greater functionality – like instant collaboration for dispute resolution, instant invoice & purchase order sharing, automatic adjustment updates & more!
• EASY TO DEPLOY – Pre-built “plug and play” integration with existing infrastructure, integrate with any existing accounting/finance systems. With the SaaS platform, we can deploy in as little as 30 min.
• DASHBOARDING – Real time data and status information synced across companies, live reporting and metric dashboards

Engage Us

To find out if our AP/AR Solution is right for you, please contact us for a free consultation.  We are eager to work with you to minimize your AP/AR operations cost, improve your net margin, enabling you to achieve your business objectives.

Want to Learn More?

Connect via LinkedIn

1-888-514-8118

[email protected]

www.junopayments.com