Elire News

Category: Webinar

Guest Post: 3 Ways AP Automation Improves Working Capital Performance

March 6th, 2019

Guest Post: 3 Ways AP Automation Improves Working Capital Performance

Most companies are doing a better job of managing their working capital.

That’s according to The Hackett Group’s 2018 U.S. Working Capital Survey based on a review of the annual financial statements of the 1,000 largest non-financial companies in the United States. 

The average Cash Conversion Cycle (CCC) of U.S. businesses – a measure that uses a company’s payables, receivables and inventory to determine its ability to convert invested resources into cash – improved by 4 percent in 2017 compared to the previous year, The Hackett Group found.

Companies also extended their Days Payable Outstanding (DPO) in 2017 – taking 3.4 days longer on average to pay their suppliers compared to the previous year, per The Hackett Group.  Extending the average amount of time to pay suppliers enables businesses to free up cash that can be used to pay down corporate debt, invest in research and development and support other growth initiatives. 

But not all companies are cashing in on stronger working capital performance.

The gap between top performing companies and their also-ran peers is growing, The Hackett Group found, indicating that many companies could be doing a better job at managing their working capital.

If your company’s working capital performance is lacking, accounts payable automation may be the answer.  Automating accounts payable processes improves working capital in three powerful ways:

  • Enhanced cash flow analysis and liquidity management: The data generated by an accounts payable department provides a unique window into the financial health of a business. The importance of Financial data continues to grow and be considered a critical corporate asset.
  • With an automated accounts payable solution, CFOs and other financial decision-makers can drill down into cash and spend data to identify trends and patterns, determine how well-positioned a company is to take advantage of early payment discount opportunities, assess budget performance and support strategic decision-making.  The technology provides actionable cash flow insights such as: the status of invoices and payments, on-time payment percentage, spend visibility and trends, spend-to-supplier ratio, and the percentage of early payment discounts captured.  All this enables timelier and more accurate accrual reporting and greater reporting integrity, which supports improved working capital performance.
  • Your ERP is at the center of this data and will become an increasingly vital source for business insights. IT and Finance will not only provide actionable insights to management, but be able to provide improved role based reporting to users by leveraging the latest ERP features.
  • Lower the Cost of Goods Sold (COGS): Most suppliers will exchange discounts on the amount due on an invoice for early payment.  The earlier the payment, the larger the discount that suppliers will offer.  The average discount that suppliers offer for early payment stands at 2 percent.  But many buyers in industries such as pharmaceuticals, biotechnology, consumer packaged goods and high-tech consulting routinely capture early payment discounts of more than 6 percent.  Unfortunately, it takes so long for accounts payable departments that operate in a manual or semi-automated environment to approve invoices that most discounts for early payment are out-of-reach.  Automating accounts payable can reduce invoice approval cycle times by more than 75 percent, opening the door to capturing more early payment discounts.
  • Better DPO: DPO is a key component of strong working capital performance.  One way that automation helps businesses manage DPO is by facilitating supply chain financing: when a buyer pays a supplier early using cash from a third-party, such as a bank, financial institution or investment firm.  As with other approaches to early payment discounts, a buyer and a supplier negotiate discount terms on an approved invoice.  Once the terms of the discount are agreed upon, the third-party assumes the risk and pays the supplier.  When the invoice reaches maturity, the buyer pays the full invoice value to the third-party.  The buyer receives a cut of the discount on the invoice while maintaining DPO and preserving their cash.   Additionally, paying suppliers using certain card programs enables buyers to instantly extend their DPO, without changing their payment terms.  The funding for the payment is provided by the buyer’s bank via the card program.  Since the payback period to the card issuing bank only starts after the payment is initiated, businesses can extend their DPO by several weeks.    

Each of these benefits contributes to better working capital performance.
Together, they are the beginning of a tantalizing business case for accounts payable automation.

Rising interest rates and record levels of mergers and acquisitions will force more companies to take a hard look at how they manage their cash.  Automating accounts payable is one way that companies can improve their working capital performance in 2019. 

If your company wants to better manage its working capital, contact us to learn more about AP Automation and key ERP features you can leverage to bring even greater value to your organization.

This guest post is brought to you by our Partner Canon Information & Imaging Solutions. Ready to take action? Download Canon’s latest white paper “10 Proven Steps to Accounts Payable Automation Success” to arm your team with a clear path to success. A

This guest post is brought to you by Elire’s Partner Canon Information & Imaging Solutions. Interested in learning more? Download the CIIS white paper “10 Proven Steps to Accounts Payable Automation Success.”

Elire was recently named the Partner of the Year with Canon Information & Imaging Solutions for 2018. Elire and Canon have partnered to successfully deliver the AP Automation Solution from Canon to Elire’s PeopleSoft and E-Business Suite Customers, as well as develop the future of OCR technology to streamline and automate day-to-day business processes for AP Users.

About Canon Information and Imaging Solutions, Inc.

Canon Information and Imaging Solutions, Inc. (CIIS), a wholly owned subsidiary of Canon U.S.A., Inc., brings together Canon’s world-class imaging technologies and information management expertise to assist organizations in achieving their digital transformation objectives.  With a focus on innovation, CIIS’s software development and solutions delivery capabilities scale across several practice areas: Business Process Automation – including Procure-to-Pay & Order-to-Cash automation, Document Solutions, Information Management Services with a focus on content capture, management and collaboration, and Security and Infrastructure Management.  With expertise in emerging technologies such as artificial intelligence, machine learning, and big data analytics, CIIS deploys its solutions in partnership with leading technology providers and offers comprehensive consulting and professional services that are trusted by organizations of all sizes. Additional information about the company, its programs and mission can be found at ciis.canon.com.

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Ask the Expert: Oracle Cloud Global Human Resources

August 9th, 2018

Ask the Expert: Oracle Cloud Global Human Resources

The global workforce is ever changing and transforming. In order to effectively manage you employees domestically and abroad, your organization needs a flexible and robust Human Resource enterprise solution to meet your needs. Enter Oracle Cloud Global Human Resources. 

We asked Elire Consultant and Oracle Certified Cloud Global HR Implementation Specialist, Rachel Rudolph, what common obstacles our clients run into while implementing Global HR, and what best practices they should follow to get the most out of their investment. 

Here’s what she had to say!

Interact with Rachel and learn more at her upcoming webinar, “Global HR from A to W: Assignments to Work Structures and everything in between.” Register for this complimentary webinar here

To set up a call with Rachel and the Cloud HCM team, contact [email protected].

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Ask the Expert – Developing your Treasury IT Roadmap

March 8th, 2018

Ask the Expert – Developing your Treasury IT Roadmap

New Year, new Ask the Experts!

We connected with Elire Treasury Advisory Services Practice Lead, Cory Bratts, to discuss what obstacles organization’s usually face when tasked with a Transformation to their Treasury Operations or a new Treasury Workstation implementation. Here is what he had to say!

 

Interested in learning about Elire’s Strategic Treasury Roadmap to avoid these common obstacles? Attend our webinar, “Treasury Transformation: Plotting a Course with Elire’s Treasury Strategic Roadmap” on March 27th. 

Register here.

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Elire Cloud Cash Management Webinar Series

January 24th, 2018

Elire Cloud Cash Management Webinar Series

 

Elire recently completed a five-part webinar series highlighting functionality in Oracle Cloud Cash Management. The webinar series focused on features essential to Treasury Operations – including Bank Reconciliation, Cash Forecasting, and Payments in the Cloud – while also addressing functionality in the cloud to extend and enhance these features, like Oracle Smart View.

For those interested in learning more, we’ve compiled all five webinars into one convenient post. Our experts recommend watching them in order as they build on information from previous webinars. 

To set up a demo or request a call with our Cloud Cash Management Team, please contact Elire Cloud Cash Management Practice Lead, Michael Graham, at 612.486.4220 or [email protected].

 

Part 1: An Overview of Cash Management

Oracle Cloud is a seamless, modern, and intuitive tool used by thousands across the country. With the addition of Cash Management in Oracle Cloud, it’s time for your organization to move its Treasury operations into the future. In this first part of Elire’s Oracle Cloud Cash Management Webinar Series, Elire Principal Treasury Consultant and Certified Oracle Cloud ERP Implementation Specialist, Jason McCabe, CTP, provides an overview into Software-as-a-Service, benefits of Oracle’s Cloud Cash Management solution, Cloud Cash Management features, integration with legacy software, and tips for implementation.

 

Part 2: Automated Bank Reconciliation – Next Stop, the CLOUD

In the second part of Elire’s Cloud Cash Management Webinar Series, Elire highlight’s some of the key functionality to be expected with Bank Reconciliation in the Cloud. Elire Treasury Consultant, Tony Barbato, focuses on Importing Bank Statements in the Cloud, Bank Reconciliation Matching Rules, including the One to Many rule, and Addenda Parse. Check out this opportunity to gain valuable insight into the latest Bank Reconciliation functionality and tips for a successful implementation.

 

Part 3: Managing Global Liquidity with Oracle Cloud

Proper support of a firm’s business objectives can be achieved through the proactive management of a firm’s global cash position and forecast. Liquidity management is a core treasury function that provides knowledge for minimizing an enterprises operational risk through strategic working capital allocations. To succeed, Treasury requires insight into their functional working capital strategies through the unlocking of bank balances and the mobilization of intercompany cash. In this webinar, Elire Managing Consultant, Logan Wacker, explores how leveraging Oracle Cloud provides multi-dimensional analysis that provides deep insight into Treasury’s various liquidity strategies around cash conversion, funding requirements and the management of their strategic investments. Deploying Oracle Cloud as a Treasury work center allows an organization to manage established bank counterparties and their financial markets relationships, to fine tune a global liquidity program.

 

Part 4: Payments in the Cloud

Oracle’s Cloud Payments interacts with other source products including Cash Management, Payables, Receivables, etc., serving as a funds capture and funds disbursements engine. Cloud Payments acts as a central payment engine for Cash Management by processing Bank Account Transfers and Ad-Hoc payments. It also handles Supplier Invoice payment for Cloud Payables and manages customer refunds, among others. This webinar dives into how Cloud Payments can help your company efficiently centralize the payment process by securely transmitting your disbursement transactions to your financial institutions and providing cash managers with visibility into cash inflows and outflows.

 

Part 5: Extend Cash Forecasting with Oracle Smart View

The ability to access and analyze data in real-time is essential to the modern Treasury Department. Smart View is an ad hoc analysis tool that interacts with Oracle Cloud ERP and Essbase cubes. Oracle Cloud Cash Management allows organizations to optimize user productivity with features such as Smart Query, Smart Slice, and drill to source functionality. On-demand cube updates through Smart View give users the capability to perform cash forecasts and determine liquidity positions daily. This webinar explains Smart View functionality included with Oracle Cloud CM and demonstrates how your organization can benefit from performing ad hoc analysis, while having real-time visibility into application cash flows.

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Ask the Expert: Cash Forecasting and Global Liquidity with Oracle Cloud Cash Management

November 21st, 2017

Ask the Expert: Cash Forecasting and Global Liquidity with Oracle Cloud Cash Management

Proper support of a firm’s business objectives can be achieved through the proactive management of a firm’s global cash position and forecast. Liquidity management is a core treasury function that provides knowledge for minimizing an enterprises operational risk through strategic working capital allocations. To succeed, Treasury requires insight into their functional working capital strategies through the unlocking of bank balances and the mobilization of intercompany cash.  We asked Elire Cloud ERP Expert, Logan Wacker, why organizations should implement Oracle Cloud Cash Management to accommodate Treasury’s Forecasting needs, and what it takes to have a successful implementation. Here’s what he had to say:

 

Interested in learning more? Attend Logan’s webinar!

Managing Global Liquidity with Oracle Cloud

Wednesday, November 22nd | 2:00 PM – 2:30 PM CST

Register here

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Ask the Expert: Bank Reconciliation with Oracle Cloud Cash Management

October 13th, 2017

Ask the Expert: Bank Reconciliation with Oracle Cloud Cash Management

Thank you for all who joined us for Part 1 of our Cloud Cash Management Webinar Series: An Overview of Cash Management in Oracle Cloud!  Next up is Part 2: Automated Bank Reconciliation – Next Stop, the CLOUD. Join Elire Consultant, Tony Barbato, as we explore some of the features and functionality available for Bank Reconciliation in Oracle Cloud Cash Management – including matching rules and addenda parse. We asked Tony what tips he had for implementation success, and why cloud cash management is a option for your treasury needs. Here is what he had to say:

 

Register for the webinar here.

Part 2 : Automated Bank Reconciliation – Next Stop, the CLOUD

Presenter: Tony Barbato, Elire

Tuesday, October 31st | 2:00 PM – 2:30 PM CDT

In the second part of Elire’s Cloud Cash Management Webinar Series, join as Elire highlight’s some of the key functionality to be expected with Bank Reconciliation in the Cloud. Elire Treasury Consultant, Tony Barbato, will focus on Importing Bank Statements in the Cloud, Bank Reconciliation Matching Rules, including the One to Many rule, and Addenda Parse. Don’t miss out on this opportunity to gain valuable insight into the latest Bank Reconciliation functionality and tips for a successful implementation. 

 

 

 

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Ask the Expert: Cash Management in Oracle Cloud

September 27th, 2017

Ask the Expert: Cash Management in Oracle Cloud

Cash Management has arrived on Oracle Cloud! As your trusted on-premise Treasury Experts, Elire is taking the journey into the future with Oracle Cash Management in the Cloud. For your viewing and learning pleasure, Elire will be taking a dive into Cloud Cash Management’s specific functions including Bank Reconciliation, Cash Forecasting, Payments, and Smartview via a five-part webinar series.

Kicking the webinar series off is Part 1: An Overview of Cash Management in Oracle Cloud. We asked Elire presenter and Principal Consultant, Jason McCabe, why customers should consider Oracle Cloud Cash Management, and what tips he had to ensure implementation success. Here is what he had to say: 

Interested in learning more? Attend Jason’s webinar on October 10th!

Part 1 : An Overview of Cash Management in Oracle Cloud

Presenter: Jason McCabe, CTP, Elire

Tuesday, October 10th | 2:00 PM – 2:30 PM CDT

Oracle Cloud is a seamless, modern, and intuitive tool used by thousands across the country. With the addition of Cash Management in Oracle Cloud, it’s time for your organization to move its Treasury operations into the future. In this first part of Elire’s Oracle Cloud Cash Management Webinar Series, Elire Principal Treasury Consultant, Jason McCabe, CTP, will provide an overview into Software-as-a-Service, benefits of Oracle’s Cloud Cash Management solution, Cloud Cash Management features, integration with legacy software, and tips for implementation. 

Register here

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Ask the Expert: BI Reporting in the Cloud Best Practices

August 9th, 2017

Ask the Expert: BI Reporting in the Cloud Best Practices

The journey to the Cloud is filled with business process redesigns, and your reporting strategy should be no exception! Our next webinar in the Elire Webinar series, “Moving from PeopleSoft to Oracle Cloud: BI Reporting Best Practices,” is a case study on Elire’s lessons learned and best practices to ensure your reporting strategy aligns with your business needs and implementation timeline. We asked Elire Senior Consultant and Presenter, Aaron Bulthuis, his recommendations for implementation success and what best practices his team found most useful.

Here’s what he had to say:

 

Want to learn more on developing your reporting strategy in the Cloud? Register for our webinar here.

Moving from PeopleSoft to Oracle Cloud: BI Reporting Best Practices

Presenters: Aaron Bulthuis (Elire) and Karen Costakes (Elire)

Wednesday, August 23rd | 2:00 PM – 3:00 PM EDT

Many of Oracle’s PeopleSoft customers have chosen to move to the future and transition to Oracle Cloud. An important part of the transition is to develop a business intelligence reporting approach that works for your organization. In this webinar, Oracle Gold and Cloud Standard Partner Elire presents a case study to discuss a recent client’s simultaneous implementation of Oracle HCM Cloud and Oracle ERP Cloud, specifically on the importance of reporting standards. Whether your organization is considering a move to the Cloud, are currently mid-implementation, or has already gone live on Oracle Cloud, you’ll learn how to prioritize reporting needs and utilize industry best practices for the reporting development, and reviews the lessons learned during the implementation.

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Elire and Quest FREE Webinar: Testing Made Easy – How to Leverage PTF with Your Continuous Delivery Model

July 7th, 2016

Elire and Quest FREE Webinar: Testing Made Easy – How to Leverage PTF with Your Continuous Delivery Model

 

Is your organization struggling with testing after applying the latest PeopleSoft PUM Image? Are you looking to leverage the free Testing utility offered with PeopleTools? Need assistance in getting an automated Testing Strategy developed? 

Elire and Quest will be hosting a free webinar Thursday, July 14, 11:00 AM – 12:00 PM Eastern. Testing Made Easy aims to provide an overview of the PeopleSoft Test Framework (PTF), its maturity over the last few years, and its value within PeopleSoft. Subject Matter Expert, Valentin Todorow, will also discuss why PTF is unlike any other testing tool and how it is the most powerful solution to testing on your PeopleSoft application. Lastly, we will demonstrate features of the PTF tool and introduce some of the most advanced reports and recording methodologies developed around PTF.

Register today for Testing Made Easy: How to Leverage PTF with Your Continuous Delivery Model

Biography: Valentin Todorow has over seven of PeopleSoft  consulting experience specializing in PTF Development and  Implementation. He is a recognized expert in Testing  Automation across all PeopleSoft product suites.

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Elire at RECONNECT 2016

July 7th, 2016

Elire at RECONNECT 2016

 

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Elire at RECONNECT 2016

Don’t miss out on a chance to connect with PeopleSoft Experts at RECONNECT 2016. Elire will make a splash with four exciting presentations by Continuous Delivery, PeopleSoft Test Framework, and Treasury Subject Matter Experts.

Stop by Booth #801 to meet the Experts and discuss how to leverage your PeopleSoft Tools. Whether your interest is in the future of Cash Forecasting or automating your PeopleSoft testing with PTF, our team is ready to answer your questions and utilize their industry-proven knowledge to your advantage.

Elire’s exhibit will be paired with exciting “deep dive” presentations created to give you detailed demonstrations on optimizing your PeopleSoft products. Check out Elire’s presence at RECONNECT below!

Session #103110 PeopleSoft Treasury SIG Meeting
Tue. July 19| 2:15 PM – 3:15 PM | International Ballroom F
Presenters: Janet Division (Wells Fargo) & John Scott (Elire)

Session #103260 Bank Reconciliation of the Future, Ride Along in Our Time Machine
Wed. Jul. 20| 1:00 PM – 2:30 PM | Florence
Presenter: Cory Bratts (Elire)

Session #101540 How to leverage PTF with your Continuous Delivery Model
Wed. July 20| 4:30 PM – 5:30 PM | Narita AB
Presenter: Valentin Todorow (Elire)

Session #103230 Can Have Your Cake and Cash Forecasting, Too
Thu. July 21| 8:00 AM – 9:00 AM | Capital
Presenters: Janet Division (Wells Fargo) & Cory Bratts (Elire)

Follow us on Twitter @ElireInc for Event Updates and Session Informationcombologo 2

Can’t wait for RECONNECT?

Join us for a FREE webinar: Testing Made Easy with PTF
Hosted by Elire and Quest

Thursday, July 14th
11:00 AM – 12:00 PM Eastern

Click Here to Register Today

 

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