With the cost of stamps going up and the postal service talking about halting Saturday delivery, it is a wonder that any money-conscientious business would regularly use the postal service to deliver monthly items such as bills or invoices when those items could be handled more efficiently and securely through on-line services. Whether you are mailing out invoices or mailing in a payment, there are options that will allow your business to handle these things electronically, saving both time and money.

The USPS is planning to raise rates, meaning the costs associated with mailing paper invoices and bills are going to increase.  Add to that the cost of paper to print the invoices and people to handle and mail the invoice or bill; what you are left with are a lot of unnecessary costs that increase your bottom line. On the flip-side, if you and your suppliers have a way to submit invoices and receive payments electronically, rising USPS rates will not effect to your bottom line, cost of paper will decrease, and the employees that once spent time handling and mailing invoices and bills can use their time more efficiently elsewhere.

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The European Union announced Feb 22^nd, 2010 that it’s framework for a unified electronic invoicing standard is nearing completion. A recent report from Capgemini predicts potential annual benefits of up to €40 billion across Europe in the b2b field alone.

This initiative will result in dramatic cuts in cost for b2b invoicing:

• Quicker retrieval of money from customers by reducing delivery time for invoices
• Reduced printing and postage costs
• Quicker and cheaper processing, as the information in electronic invoices can be fed directly into a company’s accounts payable software, like Prodagio AP
• Lower storage costs

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Cloud Computing is a viable module for Enterprise Level Business Applications, and Prodagio has been deploying in this manner for years. Now, cloud computing is becoming more mainstream with our clients for a three primary reasons. It is technically viable, economically advantageous, and (to paraphrase Senator Stuart Smalley – AKA Al Franken) doggone it, users like it.

Many of the concepts behind cloud computing have been around for years. For instance, the idea of a thin-client driven by services on a remote virtual machine dates back to the mainframe era. (Funny, now we are back where we started). Internet performance and security have matured enough to make web-based cloud computing a viable enterprise platform. Each cloud offering has the same pattern of light, user-friendly interfaces pointing to an array of high-value services. As companies such as Salesforce.com and Amazon continue to demonstrate successes with this model, IT decision-maker acceptance is more widespread.

Today’s economic environment has put the spotlight on overall business spending. Cloud computing provides a “pay as you go” model which helps to reduce or eliminate capital expenditures and high-cost software licensing. Cloud applications are able to offer this model because the technological underpinnings at the server level are architected for easy and dynamic scalability. When you need more bandwidth or computational power, it’s just a phone-call or email away and the results are instantaneous.

Lastly, the cloud model is more likely to provide the most productive interface for the latest generation of workers. It offers more flexibility of workspace and time; workers can log in from anywhere, anytime to perform tasks. That, combined with a rich user interface, makes for an easy to use solution that most mimics the collaborative and social nature of computing at which they are so adept.

Mike

“A foolish consistency is the hobgoblin of little minds,” once remarked Ralph Waldo Emerson. I never truly understood that remark until I went golfing one cold October morning some years ago. A neighbor of mine was moving; let’s call him Stan. A few neighbors and I decided to treat Stan to a last round of golf.

The evening before our round a cold front dropped in, pushing temperature into the lower 50s with some stiff winds from the West, making the wind chill in 30s. In Dallas, this would be considered unseasonably cold, but not extraordinary. Being overly practical, I decided to dress in layers to keep warm, including two shirts, a pull-over, a jacket and a knit hat – in short, the Dallas version of Ralphie’s brother from “A Christmas Story”.

When I showed up in the morning, everyone else had dressed just as sensibly, except Stan. He had on shorts, a ball cap and long sleeve shirt. When asked why he wore shorts, he replied, “I always wear shorts when I golf.” As the morning wore on, and the wind took its toll on any exposed skin, Stan was consistently seeking relief behind any large mass. On some holes, the only cover was the lip of a sand trap, and Stan would lie on the ground behind the trap as we all putted out. Then on 17th hole, a large gust of wind took Stan’s ball cap and deposited into the water hazard with Stan doggedly chasing his lucky cap. As he stood in the middle of the water in his shorts, ringing out his cap, shivering and beet red from wind burn, I suddenly understood what a foolish consistency was.

Last week, I remembered this story and subsequent realization when I was talking to one of our sales managers. He was explaining his frustration with a prospect that was considering using a big ERP for Accounts Payable because they “always buy big ERP”. The company agrees that value proposition was superior, there was a proven ROI, user satisfaction was higher and the overall cost was lower. Yet, they are still wrestling with the decision because of a foolish consistency.

In my career, this is not the first time I have heard this reasoning, and it really begs the questions, where are you approaching things the same way because it has always been that way? The current environment is the perfect time to challenge those long held rules of thumb and conventions. And, make decision based on value and not convention. So ask yourself, “Where are my foolish consistencies?”

Apr 08, 2009 08:30 ET

Prodagio Analytics for AP Provides Dynamic Linkage Between Liabilities and Cash

Imagitek, Ltd. Releases Real-Time Cash Management Dashboard for Accounts Payable

HOUSTON, TX–(Marketwire – April 8, 2009) – Imagitek, Ltd., developer of world-class Prodagio™ Software business applications for accounts payable, vendor self service, case management and contracts management, today announced the release of Prodagio Analytics for AP. This software application is designed to give companies a real-time linkage between pending liabilities and cash. With this information, financial executives can make dynamic decisions on how to best prioritize payments, manage strategic vendors and capture the most early payment discounts, and these decisions can be incorporated into their AP department’s workflow in real-time.

“In this economy, one of the few things companies can control is cash. Executives must be able to make strategic decisions on how to optimize spend based on current cash position. Until now, there has been no simple way to have essential information in real-time. Prodagio Analytics for AP brings real-time business intelligence to Accounts Payable,” said Mara Henderson, president, Imagitek, Ltd.

The new module provides a best practice set of standard views for financial executives like CFOs and Controllers. This release comes on the heels of Prodagio AP 4.4, which included a new scheduled invoice template and many improvements to its Prodagio Vendor Self Service. “The Prodagio AP platform provides a consolidated view of liabilities across all systems and organizations, regardless of locations, currencies or underlying ERP systems,” states Pete Stevens, director of Prodagio product marketing. “With our Analytics product and AP platform, financial executives can transform AP from just transaction savings into strategic cash tool.”

Prodagio Analytics for AP will be demonstrated in Orlando, Florida, at the International Account Payables Professionals conference, April 19-23, 2009.

About Imagitek, Ltd.

Imagitek, Ltd., an Altran company, is a provider of off-the-shelf business applications that work seamlessly with content management and ERP systems. Imagitek’s flagship Prodagio Software delivers best-in-class applications for accounts payable, case management, contracts management and vendor self service. Established in 1982, Altran is recognized as a global leader in innovation and consulting with annual revenues exceeding US $2.1 billion. For more information, visit http://www.prodagio.com/.

With all the recent economic changes, we decided to dig down into what is driving our Procure-to-Pay customers right now. Traditionally, the value of Accounts Payable solutions has been operational – to process invoices as inexpensively as possible. Our clients have always seen beyond core efficiency. It is not that they don’t value the operational improvements. They bank those benefits every day; but, they also see how with the right technology they can move beyond simple post-and-pay efficiencies.

Based on this experience, we see an invoice as a demand on your cash. On first blush, it seems simplistic. But when you let that perspective guide feature development instead of just operational efficiency then a new class of functionality emerges. The software no longer just ensures that bills are paid with as little cost as possible. To create maximum benefit for your organization, software needs to allow you to control timing, prioritizing and interrogation of supplier demands. This is even more important in today’s climate.

Every organization should be looking into a variety of strategies:

-Maximize discounts on bills you have to pay.
-Identify duplicate payments before a check is cut.
-Ensure you work closely with Procurement and lines of business to strategically manage critical vendors.
-Develop strategies for vendor negotiations that allow you to control timing and terms.
-Shift processing cost and data entry to vendors with Vendor Portals.
-Monitor for potential fraud by watching vendor and payment trends.
-Aid the CFO with compliance with detailed record-keeping, audit trails and process control.
-Maintain your corporate reputation and keep essential suppliers happy.

There is an article in IAPP’s February newsletter (http://www.iappnet.org/) called “Transforming AP into a Profit Center.” It corroborates the same themes our customers have been telling us.

This is a good time to give your Accounts Payable process some serious consideration. Outsourcing invoice payments to cut costs might give you some measure of efficiency; but, it won’t help you sleep better at night, manage your vendors effectively or ensure you’re not a victim to invoice fraud or errors.

Some things are too important to hand off – we think your company’s cash falls into that category.

On February 18, 2009 at 1pm EST, Imagitek, Ltd. will be hosting a live webcast: “An Invoice is a Demand on your Cash – Why Take Chances?”

This important event will focus on the things AP managers and finance executives can do to ensure invoice integrity and gain better visibility over financial obligations.

The event is free. To learn more and register, visit Prodagio AP webcast.

The Roadmap to Streamlining Accounts Payable

RSVP required.

IKON and Prodagio Software have teamed with Goodman & Associates in sponsorship of this free workshop. Nat Goodman CPA, APM, MBA and President of Goodman & Associates will lead this information-packed morning session which will earn three (3) CPE hours. He will outline a step-by-step methodology which will enable the financial manager to assess their disbursement performance in an effort to drive process improvement.

The workshop will concentrate on:
• Employing benchmarks and metrics to assess your AP process
• Balancing your scorecard
• Examining performance gaps
• Recognizing accounting & organizational disparities (Pitfalls)
• Focusing on what drives AP productivity and quality
• Identifying e-solutions
• Prioritizing process improvements
• Selecting vendors

Workshop Leader

Nat Goodman is credited with significant consulting accomplishments on five continents. Nat served as the corporate comptroller for Sears Roebuck de Mexico and the controller for Hartmarx Specialty Stores. He was manager of various individual shared-service functions including AP, payroll, general ledger, credit cards, etc.

He is the author of the International Accounts Payable professionals’ 200 Page CAPP Certification Manual and the 100 Page Accounts Payable Manual for Associates, which are the basis for their respective certification exams. Additionally, Nat was managing editor of the IAPP Newsletter. Nat is now concentrating on payables/procurement in the form of speaking engagements, seminars, writing and consulting. He co-authored IOMA’s 300+ page Complete Guide to Accounts Payable Best Practices along with their recently issued AP Shared Service Benchmarking and Analysis research report. In 2009, his Complete Guide to AP Fraud and Internal Control will be published.

Agenda
8:15-8:45 Continental Breakfast
8:45-9:00 Introduction
9:00-10:00 Workshop
10:00-10:15 Break
10:15-11:45 Workshop continues
11:45-12:30 Paradatec/Kodak presentation
12:30 -1:30 Lunch
1:30- 2:30 Prodagio Solutions ( AP workflow tool)

One lucky attendee will win a Dell Mini Note 9 netbook computer.

Space is limited, RSVP today at Prodagio Live Events.

Prodagio A/P now allows the Business Administrator to configure both the invoice’s header and line-item information in the same window.
To configure Prodagio A/P and its Actions menu for editing headers and line-items in the same window using the Edit Invoice option, follow this procedure:

1. Login in with Business Administrator permissions.
2. Click the Administrator tab, then Menu Options, then Modify.
3. Select the User Role from the drop-down list.
4. In the Available Menu Options column, select Edit Invoice.
5. Move Edit Invoice to the Current Menu Options column.
6. Select Edit Invoice and move it up or down to the required position with the Up or Down buttons.
7. Click Save.
8. Repeat the above steps for each User Role needing the combined header and line-item window, saving after each.

Prodagio A/P was covered in a new research paper by Gartner, released on December 11, 2008. The paper, entitled “Accounts Payable Invoice Automation” discusses how companies can augment their ERP AP processes to include more of the upfront business processes, including document and electronic transaction capture, workflow approval routing and analytics. According to Gartner, this is a ripe area for achieving value. Gartner clients can find the document G00163833 at www.gartner.com.