Tag Archive - cost savings

e-Invoicing Will Give You the Edge Over Your Competition

 

The new Billentis report illustrates why e-Invoicing is a critical solution for businesses looking to streamline their processes, maximise their opportunities and differentiate themselves from the competition.

The proven benefits of e-Invoicing are making it the solution of choice for businesses; the report shows that businesses that have automated their processes are taking advantage of huge savings and giving themselves a competitive edge in their industry. Bruno Koch highlights the savings that can be made in the report and gives practical advice about how to implement such a solution.

From our internal research we have found that the biggest challenge facing businesses is the high cost of processing paper invoices. Cutting costs remains a major priority for all businesses and the Billentis report highlights how e-Invoicing can do that while also improving your customer’s satisfaction.

Below are two diagrams that illustrate the potential savings to the sender and recipient of an electronic invoice. Receiving and processing an invoice is an expensive practice for businesses and Koch has broken down the substantial savings that can be made at both ends.

Invoice sender potential savings diagram - Billentis Report 2013

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Posted on May 9, 2013 in e-Invoicing, eBilling, Report by
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e-Billing Service Replaces the Mailroom

 

Previously we discussed how Celtrino Express offers the opportunity to retire your mailroom, thanks to the reduced administrative overheads provided by electronic invoicing. Replacing printed invoices with electronic equivalents saves time, effort, stationery and ultimately money too. So what can you replace your mailroom with?

Celtrino Express e-Billing service replaces the mailroom

According to the Billentis 2012 annual report into global e-invoicing adoption, the average outgoing paper-based sales invoice costs around €11.10 to process. This figure includes costs for printing, posting, chasing, processing and archiving the paperwork for every single invoice. Billentis then found that the average electronic invoice cost €4.70, a saving of 57% per invoice.

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Posted on June 20, 2012 in Celtrino Express, e-Invoicing, eBilling, Electronic Billing by
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Eliminate duplicate invoices

 

Eliminate Duplicate Invoices

Ask anyone in accounts payable what takes longer to process than an invoice, and they will give a simple answer: a duplicate invoice. A standard invoice takes an unexpectedly long time to process from receipt in the post to despatch of payment, and it is this time factor that makes the entire procedure so costly. However if a second, identical invoice is received, the cost is further increased.

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Posted on June 1, 2012 in Celtrino Express, e-Invoicing, eBilling, Electronic Billing, Supply Chain Performance by
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The Hidden Costs of Email in Business Transactions [Free Guide]

 

It’s not just David Byrne that asked “My God, what have I done…? How did I get here?”

The guide to the hidden costs of email when used for business transaction processing

For me, there’s plenty of food for thought here at both a personal and a business level. Setting aside the former for the time being, it’s worth considering the latter –  especially if it’s hitting your profits.

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Posted on May 17, 2012 in e-Invoicing, eBilling, Electronic Billing, Supply Chain by
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Business Processes Part 3 – Actions Post Implementation

 

Once the business case has been made for the introduction of processes and relevant systems have been identified for automation, the final stage is to implement the processes themselves. Whether the processes are for a small business, or a multinational corporation, the post implementation guidelines remain roughly the same:

Business Processes

  • Let the process grow and adapt. Process outlines which remain too rigid cannot scale as business needs change. By all means formalise the process, but allow the opportunity for future organic change and enhancements.
  • Involve others in process creation and implementation creating a shared ownership and common vision for improvement. Doing this will also overcome many of the political barriers which could otherwise prevent process realisation.
  • Maintain a culture of continual improvement. There is always room for the creation of new processes or the refinement of existing ones. Incremental changes will keep processes relevant to business needs and prevent them from becoming a hindrance in future.

Any process, internal or external, can help a business increase its levels of efficiency, but attempting a one-time, big-bang implementation is unlikely to have the permanent benefits desired. Processes need to be frequently revisited to allow for the identification of smaller improvements which will keep the process relevant. Changes in business model, customer demands or supplier will all necessitate changes to business processes – inflexible and infrequent analysis of processes will preclude this.

The responsibility for implementation of processes generally lies with management, but ultimately, all staff should be encouraged to participate in a continual process improvement.

Processes can exist as part of a supply chain management system, or as an internal operating procedure.  The scope is virtually limitless. Clearly, where computerised automation is required, a suitable platform will need to be sourced which provides the necessary framework in addition to flexibility for future refinements. Why not give Celtrino a call to discuss the Smart Admin platform and how it could help with your business process implementation projects?

 


Posted on April 5, 2012 in BPO, Business Process Automation, Business Process Outsourcing, Supply Chain, Supply Chain Management by
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Make Sure “Lean” Does Not Mean Inflexible

 

The wider financial crisis has forced many businesses to cut back in order to secure their future. Cost savings through efficiencies have been a high priority for many. Some of these cost savings have  initially been realised through reduced headcount but as the downturn continues and growth remains delayed, businesses are looking at supply chain effectiveness to maintain the downward pressure on costs.

Undoubtedly most supply chains will benefit from some degree of rationalisation and consolidation making good use of the cost savings that arise as a direct result. However when it comes to making cuts, it is very easy to get carried away creating a supply chain that is efficient but inflexible.

As we have discussed previously, uncertainties relating to the supply of raw materials and potential disruptions caused by natural disaster or civil unrest require a company to be agile in order to adjust to the unforeseen. If too many resources are stripped and the supply chain becomes so inflexible that there is no slack or room for adjustment, the results could still be catastrophic even in the face of tiny fluctuations.

Ultimately, your business will need to decide how best to adjust your supply chain, which parts to improve and which to remove whilst leaving your business in an operational state. The ERP system used to manage your supply chain will also need to be equally flexible and customisable to mirror accurately the changes in structure.

Using a period of rationalisation also allows decisions to be made that will define the future of the supply chain. Many companies are taking the opportunity to invest in strengthening their core systems; those tackling the challenge with a long term view are investigating off-site, cloud-based solutions with the capability to shift in line with the company’s own changing needs.

Celtrino’s own Smart Admin platform provides all the flexibility required to remain competitive regardless of the wider financial environment. To find out more, why not give us a call?


Posted on March 28, 2012 in ERP, Smart Admin, Supply Chain by
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EU Sets SEPA Deadline for February 2014

 

SEPA. The 32 member states of the Single Euro Payments Area and two non-members

The 32 member states of the Single Euro Payments Area and two non-members. Source: Wikipedia

In a busy week for The European Union’s law makers, an agreement has finally been put in place to increase the ease with which businesses and consumers can make and receive bank payments across member states. The Single European Payments Area (SEPA) legislation has been agreed and will come into force on February 1st 2014, forcing banks to be more transparent about international payments and eliminate hidden charges.

The changes brought about by SEPA are intended to save around €123 billion in bank charges over six years through cuts in transaction fees billed to businesses within the EU. The major benefit of SEPA however will be the reduction in the number of bank accounts required for a business to trade effectively with the Eurozone to just one.

SEPA will allow companies or individuals to maintain a single bank account in any European country of their choice and make Euro transactions to any other account, anywhere in Europe. Individuals working ‘abroad’ will also benefit as they will no longer be required to open a new bank account in the host country; payments can still be made to their bank at home minimising the problems associated with setting up a new account in a foreign country.

MEPs are also expecting the efficiencies created by SEPA to encourage further use of electronic invoicing across member states. The bulk of the estimated €123 billion in savings is predicted to come from the ease of making and receiving electronic payments coupled with e-invoicing. This will create a more efficient, inter-operable framework.

Technically SEPA has been in force since January 2008, but a low take up has forced legislators’ hands. This latest decision by MEPs ensures that the February 2014 deadline is legally binding.

 

Sources:

http://www.sharedserviceslink.com/file/94302/february-2014-sepa-deadline-set.html


Posted on March 20, 2012 in e-Invoicing, European Union, SEPA, The Single European Payments Area by
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5 Ways to Reduce Administration Costs

 

Despite the turn of the year, 2012 looks set to be another year of austerity and cost reductions. Several well known names from the UK high street have set the tone by reporting less than impressive Q4 results and some are even entering administration.

Here are five suggested ways to reduce operational costs through increased backroom efficiencies.

Administration costs, Smart Admin, e-Invoicing

  1. Adopt e-Invoicing
    By converting to digital invoicing, a business can make immediate savings on staffing, stationary, postage. Factor in slightly less tangible factors such as time and the argument for e-Invoicing is hard to ignore when investing to make greater savings.
  2. Create dynamic pricing and discounting structures
    Offering customers discounts for settling payments early may reduce profits, but a healthy cash flow and balance book is preferable to a sheaf of outstanding invoices. A scale of sliding charges and fees can require intensive intervention to oversee however, so companies introducing such a system should look at implementing our third recommendation simultaneously.
  3. Automate your workflow
    To combat costly human error, introducing automation can speed each step of the payment process by removing the need for manual intervention. The less manual processing that is required, the smaller the margin for error and the less workforce required for accounts payable.
  4. Centralise
    Bring your financial operations into one department. Managing finances across different departments is time consuming, and if time is money, delays in financial processing cost your business. Cut the delays by bringing financial control into a single centralised location and you will recognise associated cost savings.
  5. Digitise your paper
    Your clients may not have an electronic invoicing and payments systems and so they will continue to return physical paperwork. As a result you will need to find a way of capturing this information and getting it into your own accounts system.

Using an electronic invoicing platform like Celtrino’s Smart Admin can help achieve each of these goals and thereby slash costs as a result. Interested? Get in touch to find out more!


Posted on February 22, 2012 in Accounts Payable, Business Process Automation, Cash Flow Management, e-Invoicing by
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e-Invoicing and Supply Chain Costs Reduction for Private and Public Sector – White Paper

 

On 17th November the Department of Public Expenditure and Reform published the Public Sector Reform plan and a number of its recommendations made headline news: the reduction in headcount and the end of decentralisation.

However, the report contains more far reaching objectives which the reporting media simply did not and do not understand.

In effect, the public sector in Ireland is set to change the way it processes its day-to-day business activities. This change is transformative, it will impact the entire island and profoundly change the way all businesses process business transactions.

This reform plan signifies major change even if you do not deal directly with the public sector. As has been demonstrated in other countries that have embarked on such projects, the change sweeps across the both the private and public sectors. It is irrevocable and to be absolutely clear, it is hugely positive.

The proposed change will give you reason to question:
1. How will my supply chain be affected and what do I need to do to prepare?
2. Is my ERP or back office system(s) fit for purpose?
3. What does e-Invoicing entail?

The appropriately titles white paper ‘Ireland is About to Become a Whole Lot Smarter’ presents a detailed overview of the opportunity at hand for both the private and public sectors in Ireland.

The economic circumstances have to a large extent forced the governments hand on this reform and we must take this opportunity as the benefits are significant and far reaching. Our Nordic neighbours are well down the e-Business journey and derive significant cost savings, and now have a solid e-Business infrastructure that is a competitive trading advantage.

No journey of this nature is exempt from challenges and obstacles.

So, download a copy of the white paper and please remember, here at Celtrino our door is always open and we are more than willing to help you plan to take advantage of this opportunity.

 

Irish Public Sector Reform Plan, e-Invoicing and Reducing Supply Chain Costs – White Paper

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Posted on December 20, 2011 in B2G e-invoicing, Celtrino Platform, Cloud Computing, e-Invoicing, Private Sector, Public Sector, White Paper by
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Are you Over Complicating e-Invoicing?

 

The rush for the paperless office and associated riches available through efficiencies and cost-savings is a compelling argument for many businesses. They then rush through the initial planning only to discover that the complexity of such a deployment is far greater than they had initially anticipated.  Discontent is quickly followed by despair and can even result in the new system being ditched altogether.Over-complicated e-Invoicing?

What goes wrong? Many businesses are simply not prepared for the culture shock associated with the changes required to their processes and cannot adjust to the more rigid structures required. Although “touchless” systems promise the greatest returns on investment, the fact that they also affect every part of an organisation means the greatest disruption, even if it is only short-lived.

And here lies the nub of the problem. The deployment of an e-Procurement system is all or nothing; it must be implemented across the entire company simultaneously, or not at all. There are no piecemeal implementation options.

Contrast this with e-Invoicing which is the process of replacing paper-based invoice documentation with its electronic equivalent. In this scenario, all of the benefits of a touchless system are still available (reduced staff burden, reduced time to payment, ongoing reduced costs), but the impact is borne by the accounts department alone.

The implementation of an e-Invoicing system for many companies provides the perfect opportunity to test out a single paperless department and solve the common deployment problems on a smaller scale. These lessons can then be carried forward, once the business benefits have been properly recognized, and a wider deployment authorised.

The implementation of any electronic platform will always require changes to business processes, but much of the complication can be reduced by taking on a smaller challenge first. Although e-Procurement may be your company’s eventual target, an e-Invoicing roll out may provide the practice you need to get the process right.


Posted on December 19, 2011 in Business Process Automation, e-Invoicing, eProcurement by
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