Transcript Slide 1
Adjusting to the New Normal in AP Session 1 About the Speaker Phil Binkow CEO Financial Operations Networks Phil is founder and CEO of The Accounts Payable Network (TAPN) – the leading resource for individuals with management and oversight responsibility for accounts payable operations. Before starting TAPN, Phil founded and served as CEO of PayTECH, an electronic payables processing, disbursements and information services provider serving Fortune 1000 companies. Phil holds a B.A. in economics from Stetson University and an MBA in operations research from the University of Florida. He serves on the Board of Directors of the Specialized Information Publishers Association, the SIPA Foundation and as president of the Board of Trustees of Friends of North Springs High School, a non-profit 501(c)(3) foundation. Slide 2 ©2010 Financial Operations Networks LLC FON at a glance • Founded 2002 • Launched TAPN January 2003 • 3,500 members • 38,000 users Slide 3 ©2010 Financial Operations Networks LLC FON at a Glance Certification Slide 4 ©2010 Financial Operations Networks LLC The New Normal in AP • Economic drivers • Consumer activity • Stimulus activity • Internal drivers Slide 5 ©2010 Financial Operations Networks LLC Increased Pressures • Productivity • Cash management • Compliance • Risk management and internal controls • Relationships • Possibly, future costs Slide 6 ©2010 Financial Operations Networks LLC Increased Resource Scarcity • More work • Less time • Staff cuts • Budget constraints Slide 7 ©2010 Financial Operations Networks LLC Productivity Invoice processing cost • Automation • Accuracy • Reduced margin for error • Less tolerance for errors • Impact of training — positive Slide 8 ©2010 Financial Operations Networks LLC Cash Management • Payment timing • Discounts Slide 9 ©2010 Financial Operations Networks LLC Compliance • Increased regulations • Increased penalties • Increased enforcement Slide 10 ©2010 Financial Operations Networks LLC Risk Management and Controls • Fraudsters increasing • Motives • New tools for fraud Slide 11 ©2010 Financial Operations Networks LLC Pressure on Relationships • Suppliers • Internal customers • Internal support, especially I.T. Slide 12 ©2010 Financial Operations Networks LLC Gap Management • Research • Identify resources • Keep great people • Prioritize I.T. resources Slide 13 ©2010 Financial Operations Networks LLC Questions To ask a question, please press *1 on your phone or submit your question using the chat function within the Webinar interface. If you have further questions, please e-mail them to [email protected] Slide 14 ©2010 Financial Operations Networks LLC Thank You! For further information on this topic, contact The Accounts Payable Network 2100 RiverEdge Parkway, Suite 380 Atlanta, GA 30328 Contact: [email protected] 866-827-6389 770-984-1184 www.TAPN.com