How paperless procure-to-pay can save time, money, and the economy | European CEO


European CEO: Paying invoices on time doesn’t
seem like too much to ask. But in Europe, more than 40 percent of invoices are paid late, according to a businessadvice.co.uk report. What can businesses do? Joining me is Richard Hurwitz, CEO of business
transaction experts Tungsten. Richard: 40 percent is incredibly high.
What can businesses do? Richard Hurwitz: You’re right Paul. In today’s increasingly competitive and global
economic environment, that kind of leakage… businesses just can’t afford it. After all, it’s the velocity of working capital
that we’re talking about here; the grease that really has an economy grow or not. The problem is that too many of these businesses
are relying on manual, paper-based AP processes. Yet we live in a world where
digital technologies are revolutionising the way
that businesses operate. Too often, those technologies are being applied
to the front office, not to the back office. European CEO: So the solution you’re suggesting
is digitisation and automation; removing the human element from the process as much as
possible. Richard Hurwitz: Exactly right. In fact, removing paper from the payables
process is really a no-brainer. Those benefits are highly demonstrable – in
fact, quantifiable. And I’ll give you a for-instance. With one complex buying organisation, prior
to joining the Tungsten Network, they had 148 FTEs in their payables department. Today they have 108; they’ve redeployed people
more effectively in other areas. Prior to joining the network it took them
21 days to process an invoice; today, 4.5. Prior to joining the network they had an error
rate of 17-18 percent; today, 0.25 percent. Our client base consists of the most complex
buying organisations on the planet. These are brands that you and I know and work
with and buy from every single day. And we have about 60 percent of the FTSE 100
and Fortune 500. And they’re a very demanding customer base. Security and risk of fraud is one of the highest
considerations they look at when they consider joining a network like Tungsten’s, so we pride
ourselves on providing trusted connections that streamline their transactions and are
cross-border compliant. So we are ISO certified, we are ISAE certified;
we work in a compliant manner across 48 countries. We believe in helping businesses do business
better, over the most safe, secure network that there is on the planet. European CEO: You’re talking about the Tungsten
Network; because your customers do become part of a network. How does that make the invoice process easier
for both sides? Richard Hurwitz: You’re in essence connecting
a corporation across continents to all of its entities, and then to its supply chain. The global supply chain is coming to a portal,
Tungsten’s real estate, in order to input invoices, in order to check on the status
of those invoices. And it’s very easy for us now to overlay into
that a host of other applications. So you and I think of an iPhone as a platform onto which we take down a host of value-added applications. We’re doing the exact same thing at Tungsten. And one form of a value-added application
is the ability for the global supply chain to come to that portal – now, right in that
same space, they can assess how many invoices are outstanding, what the value of those are,
when those are going to be paid. And with the click of a button, secure capital
against those invoices. Same day. No documentation, no reps and warranties,
no recourse. And 100 percent advance rates. That’s not available to them anywhere else. This is enhancing the velocity at which working
capital gets back into our economies, and that’s good for global growth. European CEO: Invoice finance really is a
growing alternative source of finance for a lot of SMEs; talk to me about the growth
there, how big has it been? Richard Hurwitz: I’ll tell you some statistics! For those suppliers that are making use of
our functionality, they continue to use it. In fact they take down about 80 percent of all
of their invoices that are available for financing. They use it over and over again. We continue to see our outstandings grow month-to-month. And just recently at Tungsten we’ve had a
very prominent leader join our organisation to help us grow our invoice financing business. So Prabhat Vira has joined us from HSBC Bank,
where he ran its trade finance business in the Americas for many years. European CEO: So how did you develop your
offering? Richard Hurwitz: The incumbent players, the
banks, tend to serve the largest, most strategic vendors for these buyers. The group that needs the capital most is underserved. And that’s our small and medium sized enterprises. Banks here in the UK, and in the US, are not
making loans as readily to small business. The underwriting requirements are much more
onerous. Yet they have these assets in the form of
receivables – which as you’ve earlier pointed out are taking longer to be paid. And now they have the ability, the small business,
to finance that receivable in a very low-friction manner through the Tungsten Network. That’s where Tungsten plays.
That’s where the volume sits. What we’re doing is providing a very disruptive
approach to a conventional set of activities. And we’re doing that through digital technologies. European CEO: Going back to your platform
then; what other apps can we expect to see? Richard Hurwitz: So, we’re looking for the
opportunity to add value to the network in areas that are adjacent to that procure-to-pay
workstream that we play in. For example, of the $200bn of flows that Tungsten
processed last year, a full third of it was in multiple currencies. So think of a Mexican supplier delivering
corn to Kellogg’s. Kellogg’s may pay that invoice in dollars;
the vendor is then standing up, going down the street, converting that to pesos. Instead, today, on the Tungsten Network, they
can do it right at their desktop, with less friction. So that’s another example of where we’re adding value. European CEO: Richard, thank you very much. Richard Hurwitz: Paul, thank you. Thanks for watching. You can find out more about procure-to-pay
solutions at www.europeanceo.com. And please subscribe for the latest business,
finance and strategic insights transforming Europe.

How to set up dimensions in Dynamics 365 Business Central


Set up dimensions. Hi, and thanks for watching. This video shows how to set up dimensions, which help analyze business transactions. For example, track sales revenue per geographical area or customer segment, track expenses per department, and so on. The setups depend on what we want to analyze and the structure of our company. In the Business Manager Role Center you will find the dimensions set up under Home, Setup and Extensions, Manual Setup, and Finance. Choose Dimensions. A dimension named Department is provided, so we’ll use that. To define the values that we can choose for this dimension, choose Dimension Values. Departments has values for three departments: Administration, Production, and Sales. If needed we can arrange dimension values in a hierarchy like a chart of accounts. Now we can add our Department dimension to transactions so we can analyze the transactions later. We’ll make it easy to enter dimension values and do basic analysis by making a dimension global so it’s available throughout Business Central. Journals, documents, and look-ups in the general ledger. Global dimension should be dimensions we often use. Create global dimensions in the General Ledger Setup window by choosing Change Global Dimensions. We can add default dimension values as defaults to master data like customers, items, vendors, salespersons, and general ledger accounts so we don’t have to enter them on every transaction. We’re tracking revenue and expenses for departments so we’ll add defaults to customers because they belong to the sales department. Let’s look at a Customer card. There we choose Navigate, and Dimensions. This customer always buys through the Sales office, so we’ll use only this value. In the Value Posting field, we’ll choose Same Code so that Business Central uses only the Sales value. So what happens when we post a sales invoice where the default values differ from the customer and sales person? It’s a problem only if Value Posting is set to Same Code for both the customer and sales person. If we don’t set the value posting parameter or require a dimension, we can set up a hierarchy in the Default Dimension Priorities window so that Business Central picks one. Search for Default Dimension Priorities. The Default Dimension Priorities page shows source codes, which are types of business transactions. We’ll prioritize the tables to get dimension values from. For example, for sales, customers are first priority if there is a value. The salesperson is second, and then the item. If there is no default dimension we’ll add one so we can analyze the data. Posting with dimensions is easy. Typically, default values do the job for us. However, for special transactions like corrections, we might want to change the dimensions. For documents, default values are assigned to the headerd an used on lines. We can change both. If we do, Business Central asks if we want to update all lines. New lines use the new values. And we’re done. Thanks for watching. We’ve just seen how to use dimensions to track and analyze transactions, set up as many dimensions and accommodate different setups, control how, and when, dimensions are used, and resolve conflicts between multiple entities with different default values.

How E-Invoicing and Early Payment Helps SMEs



tungsten Network headquartered in the heart of London is the global leader in en voicing invoice finance and spend analytics working with thousands of small and medium-sized businesses every day experts at tungsten explain how they can help companies achieve not only cashflow stability but growth to fulfill their ambitions tungsten helps SMEs in two ways firstly it allows them to have confidence when they're sending their invoice to their customers that the invoice has been received and to know where it's in the approval process so if it's been approved and when it's going to be paid secondly we're allowing our suppliers to take finance on those invoices and get paid early so tungsten early payment is a fantastic way for SMEs you actually gain cash in that moment by clicking one button if we think on average it takes sixty days in the UK to get paid it really is a fantastic opportunity for them to to grow their business and have cash available when they need it both large companies or small whether you are submitting or receiving invoices on the on the network control of your cash flow and ability to influence your working capital is critical for growth and stability in the network and in your trading environment so we think by doing that we can stimulate both growth in a network and also in the wider economy being able to take advantage of this incredible platform that we have is a global platform for electronic invoicing and offering financial services on top of that in a much more efficient way than banking infrastructure can do that creates real value to both our customers and shareholders what I really love about working at tongues is what it is we're doing for our buyers and our suppliers there is so much potential which is unrealized whether it be in the buyers use of spend analytic data or the millions in fact trillions of pounds and dollars which are waiting in invoice land which suppliers can't use to grow their business what we're doing is producing and offering freedom for both buyers and suppliers to fulfill their visions and that's a very exciting prospect