Working Capital Management: An Enterprise Endeavor. Deborah McSheffrey, CTP

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1 Working Capital Management: An Enterprise Endeavor Deborah McSheffrey, CTP

2 Common working capital metrics Some common metrics include: Days Sales Outstanding (DSO) Days Payables Outstanding (DPO) Days Inventory On hand (DIO) Cash Conversion Cycle (CCC) Days Working Capital (DWC) It's not just knowing your numbers, but how you stack up Numbers, by themselves, are meaningless. It s often been said, you can only run out of cash once. Although you may have current assets, you must manage your cash closely. 2

3 How do you measure working capital? Standard accounting definition Working Capital... most common measure: = Current Assets Current Liabilities or, how much cash is tied up in the operation of an organization. Best-in-class organizations are working to optimize their working capital which translates to efficiently and effectively managing payables and receivables Other measures? Payables Liquidity Receivables Cash Inventory 3

4 The many facets of working capital Cash Management Liquidity Access to Capital Systems and Processes Financial and Accounting Processes Financial Risk Management Company Culture/Goal Alignment An enterprise endeavour Often overlooked in working capital management endeavours are the participation and engagement of sales, and executive management. 4

5 Working Capital Management: many facets Lines of Credit Supply Chain Financing Control Visibility Forecasts A/R A/P Legal & Tax DPO Capital Markets Trade Solutions Working Capital Metrics Leasing Access to Capital Cash Management Working Capital Management Financial Processes Liquidity Payroll Pooling/ Netting Repatriation Reconciliation Investing Purchasing DSO Inventory Cost of Capital Financial Risk Management FX Systems & Processes ERP Interest Rate SOX Counterparty Market Sovereign/ Country T&E TMS Rationalize/ Standardize/ Automate 5

6 The many facets of working capital Cash Management Control - You cannot manage what you do not own. - Cash is a corporate asset. Visibility - You cannot manage what you cannot see. - Transparency must be achieved Forecasting - An accurate cash forecast is essential Participation from the enterprise is key Access to systems and information Open and honest communication The past is not always indicative of the future. "In the business world, the rearview mirror is always clearer than the windshield. -Warren Buffett 6

7 The many facets of working capital Liquidity Investing ZBA Structures Pooling/Netting Repatriation of cash Access to Capital/Ability to Leverage Lines of Credit Capital Markets Leasing Supply Chain Financing Trade Solutions 7

8 The many facets of working capital Systems and Processes ERP TMS or Cash Setting Method Online Bank Tools T&E Purchasing Billing Other Rationalize, Standardize and Automate To get the most out of these tools it is important to rationalize your systems and processes. Standardize your systems and processes and automate as much as possible. 8

9 The many facets of working capital Financial Processes Treasury Billing Accounts Receivable Collections Accounts Payable General Ledger Reconciliation Payroll Purchasing Legal Tax 9

10 The many facets of working capital Financial Risk Management Counterparty Risk Interest Rate Risk Sovereign/Country Risk Market Risk FX Risk Compliance Risk Reputation Risk "When written in Chinese, the word crisis is composed of two characters. One represents danger and the other represents opportunity." - John F. Kennedy Only when the tide goes out do you discover who s been swimming naked. - Warren Buffett 10

11 Optimizing accounts payable $620M The annual amount of cash that could be generated from payables by optimizing working capital management Source: REL, Inc. Working Capital: Successes, Challenges, and 2012 Objectives April 26, % Of all invoices received in accounts payable departments today are via paper. Source: Ardent Partners The State of the AP Market: Not Broken, Needs Fixing June % The risk free return (APR) associated with taking early pay discounts. 73% Companies who have a strategy for converting paper-based transactions for payments to electronic. Source: Treasury & Risk 2012 Going Green Survey

12 Optimizing accounts payable Table 5: Average Transaction Cost by Payment Type Payment Method Cost Per Transaction Paper Paper Checks $7.15 Electronic ACH $4.72 Commercial Cards $3.96 Wire Transfer $9.86 Source: Aberdeen Group, May 2010 Top Challenges that Impede Payments Optimization Percent of Respondents, n = 161 Lack of integration between electronic payments and accounting systems 38% Inability to send or receive automated remittance information with electronic payments 31% Shortage of IT resources for implementation 27% Difficult to convince suppliers to accept electronic payments 27% Check system works well 26% No executive sponsorship 20% Source: Aberdeen Group, May 2010 Source: Aberdeen Group: The E-Payables Solution Selection Report: A Buyer s Guide to Accounts Payable Optimization May

13 Optimizing Accounts Payable Figure 6: Fraud Associated with Payment Methods Checks 46% Consumer Credit or Debit Cards 19% Commerical Cards 13% Wire Transfers 9% ACH Debits 9% ACH Credits 3% Average Fraud Loss = $20,333 0% 10% 20% 30% 40% 50% Percentage of Respondents, n = 99 Note: Respondents who experienced attempted or actual payments fraud Source: Aberdeen Group, May

14 Optimizing accounts payable Automate - E-invoice or Scan invoices and use workflow approvals - Shortens processing time - Capture early pay discounts Pay Electronically (ACH, Card, EDI, etc.) instead of by check - Lowers cost per invoice, including bank fees - Reduces errors - Reduces fraud by eliminating touch points Maintain clean vendor master files - Concentrate spend to negotiate discounts - Understand counterparty exposure Pay no bill before it is due - (Unless offered an attractive discount) - Use expost due date in ERP Outsource 14

15 Optimizing Receivables 43% Of businesses have customers 90 days or more past due. $1.3B Amount of working capital tied up in receivables at the typical Global 1000 organization. Source: FundingGates 2013 Source: The Hackett Group, X Companies who accept card payments have a 10X shorter order to cash cycle than payment by ACH, Wire or Check. Source: MasterCard & Kaiser Associates-Commercial Card Acceptance Cost Benefit Study, November % Companies who have a strategy for converting paper-based transactions for receipts to electronic. Source: Treasury & Risk 2012 Going Green Survey

16 Optimizing Receivables Have a strategy to manage A/R and Collections - Clearly communicate Internally Externally Have a credit policy and use it Resolve any issues or disputes quickly Reduce invoice cycle times-have multiple cycles Early reminders of due dates Automate - Lockbox with feed - E invoices - On demand self service - Payment portal - Encourage electronic payments - Payment predictors for auto posting 16

17 Optimizing inventory 7.3% Inventory Carrying as a percentage of annual inventory value for top performers 16.4% Inventory Carrying as a percentage of annual inventory value for bottom performers $38.5B Inventory carrying costs, based on annual average inventory, for a $5B company who is a top performer $87.2B Inventory carrying costs, based on annual average inventory, for a $5B company who is a bottom performer Source: AQPC, Inventory Optimization: Show Me the Money July 19,

18 Optimizing Inventory Match supply to customer demand - Accurate forecasting is imperative - Strive for minimal obsolete inventory Understand inventory has a substantial impact on cash 18

19 Optimizing Liquidity Key drivers: - Visibility is key - Accurate forecasting is critical - Determine the right level of liquidity Centralize management of liquidity at the enterprise level - Unlock trapped cash - Alternative sources of funding Intercompany loans In-house bank Pooling, netting Prudent risk management Internal partnership with legal and tax 19

20 Working Capital Trends -49% +1.7T Best in class companies have 49% less money tied up in inventories. The increase in cash on hand in Days DSO +10 Days DPO Best in class companies collect from clients 2 weeks faster. Best in class companies pay suppliers 10 days slower. Source: 2012 CFO/REL Working Capital Scorecard 20

21 Working Capital Emphasis 73% who place a high emphasis on working capital have implemented a working capital improvement program over the past six months, due to: Financing - reduce reliance on facilities - lack of funding sources Cash Flow - correct deterioration in working capital - improve forecasting Inventory - improve inventory management - reduce cash tied up in inventory Cash management - improve cash flow Source: 2013 CERF Working Capital Optimization Survey 21

22 Drivers of working capital performance Table 1: Drivers compared to changes over past 12 months: How has working capital changed over the last 12 months? Significant Improvement (15%) Improvement (24%) Stayed the same (37%) Deterioration (19%) Significant deterioration (5%) Meet annual free cash flow targets (52%) Pressure from stakeholders (banks, board analysts, credit rating agencies) (25%) 44% 55% 50% 57% 50% 28% 14% 20% 35% 67% Pay down debt (40%) 33% 38% 35% 48% 67% To fund acquisitions (28%) 22% 24% 28% 26% 67% To return cash to shareholders (26%) Performance against peers (10%) 33% 28% 23% 22% 33% 17% 28% 15% 22% 0% Other (20%) 28% 17% 23% 13% 17% What is (are) the main driver(s) for your organization to increase its focus on working capital? Choose all that apply Source: 2013 CFERF Working Capital Optimization Survey 22

23 How to improve working capital management Company Culture/Goal Alignment Vocal executive support and compliance What gets measured gets managed. The unintended consequences of bonus plans - Make sure proper metric alignment enterprise-wide Leadership by example is the most powerful message. Rationalize, Standardize and Automate Standardize your systems and processes Automate as much as possible. Make sure best practices are employed. Make sure your processes and systems are scalable to support efficient growth. Make sure collaboration and coordination across functional areas, working capital management becomes part of company culture. 23

24 Best practices in working capital Focus on long term solutions - Quick hits are often not sustainable - Be mindful of relationships Have clear goals and measure them - Make sure goals are harmonized across functions Centralize and Standardize Globally - Shared Service Centers - Payment factories - Electronify and eliminate paper Benchmark - Identify areas for improvement - Make sure you are competitive Optimization is a journey, not a destination. 24

25 What s most important to you? Discussion Create Ideas Brainstorm Dialogue Specifics Customize Solutions Discuss Issues Improve 25

26 Disclaimer Slide Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, capital markets, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ( Investment Banking Affiliates ), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. This document is intended for information purposes only and does not constitute a binding commitment to enter into any type of transaction or business relationship as a consequence of any information contained herein. These materials have been prepared by one or more subsidiaries of Bank of America Corporation solely for the client or potential client to whom such materials are directly addressed and delivered (the Company ) in connection with an actual or potential business relationship and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with us. We assume no obligation to update or otherwise revise these materials, which speak as of the date of this presentation (or another date, if so noted) and are subject to change without notice. Under no circumstances may a copy of this presentation be shown, copied, transmitted or otherwise given to any person other than your authorized representatives. Products and services that may be referenced in the accompanying materials may be provided through one or more affiliates of Bank of America, N.A. We are required to obtain, verify and record certain information that identifies our clients, which information includes the name and address of the client and other information that will allow us to identify the client in accordance with the USA Patriot Act (Title III of Pub. L , as amended (signed into law October 26, 2001)) and such other laws, rules and regulations. We do not provide legal, compliance, tax or accounting advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by us to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. For more information, including terms and conditions that apply to the service(s), please contact your Bank of America Merrill Lynch representative. Investment Banking Affiliates are not banks. The securities and financial instruments sold, offered or recommended by Investment Banking Affiliates, including without limitation money market mutual funds, are not bank deposits, are not guaranteed by, and are not otherwise obligations of, any bank, thrift or other subsidiary of Bank of America Corporation (unless explicitly stated otherwise), and are not insured by the Federal Deposit Insurance Corporation ( FDIC ) or any other governmental agency (unless explicitly stated otherwise). This document is intended for information purposes only and does not constitute investment advice or a recommendation or an offer or solicitation, and is not the basis for any contract to purchase or sell any security or other instrument, or for Investment Banking Affiliates or banking affiliates to enter into or arrange any type of transaction as a consequent of any information contained herein. With respect to investments in money market mutual funds, you should carefully consider a fund s investment objectives, risks, charges, and expenses before investing. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. The value of investments and the income derived from them may go down as well as up and you may not get back your original investment. The level of yield may be subject to fluctuation and is not guaranteed. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. We have adopted policies and guidelines designed to preserve the independence of our research analysts. These policies prohibit employees from offering research coverage, a favorable research rating or a specific price target or offering to change a research rating or price target as consideration for or an inducement to obtain business or other compensation. Copyright 2013 Bank of America Corporation. Bank of America N.A., Member FDIC, Equal Housing Lender. 26

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