Invu Blog

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WARNING: Poor accounts payable processes could be damaging your business

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Accounts payable processes may not be the most exciting thing about running a business and are often viewed as the back office ’out of the spotlight’ function. After all, who wants to think about paying bills?

However, managing your business’ accounts payable and invoicing function is a crucial process and, if not managed properly can cost your company real money or – maybe worse – damage your brand’s reputation and professional relationships.

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Automated accounts payable could be the solution to problems with your accounting software

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Accounts payable can be extremely paper heavy.

Modern businesses have a mass of information that has to be tracked, stored and managed, and much of it needs to be dealt with quickly and efficiently like invoices, supplier contacts and enquiries, and accounts filing.

On top of this, larger businesses often have a more complex structure of departments and cost centres, each with somebody responsible for authorising invoices for payment, or at least confirming receipt of goods or service.

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Could this accounts payable fraud happen at your business?

Accounts Pay Fraud

Financial control may be dull but it is important.

The recent case, involving a financial controller stealing £351,000 from her employer across 43 transactions in a three year period, illustrates the point.

The fraud involved the approval of supplier invoices that were processed and paid to the account of the financial controller.

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Three things to ask your management team and accounts payable vendor to overcome your AP challenges

Accounts Payable Solutions
Accounts payable is an essential part of any business so being asked to research the best solution for your company can be a daunting task, especially if you’re not a ‘finance person’.

Whether you work for a large company being asked by your management team to source a better accounts payable platform, or a smaller business wondering how to find out which system is best for you – this blog will provide you with three key questions you need to ask.
 

 

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Reporting on payment practices and performance – are you ready?

Reporting on Payment Practices and Performance

Companies which impose excessively long payment terms, fail to pay suppliers on time – or combine both of these poor practices – are about to be ‘named and shamed’ by the government in an attempt to change this kind of damaging behaviour.

A new website, set up by the government will require the first set of companies – those with April 30 year ends, and that meet certain criteria – to report by November 30, 2017. This new legislation contains enforcement measures to back up the reporting requirement a failure to report or to report accurately is a criminal offence.

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How can housing associations overcome social housing rent reductions?

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Since April 2016, housing associations have been required to cut rents by 1% per year.

The new legislation, entitled the Welfare Reform and Work Act 2016, requires that registered providers of social housing in England reduce rents for 4 years, and comply with maximum rent requirements for new tenancies.

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Is the use of OCR back in fashion?

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Is the use of OCR back in fashion?

In today's world, almost everything is digital. Photos, music, video, documents and others all have their own digital counterpart. Is OCR returning?

For the modern business, complete digitalisation of the business and its assets is increasingly important if they are to remain competitive in the modern era.

For firms with a lot of paper-based sensitive documents, this can mean a lot of manual data entry to “go digital”. Many of these firms waste precious time digitising data and with more and more workers wanting to access information remotely, surely there’s an easier alternative?

Enter, Optical Character Recognition, otherwise known as OCR.

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GDPR, Brexit and other myths debunked

GDPR, Brexit and other myths debunked

GDPR, Brexit and other myths debunked

If you've been to any industry conference over the past 6-12 months, then there is a very high possibility that you've heard the phrase General Data Protection Regulation or GDPR. If you haven't heard of GDPR by now, then it's time to pull your head out of the sand and pay attention.

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The benefits of vendor portals

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The benefits of vendor portals

How can organisations utilise vendor portals, a web-based vendor management solution, to drive productivity and customer satisfaction?

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GDPR and the ethical use of data

ethical use of data

GDPR and the ethical use of data

Wherever your customer data is held, there is a risk. Whether it's financial risk such as bank details or confidential risk such as sensitive commercial or personal information, the cost of loss or a data breach can be high. Of course, regulations such as the Data Protection Act (DPA) already exist in the UK, providing your business with protection and safeguards against data loss or access.

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Digital Transformation of the Purchasing Process

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Digital Transformation of the Purchasing Process

Digital Transformation doesn't have to be a painful process. If you're not going digital in your purchasing processes, then you're being left behind.

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