Invu Blog

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Avoid these Five Barriers to Productivity Improvement

How to fix productivity

Businesses of all kinds across all sectors consistently decree that they are “on a mission” to improve productivity. Administrative overhead is often regarded as a barrier to productivity. In finance and other back-office functions, there is a lot of focus on improvement in productivity per head. In this blog, we examine barriers that exist in Continue reading

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She liked everything about her job except the Paperwork

She liked everything about her job except paperwork

The term paperwork may survive the digital age, but those who actually keep records and write reports only using paper are in greater danger. Businesses today have to deal with large and varied amounts of “paperwork” in the form of documents received either in paper form or digitally. Some have maintained a paper-based approach, printing Continue reading

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Hype or the Future: Is Robotics the way Forward for Accounts Payable?

Will robots control people?

Four in 10 business leaders in large enterprises (41%) believe that Artificial Intelligence (AI) will change their business model within five years, according to a recent Microsoft “Maximising the AI Opportunity” survey. In general, the suggestion of AI will surface an image in somebodies mind of a physical robot, but this term is more and Continue reading

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Payment Practice Regulation – Mindless Bureaucracy or Useful Tool?

Payment Practice Regulation - Can you stand up against Big Business?

The Payment Practice Regulation (PPR) was introduced to address the lamentable supplier payment performance of UK business.  The power exercised by larger businesses over SME’s was a particular concern. This was illustrated by the £9.16bn estimated cost to business identified in the supporting papers to the legislation. As we approach the close of November 2018 Continue reading

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Is your Business Suffering from Information Chaos?

Trying to Find Answer in Information Chaos

If you work in a small or medium-sized business (SME) and feel overwhelmed by the sheer volume of data your business has to consume, you are not alone. Recent research by AIIM “Automating Compliance and Governance” identified that 75% of large businesses consider ‘information chaos’ a major problem. The same AIIM research suggests that the Continue reading

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Sink or Swim – Could your Business Survive a Flood?

Flood and computers

According to this Environment Agency guide, ‘flooding is the most common and widespread natural disaster in the UK’. In the past few years, we have witnessed the Boxing Day 2015 Yorkshire floods which impacted 371 businesses, and the flooding in Wales earlier this month.   Counting the cost The British Institute of Facilities Management (BIFM) Continue reading

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Could use of USB drives cost you £120,000?

London Heathrow Airport

Convenience versus security Portable storage devices, such as USB’s, have now existed for over 20 years. In this time we have witnessed the birth of the information age. This has brought the importance of data management to the fore. Portable storage devices may be a convenient method for transporting documents but they can give rise Continue reading

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UK accounting continues ‘slight’ shift towards digital

paper vs digital

Accounting departments in UK businesses have continued to shift towards digital practices, but more than four in 10 (41%) continue to rely on paper-based processes, according to our research into the purchasing and accounts payable process. The 41% is a slight fall from the 45% of business finance decision makers who admitted to relying on Continue reading

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Are Duplicate Payments Kryptonite for Accounts Payable?

Man Combating Duplicate Payments

In most businesses the credibility of the accounts department is built on trust and stakeholders’ confidence in the output from the department. Significant events, like a fraud or material errors in management accounts, can severely damage that confidence. Less significant items like minor payroll errors or duplicate payments can also quickly eat away at confidence Continue reading

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Managing Accounts Payable by Exception and Productivity

Chicken and Egg

You would expect that those finance teams managing by exception would spend a significant proportion of their time actually managing exceptions. However, this seems not to be the case in many UK businesses. Our recent report “Changing trends in the purchasing processes of UK business” noted that: the average finance department only spends between 31 Continue reading

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Can Agile Budgeting Lead to Expenditure Control?

Hot air balloon sinking while business man, holding on to a smaller balloon, soars, showing budget control can save businesses.

The well-used slogan “to fail to plan is a plan to fail” is often cited as a compelling reason for the use of budgets. Today where in business “the only constant is change”, the requirement to be agile has come to the fore. Can an apparently fixed view of the next twelve months, shown in Continue reading

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Late Payment Data: Time for Process Improvement?

The Payment Practice Regulation (PPR) reports have been published since November 2017. The first reports were based on the performance of large companies for the six months to 31 October 2017. In May 2018 we saw reports from this first batch of companies for a second time, based on their performance for the six months Continue reading

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76% of finance decision makers fear Accounts Payable Controls “too weak” to prevent fraud

Robust controls are essential for getting a grip on a business’ finances, particularly those over expenditure covering the tracking of purchase commitments and supplier invoice processing. Weak control, combined with a lack of visibility of cash flow and the processing of supplier invoices significantly increases the risk of fraud. This appears to be the current Continue reading

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5 Accounts Payable Myths Debunked

5139525580 27f75612e6 b image brave new world

When Aldous Huxley said that “Most human beings have an almost infinite capacity for taking things for granted” he did not have accounts payable in mind but… As a backroom function, mostly out of the limelight, perhaps the role of accounts payable fits the bill as it is often misunderstood, taken for granted and is Continue reading

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