Invu Blog

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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 now 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 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. 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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How the Accounts Payable Function Creates Value for Your Business

cost of accounts payable depiction

All businesses function to make a profit – that is a given, and profit arises when value exceeds costs. But when it comes to making that profit, too many businesses struggle to appreciate the difference between the perceived value of some functions, against the actual costs. As an example, as a hotel customer it is Continue reading

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5 Reasons Why you Should Implement a Document Management Solution

document management solution

One of the biggest challenges for businesses today is surviving and growing in a continuously faster paced and competitive environment. These challenges manifest themselves as higher customer service expectations, and companies are under more pressure than ever to respond to enquiries and deal with issues quickly and accurately. To respond, businesses need information systems that Continue reading

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Achieving a Return on Investment From Accounts Payable Automation

Accounts Payable ROI

Automated Accounts Payable (AP) enables the data on purchase invoices, which are received via email or in paper form and scanned, to be captured. This data then forms part of an electronic workflow. This enables efficient coding and approval of the invoices and then leads to automatic processing into the company’s ledgers ready for payment. We Continue reading

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GDPR Data Security: Will 2018 be a new dawn for data encryption?

data encryption

The impending GDPR deadline, and most particularly it’s regime of fines for data breaches, has placed security at the top of the agenda at many organisations. There is now a compelling reason for the use of data encryption after it has laid dormant for decades. It is a shame that encryption is still so misunderstood Continue reading

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