Invu Blog

Stay up-to-date with the latest news in automated solutions

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 the subject of many derogatory myths.

Read more ...

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 always the little things that make the biggest difference.

Read more ...

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.

Read more ...

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 as it is just a tool like any other.

Read more ...

The Business Case for Improving the Purchasing Process

blog invu

Many businesses rely on controls over expenditure at the point of receipt of a supplier invoice, making it difficult to produce timely and reliable management accounts.

This results in a lack of visibility of commitments that have been previously made, leading to surprises. When supplier invoices arrive, spending may have been higher than expected.

 

Read more ...

Are Housing Associations ready for PPR?

Housing Finance logo 2018 yellow web

Housing Associations (HA's) registered at Companies House who qualify as large Companies will have to report under Payment Practices Regulations (PPR).

Large Companies exceed at least two of the following three thresholds in the last two preceding financial years

- Annual Turnover £36 million

- Balance Sheet total assets £18 million

- Employees 250

 

Read more ...

Getting on track with GDPR and Data Security – Hard Drive encryption

accounts payable gdpr

I have been a regular user of trains for many years now and one of the "advantages" of public transport is sharing that time with other travellers. As I catch the 06:43 it fills with office workers, many of whom are keen to steal a march on the day ahead by switching on their laptops and ploughing into emails and spreadsheets.



What is bothering me is what hasn't changed. Without really spying, I see that nearly all the people seem to be using just their domain account to log into their device. No two steps, no two factors, no dongle. This leaves me wondering if small businesses (and some large – going by the lanyards) have still not even begun to take data security seriously: I am left thinking that most of the passenger's hard drives are not encrypted. If a thief took the laptop they could read the data at leisure.

Read more ...

How to Slay the Email Dragon

Untitled

Wow! I was working when it all started

A year before I started work in 1979, a fourteen year old, Shiva Ayyadurai, wrote a program called EMAIL for the University of Medicine and Dentistry of New Jersey, which sent electronic messages within the university.

There is a controversy as to whether Shiva or Ray Tomlinson, who in 1971 put the @ into {user name}@{computer name}, was the founder of electronic mail.

Regardless, it’s likely that at some stage you have thought that email is an awesome business and personal tool.

Read more ...

WARNING: Poor accounts payable processes could be damaging your business

shutterstock 115385575

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.

Read more ...

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

shutterstock 210092335

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.

Read more ...

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.

Read more ...