Invu Blog

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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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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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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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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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Digital Mind-set: Hotel bookings and check out

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Digital Mind-set: Hotel bookings and check out

People occasionally say things to me that echo around the digital void between my ears. This morning I checked out of a hotel and as per usual I intercepted the ritual of stapling the credit card slip (my records) to the VAT receipt (for company records). The receptionist told me, "you're lucky we need to keep the paper to keep a track of things". The echo by the way was "paper to keep a track of things".

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Who pays the ferryman?

Who pays the ferryman?

Following the Autumn Statement impact on letting fees: Who pays the ferryman?

Letting agents may be excused from feeling a bit like the mythical Greek character Charon, the ferryman of hades who caries the souls of the newly deceased across the rivers Styx and Acheron that divided the world of the living from the world of the dead. The rivers they negotiate on behalf of landlords and tenants are full of compliance. The irony can't be lost on them that the Government responsible for the flow of the river is now telling them that they can no longer collect their fares from the passengers (tenants), on their trip to hades (a tenancy with a Landlord).

In the chancellors Autumn Statement it was announced that "Lettings agents in England will be banned from charging fees to tenants." Lettings agents charge a range of fees for services to tenants as shown in the diagram below (Source: The Sun) and there is a general undercurrent, in most reporting on these fees, that they are regarded as excessive.

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Addressing the Challenge of Financial Process Complacency

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Finance Directors and teams can be blamed for delaying payments but recent research suggests otherwise. The research - conducted by Invu of UK finance workers - suggests late payments are often a result of poor purchasing systems and processes, rather than a cash management decision based on visibility and control.

Businesses spending additional time and effort chasing money due to late payments isn't new and our research results show that 8 in 10 UK (83%) finance workers reported they are not always paying their suppliers on time. On top of that, with finance departments making basic errors such as duplicate payments - chaos quickly begins to reign.

In this blog Ian Smith, Finance Director & General Manager, takes a look at issues facing finance managers when it comes to finance processes.

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The Invu 2015 Journey - What a year

2015

2015 is fast coming to a close and over a cup of tea and minced pie, we decided to take a look back on the year.

We personally feel as though the last year has been jam-packed, with one highlight being our Invu User Conference in November. Aside from that, growth in team members, R&D with the new update 6.10 and a string of industry events have kept the team busy throughout the last 12 months.

Here we have rounded up our top highlights of the year.

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Late payments endanger innovation and company survival

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Spend control is all important to a company's bottom line and can be the difference between a profit and a loss but all SME's know you cannot pay your wages bill with profit. Cash as they say is king.

The availability of cash in a business is all about working capital management and a key element is getting your customers to pay you on time. So what is so hard about that? Surely if you do a good job, provide excellent goods and services, you'll get paid on time. There is more to it. Getting paid on time relies on back office processes you can control, your own billing process, and processes you can't control, your customers ordering, receiving, invoice processing and payments process.

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Are you experiencing Christmas Chaos? Retailers’ requirement for supply chain management

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Retailers are still recovering from the biggest Black Friday and Cyber Monday to date in the UK – £3.3bn spent over the weekend – but after witnessing an ‘end of days’ frenzy at many bricks and mortar shops, consumers this year hit the virtual high street and instead opted to buy online. The focus now shifts to the supply chain to fulfil the orders.

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