Invu Blog

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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

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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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The Business Case for Improving the Purchasing Process

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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. Moving Continue reading

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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   Continue reading

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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 Continue reading

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How to Slay the Email Dragon

George and the Dragon

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 Continue reading

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