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…
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,…
Automated Accounts Payable 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, which enables efficient coding and approval of the invoices, and then leads to automatic processing into the company’s…
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…
Do you rely on controls over expenditure at the point of receipt of a supplier invoice? This can lead to surprises. Learn how to improve your control.
Housing Associations (HA’s) registered at Companies House who qualify as large Companies will have to report under Payment Practices Regulations (PPR). Large Companies that exceed at least two of the following three thresholds in the last two preceding financial years have to report: – Annual Turnover of £36 million –…
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…
Learn how to deal with the burden of email using Capture and Workflow!
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,…
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…
Financial control may be dull but it is important. This 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…
An effective accounts payable (AP) department is an essential part of any business, helping maintain healthy finances and happy suppliers. If your business has an automated accounts payable system, there are 10 habits your team can establish to improve their chance of success and efficiency. What do successful…
Small and medium-sized businesses are an integral part of the UK economy, making up 47% of all private sector turnover, but poor accounts payable practices by bigger businesses and the increase of late payments are putting this essential ecosystem at risk. The UK economy would be boosted by as much…
Accounts Payable is an essential part of any business so being asked to research the best solution for your company can be a daunting task, especially if you’re not a ‘finance person’. Whether you work for a large company being asked by your management team to source a better accounts…