A study into the effectiveness of Accounts Payable and Purchase Order Processing in UK businesses
The effectiveness of Accounts Payable (AP) and Purchase Order Processes (POP) has a significant impact on the management of profits and cash flow, as well as business operations, especially within the supply chain.
Failing to properly manage and control these operational systems can severely impact the ability of a business to remain agile, produce accurate and reliable management accounts and maintain healthy supplier relationships.
Using the views of 200 financial decision makers from medium-sized businesses (50-249 employees) and large companies (250+ employees) this ‘Changing trends in the purchasing processes of UK businesses’ Report investigates the state of POP and AP within UK businesses while using comparative figures from our 2016 report to see how opinions of processes have changed.
This report examines how current AP and POP systems are impacting business operations across a number of areas, including:
Budget Control and Agility
See how businesses are controlling their level of expenditure and how their AP and POP systems are enabling (or hindering) these businesses’ ability to remain agile when the need to deal with variances arises. We also look at how AP and POP systems impact the timely production of management accounts.
Late payments are a well-documented problem within UK businesses, but how much of this is down to inefficiencies with purchasing processes and lack of transparency of existing financial commitments? This report investigates how much poor business processes are impacting their ability to meet financial commitments.
The Effectiveness of Purchasing Process
Comparing figures from our 2016 report, find out how opinions have improved or declined on the general state of purchasing processes within the UK’s business community. Are businesses finding the left balance between the need for robust controls against the desire for ease of use? Or are finance departments being stifled by the presence of inefficient processes which make it difficult to do their job?
Automated vs Manual Processing for Payments and Accounts
Using digital technology to automate repetitive actions and improve efficiency is a critical element of productivity within UK businesses, but how many finance departments are being relieved of the mundane manual processes of the past in favour of new technology? This report takes a close look at the trend of manual versus digital processes and whether finance departments are operating as effectively as they could be.
Would you like to know more about the details of the report?
Download the ‘Changing trends in the purchasing processes of UK businesses’ report.
Management by Exception and Productivity
Automating the laborious transactional data capture and matching process frees up time for the finance department to deal with the ‘exceptions’ and improve processes to reduce their number of irregularities over time. This report reveals how much time finance departments are actually being given to deal with these issues during a working day and what impact this is having on productivity.
Fraud Detection and Prevention
Weaknesses in purchasing and accounts payable can leave businesses open to the risk of fraud. In 2016, our research found that just 17% of finance decision makers in UK businesses were ‘completely confident’ that their payment processes were robust enough to either prevent or detect fraud. But has this improved in the last two years? Download our report to see our latest findings.
Duplicate payments are a symptom of poor or inefficient Accounts Payable processes and can call into the question the completeness of processing and reduce trust. This report reveals how many businesses are making duplicate payments and uncovers the more concerning number of how many businesses are doing this on a regular basis.
To find out what 200 finance decision makers in UK businesses think about all of these issues download the ‘Changing trends in the purchasing processes of UK businesses’ report