The Purchasing Process Report – 2016
During a recent survey conducted by independent research house, Red Brick Research, we surveyed 206 Finance workers (Finance Directors, Chief Financial Officers, Finance Controllers and Finance Managers) across medium sized businesses on behalf of Invu, asking how their businesses managed the invoice processing of purchased goods and services, the daily challenges they face and their view on protection against fraud with the tools at their disposal.
The research identifies that many medium sized businesses have a business problem that needs fixing, namely a lack of timely visibility and control over spending.
- 57% report that they are unhappy with the effectiveness of their purchasing process
- 44% report having to delay the production of their monthly management accounts due to slow processing of supplier invoices they had already received
- 83% report they were not always paying their suppliers on time
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