Invu News

A Study of the effectiveness of Accounts Payable and Purchase Order Processing in UK businesses

The effectiveness of Accounts Payable and Purchase Order Processes 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 Purchase Order Processing (POP) and Accounts Payable (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

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

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

Market research report

A Study of the effectiveness of Accounts Payable and Purchase Order Processing in UK businesses

The effectiveness of Accounts Payable and Purchase Order Processes 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 Purchase Order Processing (POP) and Accounts Payable (AP) within UK businesses while using comparative figures from our 2016 report to see how opinions of processes have changed.

Download the report

This report examines how current AP and POP systems are impacting business operations across a number of areas, including:

Invu-Partners

Invu delivers solutions through a mix of direct, OEM and sales partners

We’re interested in partnering with Microsoft Gold Partners, high quality SIs and VARs.

Invu Document Management can be a key element in automating existing business processes as well as an important lever for integration with incumbent systems. We recognise the pivotal role a partner can play in establishing a solid embedded relationship with prospects and customers; from finding opportunities and establishing requirements through to sales, deployment and professional services to aftercare.

The benefits of joining the Invu partner programme:

  • Attractive reselling margins – Invu partners can expect beneficial margins for reselling the Invu product range.
  • Professional services – Invu opens up opportunities for professional services revenues based on requirements gathering, proofs of concept, implementation and additional services.
  • Sales and Channel Support – Invu’s account management and support can provide direct sales and engineering support as well as business planning support.
  • Opportunity development – Invu’s ongoing information flow and lead generation will assist in your business’s growth

We offer two options in becoming an Invu partner:

  • Full Partner
  • Referral Partner

If you’re interested in becoming a partner please contact us by filling in our partner enquiry form below.

 

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Partners

Invu delivers solutions through a mix of direct, OEM and sales partners

We’re interested in partnering with Microsoft Gold Partners, high quality SIs and VARs.

Invu Document Management can be a key element in automating existing business processes as well as an important lever for integration with incumbent systems. We recognise the pivotal role a partner can play in establishing a solid embedded relationship with prospects and customers; from finding opportunities and establishing requirements through to sales, deployment and professional services to aftercare.

The benefits of joining the Invu partner programme:

  • Attractive reselling margins – Invu partners can expect beneficial margins for reselling the Invu product range.
  • Professional services – Invu opens up opportunities for professional services revenues based on requirements gathering, proofs of concept, implementation and additional services.
  • Sales and Channel Support – Invu’s account management and support can provide direct sales and engineering support as well as business planning support.
  • Opportunity development – Invu’s ongoing information flow and lead generation will assist in your business’s growth

We offer two options in becoming an Invu partner:

  • Full Partner
  • Referral Partner

If you’re interested in becoming a partner please contact us by filling in our partner enquiry form below.

 

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The rising tide of compliance

Time to embrace compliance? (24/05/2017)

Ian Smith, finance director and GM at Invu, believes it is time to end 'checklist' style compliance and establish compliance as a collective responsibility and a key part of company culture and mindset.

Read the opinion article

 

The rising tide of compliance

Coping with the rising tide of compliance (23/03/2017)

Early results of AccountingWEB's Strategic Finance Leader survey have found respondents struggling with what has felt like a small avalanche of new compliance issues.

Read the case study

 

Thorntons choose Invu

Sweet like chocolate (26/01/2017)

Increasing business demands saw UK favourite Thorntons turn to Invu to upgrade its document management and accounts payable systems. Read their success story using the link below.

Read the case study

 

Brexit Hotels Website

New Opinion Article - Make hay while the sun shines (17/11/2016)

The British hotel industry could be a net beneficiary of Brexit if it focuses on performance and process improvement now, says Ian Smith, General Manager at Invu.

Read the opinion article

 

logistics business it logo

2017 Predictions: From Paper To Digital, This Time It's Real... (01/12/2016)

Stories abounded in the early millennium of companies going paperless, looking to use scanning to transform the ease and speed of document access and reduce printing costs...

Discover more here

 

GBAF logo

Redmayne-Bentley: Improving Customer Service (23/11/2016)

Redmayne-Bentley recognised the opportunity to improve the efficiency of communications by replacing paper based documentation with a single source of digital information.

Discover more here

 

Abbyy award 3

ABBYY Platinum Certified Partner Award (05/10/2016)

We are delighted to have been awarded the ABBYY Platinum Certified Partner Award for our commitment to ABBYY and their Data & Document Capture Products. Here are some of our certified ABBYY trained support staff showing off the award!

 

thorntons logo

A solution to meet the increasing business demands & support future growth. (21/07/2016)

Thornton's required a user friendly, reliable document management system that was easy to use and could grow with the business. Read their story by clicking the link below.

Read the case study

 

accountingweb

Counting the cost of transactional uncertainty (22/06/2016)

CFOs and FDs have a responsibility to keep the business informed of the consequences of its actions. With political uncertainty such as the vote on Brexit, or economic uncertainty like the impact of oil price changes, the need to have real-time information based on knowledge of financial commitments made by the business, without any transactional uncertainty, is higher than ever.

Discover more here

 

v6.11

Invu version 6.11 is now available (17/05/2016)

We are delighted to announce that Invu version 6.11 is now available.

The latest version delivers the following main new features and enhancements:

  • Office 2016 - Full support for the Office Addin & Email Assistant.
  • Invu Document Delivery Portal - Publishing of documents to a cloud portal for delivering/sharing externally.
  • Drag & Drop via Email Assistant - The Email Assistant has been enhanced to allow filing of email and/or attachments via a drag & drop mechanism.

Discover more here

 

INVU REPORT

Invu Purchasing Process Report (18/05/2016)

During a recent survey we surveyed 206 Finance workers across medium sized businesses, 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. A report based on this survey is now available to download, please follow the link below to download your copy.

Download here

 

accountingweblogo

Addressing the Challenge of Financial Process Complacency (15/04/2016)

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.

Discover more here

 

spendmatterslogo

Purchasing Process Report 2016 – What Finance Has To Say About the Procurement Process (14/04/2016)

A recent survey by Red Brick Research on behalf of Invu asked 209 UK finance workers (Finance Directors, Chief Financial Officers, Finance Controllers and Finance Managers) across medium-sized businesses (50 to 250 employees) 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.

Discover more here

 

INVU RESEARCH

Invu market research into UK medium sized businesses uncovers frustrations with poor financial processing (22/03/2016)

Today marks the release of results in our latest market research report, carried out by independent research house Red Brick Research, into the views, processes and decision of finance decision makers in UK medium sized businesses (MBs).

The full results of the report will be available in April. To receive a copy of the report once it has been released please click on the link below.

Discover more here

 

spendmatterslogo

Invu Research: Almost Half Finance Professionals Say POP Needs Fixing Urgently (17/02/2016)

Ian Smith, General Manager, Invu, Electronic Document Management (eDM), Accounts Payable (AP) and Purchasing solutions provider, responded to the latest Lloyds Bank Commercial Banking Business in Britain research, which highlighted that £500 billion is owed to SMEs in outstanding invoices.

Discover more here