Invu Mind the Gap - POP and IP - Accountex2016

Mind the Gap!The deluded FD meets the CTO

Pay

History & Catalog

Drives

Quote

Purchase

Order

Purchase

Order

ApprovalWorkflow

Purchase

Request(s)

Purchase

Request(s)Receipt(s)Receipt(s)

Vendor

Invoice(s)

Place Deliver Send

Payment

3 Way Match

Match or

Amend

Budget

Data

In our survey 84% of respondents reported that they used manual or Microsoft excel/word documentsas part of their purchasing process.

Budgets, Plans and Forecasts

Invu survey: 50% mid size businesses use budgets proactively.

Requisitions

Invu survey: 36% say their purchasing system is not easy to use

Authority

Invu survey: 70% of finance decision makers consider their authority register to be simple and well understood and 50% of these did not document it.

Identity

Identity

Jennifer Smith

Invu survey: 78% of finance decision were confident that those processing invoicescould recognise approval signatures.

Coding

Invu survey: 85% of finance decision makers consider their chart of accountsis well understood by invoice approvers.

Purchase Order: Approval

Invu survey: 47% of medium sized companies use a purchasing system basedon MS office or manual processes.

Receiving

Invoice Receipt

Invu survey: 45% of medium sized businesses process invoices manually

Invoice Approval & Coding

Invu survey: 83% of medium sized businesses did not regularly pay their suppliers on time.

Invoice Entry

Options for automating the process

E invoicing/EDI

• Data as Data

• Drives the process

• BUT needs Supplier participation

OCR Invoice Capture

• Extracts (most of the) data

• Drives the process

• No supplier change required

Barcode sticker / scanning

• Organizes data

• No capture of data

• Does not drive the process

Too hard….. Too easy…no reward!Just right!

Accruals

Invu survey: 44% of medium sized businesses delayed their management accounts to wait forinvoices they already had received to be processed.

Payment

Invu survey: 60% of medium sized businesses occasionally or frequently madeDuplicate payments to suppliers.

Concluding Remarks