Date post: | 15-Apr-2017 |
Category: |
Technology |
Upload: | laura-chapman |
View: | 56 times |
Download: | 2 times |
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