Posted: 30/07/21 by Invu Services Limited
- Invu Verify saves the Finance Team time and effort at boutique inn group, The Inn Collection Group
Boutique accommodation and dining business, The Inn Collection Group, has redefined its Invoice Processing and Accounts Payable process, removing the need for over 25,000 paper-based invoices per annum to be manually processed.
The distributed, complex management of manual invoice processing is a burden that weighs down many businesses, leading to large time delays in getting the invoices processed. This is proven in a recently commissioned independent research project that showed 23% of UK Finance decision-makers admitting it takes longer than 10 days to process supplier invoices.
When there is no clear visibility of where invoices lie within the process, the risk of incorrectness increases dramatically.
The Inn Collection Group solved this issue using Invu Verify, a cloud-based Accounts Payable solution, and now has full transparency of any invoice in the Accounts Payable process and can seamlessly locate and handle multiple business entities’ invoices.
Jeremy Barber, Purchase Ledger Administrator explained that, “Adding new suppliers and adding new companies to Invu Verify is seamless. I know that if I add a new supplier on Sage 200 today, it will already be sitting on Invu Verify by tomorrow.”
Invu Verify brings increased visibility, control and efficiency to the account payable process via the Cloud. Targeted at users of Sage 50, Invu Verify shifts the work away from mundane tasks like data entry and posting invoices, towards value-added activities like review and analysis and dealing with exceptions.
Ian Smith, GM and Finance Director at Invu, said: “Once a business reaches a certain scale, the approval of invoices is often delegated to managers who in turn can be spread across a wide range of locations. This introduces a whole new range of risks and delays into the invoice approval process. These include visibility - where the invoice sits in the process; identity - who is signing it off; and authority - are the approvals applied consistently in accordance with the rules.”
Before implementing Invu Verify, The Inn Collection Group’s invoice processing was a manual, paper-based and time-consuming process. With invoice volumes reaching 25,000 invoices each year and only expected to increase with the scaling up of business, the paper-based process was proving extremely inefficient. Additionally, the requirement to manually enter data into Sage 200 further increased pressure on the Accounts Payable staff.
Barber continues, “It was not without its challenges but the Invu Team were very keen to resolve these issues as soon as possible, which is commendable considering it was during a pandemic.”
Finance departments are coiled like springs, awaiting this digital transition, and 44% of finance workers think that automating processes would make them more productive, with one in five (22%) claiming they would welcome automation in their business.
Smith concludes, “With Invu Verify, the managers can be certain they are consistently fed invoices they should be approving, see the related invoices, and take ownership of the coding. They no longer have to manage the documents in their in-tray or work out whether they should be the one to approve it. Nor do they have to feel they do not truly own the budgets for the departments or projects they are responsible for because Finance allocates everything.”