Posted: 10/04/17 by Invu Services Limited
Digital Transformation doesn’t have to be a painful process. If you’re not going digital in your purchasing processes, then you’re being left behind.
Why your purchasing process should go through a Digital Transformation A driver for Invoice automation in the UK is a “duty to report” introduced in the Small Business, Enterprise and Employment Act of 2015. This has created a duty on large businesses to report on their payment practices to deter them from withholding payments to smaller suppliers and therefore disrupting the overall UK economy.
These requirements mean that large businesses needed to provide a six-monthly report on how quickly invoices are turned around from receipt to payment. Therefore, accounting departments no longer only need to report on the financial amounts of invoices, but on each individual invoice and how quickly it was turned around to payment.
Invoice automation not only improves the metrics, but also provides the data for the reporting in a click. Both time and control are very important for the invoice and purchase process and by removing excess effort in routine transactions, this allows more time for accounting departments to employ critical thinking over exceptions and financial data – making business decisions based on strategic insight. To read the complete blog, click here - https://www.invu.net/digital-transformation-of-the-purchasing-process