Women’s Pioneer Housing, a provider of homes and services that offers a springboard to independent women, has implemented the use of Invu Purchasing software to better monitor its expenditure and invoicing process.
Using Invu Purchasing, a purchase ordering software from Invu, Women’s Pioneer Housing has managed to significantly improve the level of control exercised over business expenditure and the ability to process supplier invoices on time.
In addition to improving its budgetary control, Women’s Pioneer Housing has also reduced work duplication; increasing employee productivity.
Before implementing Invu Purchasing, Women’s Pioneer Housing’s original process for raising and managing purchase orders was noted for being extremely time-consuming and inefficient, with finance staff manually processing over 6,000 invoices a year.
Women’s Pioneer Housing recognised the importance of exercising control at the point of making a purchase commitment, rather than at the point that a supplier invoice is received. This made it vital to find a solution that streamlined its requisition process, freeing the efforts of its finance team to focus on other areas of the business.
Atrik Gadoya, Finance Manager at Women’s Pioneer Housing, explained: “In the time it used to take to register 10 invoices, the new system can cope with registering 100! The system reads the level of budget available and informs the officers how much they’ve committed, how much spend they have left and allows managers to make more informed judgements.”
Mark Cole, Director of Resources at Women’s Pioneer Housing, added: “The Chief Executive and Senior Staff were supportive of the system because of the enhanced budgetary control. We also saw the benefits they could achieve with the cost savings.”
Women’s Pioneer Housing aren’t alone in using manual and slow invoice processes. This has proven to be the case for many businesses, as shown in an independent research project with 85 per cent of businesses still printing out their invoices even if they have been received digitally.
Ian Smith, GM and Finance Director at Invu, said: “Women’s Pioneer Housing, along with many other businesses, need improved visibility of where the invoice sits in the process, better control over approval processes to ensure invoices are consistently sent to the right people for approval, and identity management, to make certain that the person signing it off is authorised to do so. Particularly as more and more finance teams are working remotely from home, increasing the risk of fraud and error. ”
Finance departments across the UK are ready to embrace automated accounting processes. Research has shown that 44 per cent of finance workers think that automating processes would make them more productive, with 22 per cent claiming they would welcome automation in their business.
Smith concludes: “With Invu, those responsible for expenditure budgets can be certain that they have control over what is charged to their budgets as it is approved only by themselves or their chosen delegates.”