Invu to Relieve Top Banana's Invoice Processing and Accounts Payable Process
- 17.02.2021 07:56 am
Creative Communications agency, Top Banana, has re-imagined its Invoice Processing and Accounts Payable process, removing the need for over 300 invoices per month to be printed off and manually approved.
Poor management of manual invoice processing is a problem that plagues many small businesses, leading to late payments and negatively impacting relationships with vital suppliers. Using Invu Verify, a new cloud-based Accounts Payable solution from Invu, Top Banana now has full visibility of any invoice in the Accounts Payable process, and can easily make sure invoices due for payment are not missed.
Katarina Kysela, Finance Manager at Top Banana said: “We recognised that with our significant growth, we would soon outgrow our paper system. Come supplier payment day, we would be running around trying to track down where bits of paper had got to. There was a genuine concern that the paper format of invoice processing could become unmanageable.”
Invu Verify brings increased visibility, control and efficiency to the account payable process via the Cloud. Targeted at users of Sage 50 and Sage 200, Invu Verify shifts the work away from mundane tasks like data entry and chasing up invoices, towards value-added activities like review and analysis and dealing with exceptions.
Ian Smith, GM and Finance Director at Invu, said: “Service businesses operating project management, like Top Banana, need systems that make it easy to consistently distribute approval tasks across project managers and their staff. Covid19, where many staff are working home, has increased the need for a remote digital experience that provides full visibility of the expenditure being incurred on projects to enable real time decision making.”
For Top Banana, invoice processing was extremely manual and getting their 300 monthly invoices approved and ready for payment was difficult and time-consuming. Every invoice was printed out and added to, what was referred to as, 'the folder of doom'. The folder would circulate the office for project managers to approve their invoices, which led to invoices going missing, the finance team being blindsided of any queries on an invoice, and made payment runs difficult.
Kysela continues: “Invu Verify puts the ownership back on the project managers instead of on the finance team. There is no lost data and it is a lot less stressful for everybody involved in the process.”
Finance departments are ready for this change. According to independent research commissioned by Invu, 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: “The Accounts Payable Automation provided by Invu Verify, delivers intelligence augmentation for the managers of projects and departments, enabling them to trust and own the expenditure numbers and freeing them up to focus on activities that enable them to deliver excellent customer service profitably.”