Companies all over the world rely on controls over expenditure at the point of logging a supplier invoice or receipt, which over time can cause difficulties in producing timely and reliable account management.
This results in a lack of visibility of commitments that have been previously made, leading to surprises. When supplier invoices arrive, spending may have been higher than expected.
Moving the controls over expenditure up to the front of the process is a compelling reason for improving the purchasing process.
Why change the purchasing process within your company?
- The purchasing process is often resource expenditure, due to manual processes involving many personnel.
- It is often difficult to control.
- Purchasing processes can be a blind spot.
How software can assist
Application of a manual process could work when managers have the persuasive skills and time to carry busy employees with them and apply the rigour required to consistently apply invoice approval and coding practices. This process is inevitably resource hungry.
Alternatively, the process can be significantly improved by introducing software:
- Software can present the current status of outgoings against budget by account code with much less effort than the research required to do this manually.
- Software carries key data using a workflow that will significantly reduce the number of touch points whereas a manual process requires continual referral to other documents.
- Software focusses staff efforts on dealing with exceptions, while in a manual process the exceptions get in the way of processing transactions that would easily match.
- Software provides a full audit trail, so all team members know where an invoice is immediately, rather than having to spend time investigating each query.
Sage Practice Solution
Sage Practice Solution is a software type that utilises clients data, workflow and keeps all company billing information in one place no matter how big or small the company is. SPS brings together all of the data essential to running your business and consists of three seamless applications: Practice Hub, Time & Fees and Practice Manager.
Click here to read more about how SPS can help your business.
We have IT & software specialists on-hand to assist with any scalable purchasing or recording needs within your company, contact us to see how we can help.