82% of Finance Professionals Believe Document Management Can Reduce Business Disruption Caused by Bad Weather
11 March 2010 – The findings of a survey by Wilmslow-based Version One (www.versionone.co.uk), highlight that over three-quarters of UK senior finance professionals believe that document management software can reduce the disruption caused by bad weather on their accounts payable (AP) and accounts receivable (AR) functions. In addition, 53% of those surveyed state that they have personally experienced disruption to their AP and AR processes as a result of adverse weather conditions.
Document management software author, Version One, carried out the research with 100 senior financial professionals (finance directors and managers) across a range of public and private sector organisations in the aftermath of the worst snow showers for 18 years.
Version One’s survey reveals that 82% of senior finance professionals believe that document management can reduce disruption caused by adverse weather conditions, such as snow and floods, with 25% of these stating that document management would significantly minimise the impact of bad weather on their AP and AR functions. 14% of respondents say that their business would be unaffected regardless of whether they had document management in place or not, whilst 4% are unsure.
With organisations relying on the efficient delivery of sales invoices for effective cash collection, any disruption to the postal service caused by bad weather can delay payments being received, impacting cash flow. Disruption to the receipt and circulation of purchase invoices can also result in delays with paying suppliers which, in turn, can lead to late payment penalties.
As document management software enables the electronic delivery, circulation, storage and processing of business documents, it is not reliant on the postal service and so key financial documents can still be delivered, received and circulated during disruptive weather conditions.
Julian Buck, General Manager of Version One, says, “Document management systems are vital to ensuring business continuity during bad weather. By using these systems to efficiently deliver, circulate and process financial documents, this ensures that the finance department continues to operate smoothly regardless of the weather.”
Over half (53%) of those surveyed state that adverse weather conditions have caused disruption to their AP and AR processes. 42% say that they have been unaffected, while worryingly, the remaining 5% are unsure whether bad weather has negatively impacted their finance functions or not!
One respondent, a finance manager from a manufacturing company, comments, “If bad weather delays Royal Mail deliveries, our customers do not receive their invoices swiftly which can affect payment at month-end.” Another respondent, a finance director from a higher education college, admits, “We have recently lost vital archives due to flooding.” A number of respondents also cite that they have experienced delays with paying suppliers as a direct result of bad weather.
Buck adds, “The recent appalling weather conditions should be a lesson learnt for organisations. If they are to avoid disruption to their finance functions and ultimately, ensure positive cash flow, implementing electronic document management systems are key.”
About Version One www.versionone.co.uk
Version One Ltd is the author of electronic document management and imaging software solutions. These solutions enable the automated electronic storage, retrieval, management, authorisation and delivery of business documents such as invoices, purchase orders and statements. Seamlessly integrated into all major ERP and accounting systems and with a typical ROI of less than six months, Version One's ‘paperless office’ solutions are enabling thousands of organisations to save dramatic amounts of time and money.
Version One is an Advanced Computer Software Plc group company.
Contacts:
Liz Ebbrell
Version One
E: Liz.ebbrell@versionone.co.uk
T: +44 (0)1625 856505
M: +44 (0)7917 634 705
Ben Carey
Version One
E: Ben.carey@versionone.co.uk
T: +44(0)1625 856505
