We’re 15 days away from our 8th annual Nexus User Conference or, as we lovingly refer to it, NUC! There’s definite excitement and energy around the office – we relish this chance to spend time with our clients, learn about their needs, and train users on how to best utilize our platform.
One of the greatest elements of this user-centric event is the collaboration that takes place amongst our clients. We consistently hear feedback from organizations that they leave NUC with a plethora of new ideas and best practices to implement based on their conversations with others at the event. One such discussion emerged from last year’s NUC around our reporting – which reports clients were leveraging the most and why. We found the client input very instructive and are sharing their reporting revelations below.
- Invoice Summary (filtered by only Invoices without Purchase Orders) – Clients run this report to monitor compliance on using purchase orders for transactions. It provides visibility into processed invoices that weren’t linked to POs. If an invoice was processed out of compliance, Accounting can either follow up with the user or the user’s manager to determine the reason.
- Invoice Processing Time to Payment – Speeding up the time to payment is a key benefit of using Nexus Payables, and staying abreast of processing times is vital. Many clients utilize the Invoice Processing Time to Payment report to monitor the various stages of payment processing (indexing, coding, approval, and payment date) so that longer delays between stages can be identified and addressed in a timely manner.
- Budget Summary – Before Nexus Payables, Property Managers had to wait until after each month closed to receive their monthly financial reports. Now, they have access to view their expense status against budget in real time. Organizations can hold Property Managers accountable for staying within budget because they can no longer use the excuse that they didn’t know they had exceeded budget. The ease of running the Budget Summary report from multiple places within the application and the frequency with which the information is updated from the GL makes it a valuable tool.
- Reclass Audit Log/Modify GL – The Reclass Audit Log and Modify GL reports were identified as tools invaluable for following up with users who code invoices with the wrong information. Any time an invoice has to be cleaned up or processed as an exception adds additional work. Teaching users to code invoices correctly is worth the time and energy so they can get it right in the future. Whereas the Reclass Audit Log report allows one to see which invoices are being updated after they’re paid, the Modify GL report is used to determine which invoices are being updated during the approval process. The original coders can then similarly receive coaching if needed to ensure they are clear on correct coding procedures.
- Self Approved Invoice Listing – Many companies are adding new properties and users all the time and need a way to ensure that all invoices are following the approval matrix as defined by their company. To ensure nothing slips through the workflow process, Accounting team members or System Administrators rely on the Self Approved Invoice Listing report to see which invoices were self-approved and didn’t follow the approval process. They’re then are then able to quickly update workflows so these are routed as needed moving forward. For auditing purposes, they’re also able to file a report with notes as to why an invoice was out of approval compliance in case questions arise later on.
- Invoice Days Outstanding – The Invoice Days Outstanding report is an efficient way to see a complete listing of invoices that are in process in NexusPayables. Instead of looking at the different tabs in the Invoice Register, users can run this report to monitor the number of days invoices have been in the system. Because the report shows the status of each invoice, employees can quickly establish where invoices are being held up in the process, and address those specific bottlenecks.
- Invoice Payment – When there are a number of high value invoices being paid, customers utilize the Invoice Payment report to generate a bulk PDF to easily extract the images associated to these invoices. Many customers have check signers who still require copies of invoices for review over certain thresholds and the Invoice Payment report allows them to easily furnish this information to authorizers.
- User Property Assignment/User Group Rights – Companies that have users who change positions or properties on a frequent basis rely upon the User Property Assignment and User Group Rights report to monitor and ensure users have access only to the properties to which they’re supposed to. The Accounting team typically runs this on a monthly basis and archives it for future reference and potential questions from auditors.
- Duplicate Invoice – Catching duplicate invoices is a top priority for clients. Everyone agrees processing credits or requesting a refund due to over payment from suppliers is labor intensive and rarely successful. To help combat this, members of the Accounting team rely on a weekly run of the Duplicate Invoice report before each check run to review any invoices that were flagged as a duplicate or near duplicate in the system. This allows them to review the invoice before issuing payment and prevents duplicate payments.
We can’t wait to see what insights we glean from our clients attending this year’s conference. Check out the video below to see why our clients love this event!