How a Supplier Portal works
Transform the way your business collaborates and communicates with suppliers
Accounts payable departments spend a lot of their day responding to phone calls and e-mails about the status of invoices and payments -- and questions about what’s taking so long. Accounts payable staff must track down the information and call or e-mail the supplier back with the answer.
All this takes a lot time and wastes a lot of staff resources and delays supplier decision-making.
Strengthen your supplier relationships
Supplier portals make it easy for businesses to collaborate and communicate with suppliers.
Here’s how a supplier portal can transform the way your business interacts with suppliers:
- Allows suppliers to input or update information without back-and-forth e-mails and faxes
- Enables suppliers to submit W-9 and W-8 forms, supplier onboarding forms, ACH payment forms and other documents electronically
- Allows suppliers to convert or flip a PO received electronically into an electronic invoice
- Makes it easy for suppliers to submit non-PO an electronic invoice
- Provides suppliers with instant confirmation that their invoice was received
- Accelerates the resolution of invoice exceptions with an e-mail that links to the portal
- Empowers suppliers with anytime access to the status of invoices and payments, the check payment number for a paid invoice. Information is instant and convenient.
- Facilitates online communications between buyers and suppliers
Some supplier portals also automate the verification of supplier tax identification numbers and name combinations (TIN matching) with the U.S. Internal Revenue Service (IRS). Other supplier portals automate statement reconciliation, vendor notifications and duplicate payment reporting.
These are some of the reasons that a supplier portal provides a significant return on investment.
You staff has better things to do than spend lots of time hunting down information and inputting supplier information!
What are the benefits of a supplier portal?