If your accounts payable department is experiencing any of these signs, a supplier portal may be the answer!
Does your accounts payable department struggle with:
1. Manual and error-prone entry of supplier information?
2. Too many paper invoices from suppliers?
3. Lots of phone calls and emails from suppliers regarding the status of invoices and payments?
4. Tedious and time-consuming searches for supplier information?
A self-service supplier portal enables suppliers of any size or technological sophistication to:
- Easily update their vendor information to avoid payment delays
- Effortlessly submit invoices and receive a confirmation of their receipt
- Convert or flip buyer purchase orders into electronic invoices submitted through the portal
- Instantly see the status of invoices and payments (e.g. received, approved, paid, etc.), at any time, from any location, to better manage their working capital
- Electronically communicate with buyers, avoiding back-and-forth calls and e-mails
Empowering suppliers to manage these types of tasks themselves further streamlines your operations while reducing your transaction processing costs and streamlining the resolution of exceptions.
But a self-service supplier portal offers accounts payable departments additional benefits, including:
- Better communication and collaboration with suppliers
- Less risk of supply chain disruption because of onboarding issues
- Stronger relationships with valued suppliers
- More time for accounts payable staff to focus on value-added activities
What’s more, making your company easier to do business with helps attract and retain top suppliers and provides you with leverage during contract negotiations and early payment discount discussions.
IPS Productivity Wrx℠ includes a built-in self-service supplier portal. Let us show you how it can benefit your accounts payable department! Schedule a virtual product demonstration today!