Power of PAYBOX®
Overcoming Vendor Management Challenges With AP Automation
Vendor management has grown beyond its traditional framework, requiring more attention from corporate accounts payable departments. Personnel are responsible for document imaging, invoice processing, workflow management and more.
But managing vendor information doesn’t come without challenges. For corporate AP departments still relying on paper-based processing, vendor management is a costly and time-consuming task full of regulatory and compliance risks.
How AP Automation Can Help You Overcome Vendor Management Issues
Corporate procurement functions and industry regulations mandate that vendor information must be registered, authenticated and managed in a highly secure, compliant environment. And if your organization uses manual processing strategies, vendor management can seem endless.
The good news is that a simple change in processes can completely transform how you manage vendor information. An automated accounts payable solution streamlines transactional processes, and addresses common challenges associated with vendor management:
- Difficulty Managing Vendor Information – Paper documents are difficult to keep organized, and rifling through stacks of files to find the information you need is arduous. An automated AP platform stores and manages critical supplier information on a cloud-based web portal, making it immediately available when you need it.
- Lack of Data Security – Maintaining the integrity of vendor information is critical, and difficult to do if you rely on paperwork for vendors to communicate sensitive data. Not only does automation make it easier to collect financial data from your vendors, but it’s housed in a reliable repository, accessible only to those who have authorized access.
- Consistent Vendor Onboarding – Vendor onboarding enables your organization to approve suppliers for business, but information can be missing or inaccurate if not properly collected. A user-friendly AP platform gathers all of the necessary data for you to move forward with suppliers, ensuring consistent vendor onboarding.
Vendor Management Made Simple
It’s easy to get overwhelmed when managing vendor information. Without a clear system for organization, you’re staring at non-compliance fees and data security risks. Why risk it? AP automation implementation is easy, cost-effective and mitigates vendor management challenges.
PAYBOX® Vendor Management from Direct Insite is a cloud-based, sell-service solution that enables corporate procurement, shared services and treasury departments to work together through a single platform. The automated platform streamlines vendor master management by:
- Automatically uploading corporate information and tax documents.
- Ensuring consistent supplier onboarding to standardize processes and mitigate risks.
- Providing customized vendor performance scorecards, reporting and tracking action plans.
Your vendor management strategy is about to get a major upgrade. To learn more about PAYBOX® Vendor Management, contact us today.