In previous blogs we wrote about the benefits of accounts payable software. Most of these benefits were for an organization’s accounts payable team. There are also some significant benefits for suppliers with the right accounts payable software solution. Here are a few of the benefits for suppliers with accounts payable software.
No Integration Needed
For software solutions to communicate with each other they often use API. This will work for some supplier and customer relationships, but not all. OnePosting can receive a PDF invoice, which is the most common output out of financial or invoicing software. We use invoice digitization to convert the PDF information into data.
Vendor Portal
Many large organizations use vendor portals to help manage their accounts payable. This is great for the organization but can cause issues for their suppliers. If an organization sells to many large customers, they will need to use multiple vendor portals, and this is often a manual process. Of course, this could be mitigated by using OnePosting for Accounts Receivable.
Visibility on Their Invoice
Often when a supplier sends in their invoice to a customer, it goes into a black hole. One of the suppliers for one of our customers called them daily to follow up on invoices. It was this supplier’s largest customers and there were 50+ locations. This was not efficient for their AR team and it was a time suck for our customer’s AP team. Using OnePosting, the supplier was able to see if their invoices were approved, cutting out the daily calls.
Communication
Invariably there are questions on invoices between the supplier and their customer. This communication is done through different channels including email and the phone. Our accounts payable software solution provides immediate feedback if something is missing from the invoice. This can relate to things like PO number or incorrect pricing. The supplier knows what is wrong and can fix it versus getting feedback 30 days down the road and having to resubmit. There are also other cases where there are specific questions on invoices. OnePosting provides a messaging feature that allows AR and AP teams to communicate and capture those conversations in the same place.
If you would like to understand more about OnePosting accounts payable software, book a meeting.
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- Scale Accounts Payable - February 1, 2022