Vendor Payment Solutions- How To Set Them Up To Automate

By Author: Fini Genie
Total Articles: 2
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With the growth of your startup company, keeping track of your vendors get complex. You are juggling and monitoring vendor information, payment preferences, invoice processing and a growing list of contacts.

Moreover, you are manually puling information from bills to develop approval policies.

You and your team are already broke for time. Even with the right staff in hand, it is boring and time taking.

Is there a way to automate everything?

Vendor payment solutions automate most of the payment procedure, so you and your teams can emphasize on making money, not payments. You might have heard about these systems already, but here you will learn more about them, the way they work, and whether you should use one.

What are Vendor payment solutions?

In short, these solutions and invoice discounting services is a cloud based platform that automates your account payable. Using one of these systems, you can lessen the amount of work and time it takes to make payments for services ...
... and goods. AP automation removes the bottleneck created by collecting, paying, and manual billing.

How does this system works?

When you get a supplier invoice, the payment procedure usually looks like this:

• A member of your team enters manually the invoice information.
• You get the purchase order, goods receipt, and invoice to make sure they match up.
• If you recognize any mistakes, you team up with the vendor to fix them.
• You pay the vendor frequently by check

If you manually do this for several vendors, it may eat up your productiveness.

There is also the human aspect to consider. When you are toggling tabs, slogging through spreadsheets, and trying to monitor what you owe, to whom and when, you are prone to make a mistake. Corporate utility bill payment system lessens the time and possibility of errors.

A vendor payment system digitizes and centralizes the process. No more string mapped bulletin boards to organize the vendors, payment schedules and their commitments. You set up your preferences regarding Bill Pay, chalk out your approval flows, and create vendor profiles. The software will handle everything from here.

Automation of vendor payment

The automated vendor payment software lessens the time it takes you to process the accounts payable process by contouring mundane chores such as data entry, document processing, and electronic payments. This implies as the payee, you pay less for the endeavor it takes to make payments to your vendors and free up precious time and human resources better spent on growing your business instead of verifying payments.

Initiate and monitor vendor payments conveniently

A vendor payment system makes it simpler for your business to pay its vendors as it automates manual chores that take up the time of your team. Your vendor gets paid faster, your staffs are free to emphasize their efforts somewhere else, and you will still get the chance to monitor your payments in real-time situation.