How a Vendor Portal Slashes AP Costs
Reduce costs in Accounts Payable. Enhance customer service with a Vendor Portal solution.
Your Accounts Payable department team is busy and often overworked. They manage what seems like an endless stream of phone calls and emails from vendors inquiring about invoice receipts, payment statuses and other information. This activity has a negative impact on the efficiency of your processing cycles and can cause errors.
A self-serve Vendor Portal should have the look and feel of your company, customized with your logo and other branding specifications. It should also be seamlessly integrated within your ERP or accounting software. Using a portal will improve staff productivity because suppliers can submit invoices, track the approval and payment status and update information.
1. Reduce Costs
Problem: The Accounts Payable team spends too much time handling calls from vendors and internal customers. You need to reduce the cost of managing customer service within the AP department without negatively impacting your relationships.
Solution: Experience a significant reduction in inbound calls and emails to the AP department with a cloud-based portal. The portal will maximize your current operations by focusing AP staff on managing more challenging and high value functions.
2. Improve Vendor Relationships
Problem: Vendors are looking to maximize their own cash flow and become frustrated when they cannot easily find the status of approvals and payments. On the AP side, you spend too much time trying to find answers with ineffective voicemail and email communication. Vendor relationships suffer as a result.
Solution: As a best practice, the Vendor Portal will provide a higher level of service and satisfaction for your vendors by allowing them to quickly answer their own questions. A portal is accessible 24 hours a day, 7 days a week and can accommodate vendors of all sizes with the ability to submit, track and update information. They can upload invoices from any device, including a tablet.
3. Enhance Visibility
Problem: Without automation, visibility into the AP department is challenging. Until the invoice has been received, opened and manually entered into the system, there is often no visibility at all.
Solution: A secure portal can be designed to provide full visibility from invoice submission, receipt, approval, status and payment. Onboarding new vendors and updating their information is also taken care of within the portal. This provides full visibility at the required levels throughout the organization.
4. Size Doesn’t Matter
Problem: You do not need to be a large organization to benefit from Accounts Payable Automation or a Vendor Portal. Medium-sized businesses see even greater value as they are often challenged with doing more with fewer resources.
Solution: Whether you process 100 or 1,000 invoices a day, creating efficiencies and cost savings is a priority. Octacom specializes in Accounts Payable Automation and Vendor Portal solutions that streamline processes and improve efficiencies.
With Octacom’s secure portal solution there is no software to buy, no licence fees or maintenance fees. Our pricing is simple; you pay per invoice for the end-to-end completely automated solution.
Learn more about Octacom’s Accounts Payable Automation service offerings and how we can help save you money, improving your business processes and operations.