Vendor Portals: Improve AP Invoice Processing for Your Enterprise
Having inefficient accounts payable processes in place can reduce your ROI. Without a balanced and systematic AP process your organization runs the risk of late or incomplete payments that can result in a variety of negative ramifications for your business. These include cancelled services and possible damage to the relationships you’ve built with your vendors.
Large organizations have many competing priorities and even with a full-time accounting department, things can fall through the cracks unless there is an established and effective system in place. Leveraging vendor portals is a simple way to improve invoice processing for accounts payable as well as streamlining the reconciliation and charting from AP books.
Below we highlight a few of the many benefits of vendor portals for AP invoicing:
Automation to improve business process efficiency
Invoicing automation is a life-saver for an organization managing hundreds or even thousands of client and vendor accounts. In an increasingly digital world that expects quick turnaround times in order to effectively run a business, automation allows you to streamline business operations and make them significantly more efficient.
Setting up vendor portals with automated AP invoice processing, you take out a lot of the scheduling requirements that would otherwise be another task for your accounting department to track and deliver. This will gain back valuable time and assets that can be utilized more effectively on more important tasks that help grow your business.
Maintain high customer and vendor service standards
By establishing vendor portals within your AP processing you streamline the efficiency of your business-to-vendor relationships. Allowing your vendors and partners to interact directly with your organization via a vendor portal will streamline your entire operation.
The vendor portal can be customized for AP processing, however can also incorporate other important functions and tasks that will streamline your vendor interactions, including direct messaging for inquiries, supporting quicker resolution. Having a good relationship with your vendors and maintaining a reputation for reliable payments and communication will be integral to retaining those vendors over the long-term and remaining competitive against other leading organizations in your industry.
Are you looking to implement vendor portals to streamline and maximize the efficiency of your AP invoicing process? Octacom is the premier provider of quality document management solutions for organizations. Contact us today to see how we can help streamline your enterprise business processes.