One of the many challenges faced by business today is that of supplier relationship management. Payment practices are often an indicator of an organization’s relationship with their suppliers and they can have a huge impact on a business’s success or indeed, failure.
Just some of the issues faced by supplier finance departments include lack of visibility of the invoice approval process, having to constantly follow up on invoice and payment status, payments being delayed through lack of process, or invoices being lost. In addition, by relying on a manual paper based system, suppliers run the risk of invoices being sent to the wrong recipient thereby creating a lack of privacy.
All of the above can lead to a frustrated supplier, a breakdown of relationship and disruption to the supply chain - all of which will have a negatively effect on your own business.
Earning suppliers trust is a key aspect in fostering a mutually beneficial relationship. One way this can be achieved is through clear and transparent communication in regards to finance. The Invoice Submission Platform (ISP) is a platform that enables companies to automate the process of verifying and approving supplier invoices prior to processing payments. It allows suppliers to submit their invoices through a website to enable the accounting department to take full visibility and control over the financial process.
By installing ISP, there is complete visibility of payment status for both parties. By making a commitment to follow prompt payment practices you can bring benefit to your business by:
Not only can ISP improve supplier relationships, it has many other highlights including lower fees than other solutions, therefore, improving your bottom line as well as updating your payment process. It is flexible allowing you to customise to fit your business requirements, user friendly and has the capability to cope with the new VAT regulations in the region
ISP is also extremely fast to deploy. Using the cloud-based subscription, the system can be used within the same day. However, it will require a couple of days to deploy the system on-premise into existing IT infrastructures.
If you are having trouble tracking your invoices, cash flow, and managing your supplier relationships contact Exceeders to find out more about our online invoicing system and how we can help you.