Supplier Account Management

Introduction

Traditional processes for managing supplier data as part of the procurement process are inefficient, time-consuming, and error strew. Cloud-accounting solutions can help automate and streamline the end-to-end process by reducing manual intervention and ensuring a sole source of secure data.

Typical Problems

The onerous task of approved supplier lists often falls to finance and purchasing teams to administer, but often results in miscommunication, multiple information points and duplicated accounts.

Without a centralised approved supplier list, staff within organisations can fall into the inefficient and costly practice of using suppliers they “know” rather than from the pre-approved, better terms list.

Maintaining and tracking supplier bank details and price lists is a challenge, factor in multiple entities, currencies, and locations and the problem is exponential and can easily lead to misalignment between finance and sales and opens the possibility of fraud due to data insecurity.

Solutions

Using an integrated cloud solution means sales and finance can be fully aligned; approved supplier lists can be integrated within the core purchase process to ensure adherence during purchase ordering and invoicing procedures no matter the team or location.

Management of the supplier details can be fully tracked, and workflow approvals can be implemented to ensure data compliance and security.

Benefits/ROI

Absolute confidence in the accuracy of supplier data held within the system, including update and change tracking with data review controls, reducing discrepancies and mitigating fraud risk.

Automated approvals ensure end-users (purchasers/requisitioners) are not wasting time sourcing new suppliers and purchasing from unapproved suppliers.