It is just about the new year. Out with the old, and in with the new! It’s a great time for making resolutions, planning for the future – and of course, taking a look at your vendor files and doing some cleanup. We know with all the records, documentation, updates and outdated information, those files can get pretty messy. But with increased attempts at fraud, not to mention sometimes limited storage space, it’s imperative to keep your vendor files updated and easily accessible.
Other resources you might find helpful:
So, go on and clean up those files. We’ll wait.
All good? Great. Now let’s talk about how to avoid doing all that cleanup next time!
The perks of vendor management tools
- collect data for new vendor onboarding
- upload critical documentation, like tax forms
- make key information updates with a set approval process for control
What other benefits do vendor management tools offer?
- You can use a simple, common sense user interface to efficiently request and approve the setup of a new vendor.
- The request form is tailored to your needs and sends an email that you have an approval waiting.
- Automated reminders when new documents should be requested from your vendors.
- Timed escalations prevent unnecessary delays, while the in-process requests are available for retrieval and audits at any time.
- Automated workflow based on your defined rules ensures control and guarantees consistent vendor master data.
- You have increased visibility into the entire vendor approval process.
- Vendor Master data clean up, software points out duplicates and/or inaccurate data.
- Employees and vendors can submit new vendor requests, upload documents such as W-9s, and make record edits without using expensive ERP licenses or routing paper for data entry.
- You can expect compliance with your standards for vendor naming conventions with requester guidance. No more formatting and reformatting to maintain consistency, helping to minimize human errors and the inadvertent creation of duplicate vendor records.
- All data captured is securely stored and encrypted at rest and in transit.
- Data can be automatically transferred into your ERP or financial system – eliminating the need for additional entry into multiple systems.
Do we have you convinced? We hope so! Now, the most important question: What will you do with all that extra time on your hands?