In this blog series, we’re exploring the importance of trust in your AP process – and how the adoption of AP automation software promotes trust and develops strong relationships in your organization, resulting in more efficient processes and better results.
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Internal trust extends outside your organization to your vendors. If Purchasing and AP have a high-trust relationship, then your vendor relationships are naturally more trusting as a result. A common poor vendor experience – yet one that is all too common – is when the vendor calls or emails to check on an invoice. That can involve: waiting until someone can track down the status of the invoice; being passed back and forth between the person who approved the original purchase and the AP specialist who will issue payment; waiting until the invoice is cleared for payment; and finally generating the check or direct deposit. By the time the vendor is paid, both your staff and your vendor’s staff have invested substantial time and resources. In addition, there is lingering uncertainty about whether that problem is likely to happen again and a lack of confidence that it has been resolved appropriately.
AP automation tools create a better experience for both vendors and your organization. With AP automation, all invoice and payment information is logged into the system, and anyone who receives a payment status request from a vendor should be able to handle the query quickly and accurately, increasing trust.
To create an even better experience – and the one that will generate the highest level of trust – allow your vendors access to a vendor portal to check the status of their invoices themselves. We find that giving access to vendors, as well as all internal personnel, results in better service and better vendor relationships.
In addition, this level of visibility provides more sets of eyes on the payment process, which produces more accurate records and results – leading to a higher level of trust between your organization’s Financial Control, Budgeting, and Auditing teams. Explore that relationship in our next post in this series: The Impact of Trust: Financial Control, Budgeting, and Auditing.
Read our previous posts in this series here:
- The Impact of Trust: Creating Better Experiences with AP Automation
- The Impact of Trust: Accounts Payable and Purchasing