As supplier portals move beyond invoice status tools, many solutions are now delivered as a shared buyer service which accommodates eInvoicing and provides many additional benefits. Supplier portals provide:
Accounts Payable Self-Assessment Process
- Reduction in paper invoices as suppliers send their invoices electronically.
- Faster transactions with integration to ERP software.
- Stronger supplier relationships with a well-defined onboarding process and real-time invoice status.
- Digital signatures to guarantee authenticity and security.
- Flip POs for easy invoicing.
- The ability to correct errors on the spot to prevent payment delays further down the line.
- The ability to begin using sales catalogs for greater accuracy.
: One of the goals of an Accounts Payable department is to pay a supplier “once and only once.” Rather than have a third party or external audit firm identify a control weakness; many companies have worked with a solution provider to implement a self-assessment process that identifies a possible duplicate payment before the payment is initiated. This software considers “fuzzy” logic algorithms that flag a potential duplicate or erroneous payment. This self-assessment process can often be included in a company’s internal control program.
A savvy AP leader should have the strategy in place to move to a paperless environment. It all starts with implementing some best practices including electronic payments, the automated ACH remittance and the automated workflow process. Best practices establish the foundation for AP automation
and can lead to the achievement of your “touchless” process. The success of your new “touchless” process can be measured not only by improvements in metrics, but by the results and impact of your automated self-assessment process. Lastly, dynamic discounting can be a “win-win” option for both buyers and suppliers.