Invoice aging report in Vendor Management System improves Cashflow

Introduction

A top manufacturer of paints and coatings willing to develop strong and lasting relationships with their vendors and aiming to receive the greatest long-term business value at the lowest acceptable level of risk.

Problem Outline

Client was looking for software solution that simplifies vendor invoicing process, further they need a user friendly application that would automate their vendor management process and enable them to save time and avoid costly errors. Their SAP consultant / IT head briefed us on their requirement, to introduce automation of invoice processing that will migrate the pen & paper strategy to electronic way, streamline the workflow of high-volume office operations, reduce human error, and improve the overall efficiency.

Solution Summary

We provided them our Vendor management software “Vendora” that helps them to manage the complexities of vendor-buyer relations. By investing in vendor management software, client could well manage both Account payable & Account receivable for cash flow.

• The vendor can create invoice in the vendor portal and the invoice ageing will be calculated based on the due date
• Invoice aging report will show all current unpaid invoices to Buyer, vendor can follow up to receive the payment in a meaningful & systematic way.
• Enables finance team to track invoices against their associated POs, validate and approve payments and maintain accurate payment records.

This Invoice report helps client to assess their outstanding debts organize in 30-day groups, avoid delays and miscommunications that can cost you time and money. By centralizing all procure-to-pay data accessible to stakeholders they could reduce the risk of miscommunication and wasted time. Ultimately this invoice aging report fosters collaboration and ensures peace of mind for both suppliers and vendors.

Outcome

• Invoice details can be tracked in the portal and manage cash flows
• Easily upload invoices, customize fields and set alerts when bills come due
• Categorize your bills based on due dates, prioritizing the ones that need to be paid first

Conclusion

Invest in buying or developing your Vendor Management System with automated vendor notifications & alerts to streamline procurement management process. Contact us for a Free Demo of Vendor Management Software & get an instant Quote.

     

Client Testimonial

Vendora allowed us save valuable time sorting through invoices. Collaborating with suppliers / vendors on a centralized platform for Account Payables & Account Receivables was quite.

——— Head of Procurement, Manufacturing Division