Anyone who works in procurement knows that supplier payments can often be a cumbersome and disjointed process. Whether the business is large or small, this gray area between finance and procurement is often handled manually, costing time and resources, and making compliance challenging.
There are a number of use cases and problem statements that echo this point. In fact, Spend Matters wrote a 3 part series on this topic called, "10 Reasons for Procurement to Work with Payments" (subscription required). It is clear that tighter integration of payments adds clear, measurable value to the downstream procurement process.
For companies that work with many small suppliers across a distributed geographic footprint, settlement is often handled by phone calls. The company calls their supplier, gives them the invoice number and a credit card number, gets an authorization code, records the information, then makes the next call. Needless to say, this is a time-consuming, manually intensive process.
Sadly, larger “automated” businesses do not fare much better. Once the requisitions have been approved, the PO's created, the products and services rendered, and the invoices have been received, matched and approved for payment in the ERP packages - users still find themselves using manual systems to execute payments.
BuyerQuest is one of the few companies to see the tremendous opportunity associated with including settlements as part the procure-to-pay process. Our customers have told us that significant time, resources, and manpower can be saved by eliminating this manual process.
As part of the latest release of our Payables Module, BuyerQuest customers now will have the ability to perform settlements. Once the invoice has been approved for payment, the settlement will trigger payment to the supplier. This is achieved via API integration and includes credit card and P-card support. Key to this process is the fact that the user never leaves the BuyerQuest interface, a critical component to ease of use and high adoption.
For companies struggling with manual payments, especially those that deal with large numbers of transactions, often at a low dollar value, settlements eliminates manual steps, saving time and increasing efficiency executing payments. For larger businesses, such as franchises, this increases control and compliance of the Procure-to-pay function. With BuyerQuest's settlement component, our customers, large and small, can now streamline payments and eliminate the disjointed, manual processes that cause so much grief.
To learn more about BuyerQuest's procure-to-pay solution, visit www.buyerquest.com