An e-procurement software like Finly provides a seamless vendor payments system. The finance team can just add the vendor details and automate the payments without missing the deadline. You can split payments and make vendor payouts, manage all your marketplace payouts to the vendor’s bank account and much more. Through powerful API banking, you can also schedule these payments, Vendors will be notified on receiving the payments through SMS or email.
Unethical Practices – Finance team involves doing multiple transactions every day. There are many different ways in which CFOs can be taken for a ride like a lack of available data or fraudulent transactions. Numbers can also be mismatched by creating a fake purchase order, falsifying information pricing, the false record of bookkeeping, invoice fraud, embezzlement and money laundering. Vendors may lure finance team members by offering them gifts, taking them to parties, etc. so that they get the preferred vendor treatment.
Automate the digital bookkeeping process by eliminating the error-prone manual process of entering data into your accounting software. Integrate your accounting software like Tally, Quickbooks, Zoho, SAP, etc., with the platform and ensure accurate entry for the GL record including the associated amount, account, date, description, transaction number, and type for each transaction.
If one purchase goes wrong, it can hamper your brand value within the organization. Anything that is purchased for the organization must be thoroughly evaluated from multiple stakeholders with a proper vendor evaluation method. This ensures you to get the best deal for the company by spending a marginal amount.
It is very much essential to have a procurement process in an organization so that finance teams get complete control and visibility on where the amount is being spent.
The procurement team is one of the main pillars of an organization. Anything to be procured, be it from stationery, laptops, toiletries, etc, the procurement team is involved right from the start till the end. One wrong purchase and the entire company’s reputation is at risk. On the other hand, the finance team gets a closer look at the company’s financials and see to it that they don’t go out of budget. By following a proper process & structure, these functions can move smoothly and efficiently.
The main advantage of establishing a strong relationship with the vendor is that they can help deliver new products that help grab market share from competitors or provide you with adequate discounted prices.