Automate the vendor payment disbursement process and intimation to all key stakeholders
Challenges
- setting up predefined stationery printing for each printer for all bank accounts
- manual approvals on the printed cheques for disbursement
- manual e-mail intimation to all concern stakeholders (internal and external) to validate the payment
- printing of the payment advise and then sending it to vendors
- manual and lengthy process
- 350 payment transactions were created in ERP in a week through manual process
Strategies and solutions
- automate the upload of open invoices to banks portal
- maintain data sanctity via encryption
- set-up approvals at multiple levels through pre-defined work-flow and approval matrix
- automate payment advise to vendors via e-mail
- automate the reverse payment details to vendors and concerned stakeholders
Key benefits
- improved efficiency and time savings via real time recording of payments
- improved accuracy by reducing the human intervention and errors
- real-time visibility and optimized payment TAT enhances cash flow management
- strengthened vendor relationships via timely payments and payment transparency
- easily scalable for new business expansion and volume growth