If you own a business, vendor payments are something you are familiar with. It is one of the important forms of money movement among business operations. Every business utilises services from consultants and freelancers to shared office spaces and food providers.
Chances are, you have some sort of a system in place to ensure you have a foolproof way to pull all your vendor payments invoices together and track when they are due. Next, you disburse their payments promptly, making sure all particulars are met.
But, chances are, your system is not as foolproof as you think.
Understanding vendor payments
Vendor payments (also called accounts payable or invoice to pay) is the process of paying vendors your business has ties with, for the goods and/or services they provide to your business.
Managing your vendor payments promptly in a systematic way, ensures a great relationship with your vendors, while guaranteeing that you don’t have liabilities for a long time. This keeps your business up and running as best can be.
Challenges with vendor payments
An average business makes at least 50 vendor payments on a monthly basis. If you are a small or medium-sized business, you might be making about the same number of payments or even more. So the question is, how do you go about making your vendor payments?
Below are some challenges that come with making manual payments:
- Using spreadsheets to maintain all their vendor invoices
- Calculating and deducting payments manually
- Visiting bank portals to make payments and then doing manual reconciliation
Many errors can occur here since the entire process is carried out manually. These errors can range from a simple data mismatch to a calculation error.
How we are solving vendor payments?
At Collect, understand money movement. A big step towards that goal is our solution for vendor payments.
With Collect’s automated payouts, all your payment woes disappear.
- Without having to go through multiple platforms, you can carry out your entire process on one single platform, where everything is at your fingertips
- A smart and highly responsive dashboard takes the place of several spreadsheets
- Our intelligent OCR reads the uploaded invoices and populates the details automatically. So, no more data-entry mishaps
- Your payments will be made on time because we send you timely reminders
- You don’t have to worry about adding new beneficiaries and burning time because you can add your vendor on Collect and start transacting with them immediately
- Also, payments go through INSTANTLY!
Ready to take charge of your vendor payments? Schedule a demo, let’s take you through the process of using our payment dashboard to simplify your payment process.