It can be devastating to hear when a key vendor goes bankrupt. Unfortunately, vendors may shut down for various reasons, which can hamper your own operations.
The next immediate step then is to find another vendor.
But do you have a process in place to source vendors? Does the purchasing team know what their roles and responsibilities are?
To ensure minimal disruptions to your operations, you need to plan for contingencies like vendor bankruptcies.
This is where a procurement plan comes in.
In this article, we’ll explain what a procurement plan is and why you should create one. We’ll also cover the steps to creating one for your company. Finally, we’ll look at how you can automate your purchasing processes with frevvo’s procurement automation software.
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Payments are, obviously, an integral part of supplier and vendor relationships. If you pay too late or get an amount wrong, you could end up with high penalty fees or even having to switch suppliers as you’re trying to complete a customer order.
A robust accounts payable process helps you stay on your supplier’s good side and gives you a better overview of your company’s cash flow at all times. You also protect yourself against fraud from parties posing as vendors.
In this article, we’ll break down the accounts payable process, its importance, and common challenges. We’ll also look at how you can streamline it with process management software.
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Managing invoices can be pretty straightforward when you only have a few vendors. But once your company starts to scale, invoice management becomes more challenging.
Slow processing times can damage relationships with your vendors and hurt your company’s long-term success.
Coding errors can result in items being billed to the wrong projects or GL categories – problems that are often hard to find and fix later.
So how can you easily manage incoming invoices, categorize them, ensure they’re valid, and make payments on time? How can you streamline and automate these processes?
This article will cover invoice management and some of the challenges that companies face when managing invoices. We’ll also look at how you can create an automated approval workflow using software from frevvo to streamline the invoice management process.
Continue reading “How to Automate Invoice Management (And Why You Should)” →
Over half of all organizations say that manual accounts payable (AP) processes are inefficient.
Not just that, but 16% of organizations admit that they experience fraud issues associated with manual accounts payable processes.
Rather than struggle with slow, error-prone AP workflows, companies switch to accounts payable automation solutions.
Continue reading “Accounts Payable Automation Examples To Improve Your AP Process” →
Finance and accounting professionals play a vital role in driving business growth and strategy, but most businesses underutilize this important resource because their finance teams are bogged down in inefficient finance processes.
With all the technology solutions available today, core tasks including invoicing and expense management can be automated with relative ease, not only reducing inaccuracies and delays but freeing up your finance team to perform more useful – and interesting – work.
Continue reading “How to Improve Finance Processes to Save Time & Money” →
Many companies are stuck with old processes when it comes to accounting.
They rely on Excel spreadsheets, sending them from employee to employee to make updates and circulate those changes. They hold steadfast to manual approvals, which can take days, weeks, or months for a simple sign-off from busy executives. And they hold their breath waiting for the inevitable human error to create an accounting minefield.
Needless to say, all of this can hinder growth for companies.
But accounting automation can open the door to a better reality.
Continue reading “4 Easy Steps to Automation of the Accounting Process” →