The relationship with your vendors is important to the longevity of your business. But in order to get the products and/or services you signed up for, you need to fulfill your end of the bargain and dish out some cash. This can be easier said than done. It’s not that you don’t have the money to pay your vendors; it’s the management process around accounts payables that can create delays each week.
One of the companiess we have helped struggled with this exact problem. They received over 100 invoices from the same vendor each week. Before we started working with them, each invoice needed to be reviewed and manually keyed in to Microsoft Dynamics® GP. This high volume of invoices took this company over four hours to enter each week. As you can imagine, the vendor didn’t get paid in a timely fashion and it negatively affected the flow of business on both ends.
The vendor still sends the invoices in a PDF version, but they also fill out an Excel template including vendor ID, dates, amounts, etc. With Infinia Integrator, they just need to copy the information within Excel, Paste it into Infinia Integrator and click import so that data is sent to Microsoft Dynamics GP. At that point, this company can get out checks in no time. Here’s what Infinia Integrator looks like:
The vendor was more than happy to change how they sent invoices because it meant they get paid sooner and in a more consistent manner. In fact, the vendor now receives their payments 5 days sooner. It also was extremely easy for them to export what’s in their system to Excel. So not only does the company have less manual processing and stress to deal with, their vendor is much happier too. The relationship between the two has become stronger because of this quick turnaround time.
By Tom Myers of Infinia Integrator, an