Leveraging a supplier portal for faster invoice processing and better vendor relationship design

Publisher

PwC Network

Year

2024

Language

English

Pages

3

File Size

420 KB

File Format

PDF

Abstract

This article explores the key challenges the accounts payable program (AP) teams face in managing end-to-end invoice processing while maintaining vendor relationships and compliance requirements. Traditional methods of managing the accounts payable processes often result in high cycle time, inefficiencies and compromised supplier experiences. Leveraging a well built supplier portal offers a solution by streamlining processes, reducing manual efforts, and enhancing transparency. This article highlights the benefits of using a supplier portal, including reduced information entry, improved visibility, cost and time savings, and strengthened vendor relationships. Implementing supplier portals effectively can lead to faster, smoother, and more transparent transactions, fostering mutually beneficial partnerships between buyers and suppliers.