All the business owners are aware of the term supplier payment or vendor payment. To be precise, Supplier payment is an integral part of every transaction in the business world. All businesses enjoy a similarity of seeking services from different vendors, such as freelancers, food service, consultants, and more. The struggle to juggle with numerous suppliers, their payment, and their due date is relatable. Therefore, businesses seek a system to smoothly manage the vendors, their expected payment date, and the sum payable. This type of efficient system helps timely clearance of the dues. Besides, it also ensures that you meet all the particulars to eradicate any chance of error.
An insight into supplier’s payment:
The invoice to pay, or commonly called supplier payment, is the money you pay to the seller for the commodities and services they offer for your company. However, the key to a happy work relationship with the supplier is to ensure timely payment and good communication. After all, who does not want to enjoy the relationship of zero liabilities! It would not be wrong to say that a friendly work relation helps in flourishing your brand.
Complications with supplier payments:
Research shows that an ordinary business clear monthly 25 to 30 supplier bills. Small and medium business owners will be on the same page of clearing the same or even more bills. Now the question is, what is your game plan for the supplier payment system?
The Root cause of the problem:
Our team surveyed numerous businesses in the urge to dig deep into the actual problem people face in the dues clearance of the vendors. The majority of companies had the process breaking down into:
- Maintaining all the supplier’s bills through a spreadsheet
- Use manual method to estimate and subtract TDS payment
- Seek help from the bank portal to clear the dues and manual reconciliation
- Use governmental portals for TDS billing
Surprisingly, the number of businesses shared a common problem with a larger ratio of possible error as the entire procedure is old-fashioned. The mistakes can be a minor change in a figure to calculating errors. Let us quickly go through some of the common errors:
Entering data manually:
Adding a large number of bills from numerous suppliers is a vivid signal of possible error. Besides, data entry is a hectic task, and it can cause disasters.
Too slow processing:
The old-fashioned model of clearing supplier’s dues is just too slow. The process gets slower when you are dealing with new clients. And how can I forget the chances of errors when you have a number of clients to deal with, this can lead to a delay in payment!
Is spreadsheet secure?
I am sure we all have some concerns about the safety of the spreadsheet. These sheets have some personal information, and anyone can use them for all the wrong reasons.
So, what’s the solution?
Enough of the problem discussion; let’s get to the point! Bid farewell to the old-fashioned modes of payment, and ease up your life with the automated payment system. The supplier payment software simplifies hefty monetary operations with a few clicks. As rightly said, “better late than never,” so get ready to enjoy a speedy, stress-free, and error-free model of supplier payment through an automated payment system!