Your Vendor Relationships should be excellent

Every business could benefit from reducing operating costs and improving workflow and accounting visibility. But with so much to do, you can get a little behind on the things that matter. This includes accounts payable issues that can snowball until you are in a bind. So, what can you do? Zahara invoice processing software picks up all the AP tasks that need to be done and streamlines them into efficiently managed services, resulting in glorious supplier relationships.

Automated AP software is vital for any business looking to streamline processes, especially when it comes to finances and supplier invoices. There are many reputable services your company can use, but only Zahara offers the complete package with multiple features:

• Know your costs before committing to spending with accurate purchase orders.
• Complete transparency through an entire audit trail.
• Customisable workflows that integrate into any AP team’s environment.
• AI invoice processing is up to 9 times faster than human.
• Secure supplier payments through the app without online banking.
• Powerful reporting and analytics tools for data-driven decisions and KPIs.
• Through all these, the powerful Zahara AP platform allows your AP teams to communicate with suppliers clearly and effectively,
• building solid relationships. The tools available also help reduce fraud, access digital payments and add personalised attention to accounts payable invoices.

Communicate Clearly

Zahara is a magic service, and there is one key element that many business partnerships struggle with communication. Communication is paramount in accounts payable processes, and it helps strengthen relationships. There is no room for error when it comes to finance for any business, and too many missteps can result in disaster. So what can you do? A good first step is cultivating a customer-service-like AP department to keep things competent and friendly.

Of course, there is much more to Accounts Payable than a friendly demeanour! AP communication relies on a few key elements. These include accuracy, easy access when needed and timely payments. Zahara helps with supplier and vendor engagement through various streamlined communication processes. These include accurate purchase orders, complete audit trails and customisable workflows. Automation also plays a key role in enhancing the AP process at your company.

Expand the Use of Digital Payments

Digital payments are becoming more common, especially for transactions between businesses. According to Skynova, around 56% of accounts payable teams use digital payment systems. There are significant advantages to using digital payment systems such as eWallets and credit cards. Modern security technology provides greater peace of mind between transactions and payments with digital systems that can be worked into multi-step approvals.

Digital payments can help your business take advantage of early payment discounts.
Because they are transparent, digital payments help improve vendor relationships.
Reduced physical framework directly translates to reduced processing costs overall.
Digital wallets don’t disclose bank details, so they are more secure for your business.
More and more companies are increasingly expecting digital payments for security.
Any purchase order software you use should be safe and secure. Zahara’s built-in features for facilitating digital transactions provide a stable and secure system from which any AP team can benefit. As the world moves more towards digital currencies such as payment wallets and cryptocurrencies, can you ignore them? Most modern companies would disagree. Digital payments aren’t the future; they are here, and your business must adapt to the changing times.

Adopt the Automated Accounts Payable process

Automated processes have been around since the invention of the wheel! Today we mostly refer to automation in manufacturing. But modern automation also refers to digital processes and even artificial intelligence. For accounts payable and finance departments, automated supplier payments can be a huge advantage. Systems such as optical character recognition (OCR) are widely used to save time and read masses of data, which would take a lot of time otherwise.

For manual AP tasks such as going over invoices, the AP team can waste a lot of time. A survey by the IFOL found that 56% of AP staff typically spend more than 10 hours per week on this task alone. With systems such as Zahara, time spent pouring over documents is a thing of the past. With Zahara’s state-of-the-art OCR system, your AP team will be able to process invoices up to 9 times faster! This saves time and money and strengthens vendor relationships.

Reduce Fraud by Using Virtual Cards

Security and safety are paramount when it comes to handling large volumes of financial data. Of course, payment processors and a well-trained team are mighty together. But can they really prevent fraud via traditional payment methods? A recent survey by PwC found that 55% of businesses believe procurement fraud to be a major concern. Given that your business already does what it can, what else is there? Well, the answer lies in using so-called “virtual cards”. 

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What are virtual cards, and how can they help? Virtual cards are one-time-use, randomly generated payment cards. Automated AP providers like Zahara include the ability to facilitate transactions using virtual cards with no extra effort on the part of the AP team. Of course, virtual cards prevent fraud. However, they also assist in processing payments faster. Another benefit is they can reconcile payments more easily, and there are cash-back rebates on invoice payments.

Take Advantage of Managed Services

Managed (or outsourced) services are very popular today. In fact, a survey of the top Fortune 500 companies found that 90% outsource at least one task. For accounts payable and finance departments, this can be a lifeline in assisting with complex tasks through streamlining the AP process. Managed services, in general, are there to make things easier, and Zahara does just that. Right through the procurement system, Zahara enhances efficiency and compliance.

What is purchase to pay?

Purchase to pay (P2P) aims to integrate and streamline the accounts payable (AP) system so your business has an easier time managing the larger procurement through efficiency. This usually begins with requisitions and advances through procurement, ending with payment. 

Efficiency, accuracy and savings

Automated AP management systems streamline the invoicing to a payment system, reducing time spent on processing. Automation also reduces the chance of human error and improves accuracy. This results in cost savings via duplicate and error avoidance and less paper waste.

Compliance and decision-making

AP automation is invaluable when it comes to complying with tax laws and actively works against reducing fraud through complex internal systems. With real-time visibility and artificial intelligence guiding the AP process, you can also make better decisions with financial data. 

Using managed services for AP teams has many benefits. These include but are not limited to receipts of invoices from vendors, data capture and expediting approvals. Yet there are other advantages of using Zahara, such as tracking invoices and avoiding duplicate data.

Manage Expectations

Services such as Zahara are powerful for assisting with workflows and taking care of the complex tasks that AP teams must complete. But something Zahara also offers is the chance to solidify relationships between businesses and suppliers. Key tasks such as automated supplier payments ensure that suppliers are paid on time, gradually building trust between the two. As time goes on suppliers will see your business as a reliable, loyal and valuable customer.

When payments are made and invoices are met, the relationship only improves. This can be a significant relief for many suppliers, as around 41% of buyers often pay late. Through AP-managed services like Zahara, supplier expectations are met, resulting in a partnership with many benefits. Suppliers who are paid promptly are more eager to please customers. This can result in more flexible payment terms, discounts for your company and favoured treatment.

Give Each Supplier Personalised Attention

Any reliable accounts payable team works towards building relationships, as it comes with numerous benefits. On the finance side, a solid relationship with suppliers can result in lower costs and favorable payment terms. Of course there are other ways to cultivate a strong partnership with suppliers. Attention AP designates invoices to specific departments to be paid and streamlines the entire automated process for any suppliers receiving their payments.

An automated system like Zahara helps strengthen the relationship between your company and supplier through faster and enhanced processing. One feature of personalisation, a personalised invoice, includes all relevant data for the proper channels. You can also use the automation features of personalisation to trigger specific actions, such as notifications of high-value account invoices with escalation for faster resolution of favoured suppliers.

Establish Your Independence

The whole AP process works towards enhancing company operations and competencies when it comes to financial payments. Through systems such as invoicing, multi step approvals and automated task management, AP departments help your business become more independent. As you pay promptly and cultivate meaningful business relationships, you take a small step towards independence each time. With systems like Zahara, you also take a giant leap!

Accounts payable automation software streamlines the entire process. Financial health and a sterling reputation as a good buyer work towards placing your business at the top of trusted customers. The company also no longer has to rely on external management or third-party services. Zahara offers an all-in-one solution for an automated, streamlined and efficient system. In short, our software keeps the AP department running as smoothly as possible.

Pay Promptly

Paying promptly is the mark of good business. When accounts payable uses purchase order software to manage finance and other transactions, prompt payment is one of the greatest potential benefits. Of course, there are genuine reasons why payments are late or delayed. However, a system such as Zahara ensures your company benefits from prompt payment. There are numerous benefits, but to keep things short, here are a few of the most effective.

• Businesses can take advantage of discounts because of prompt payment.
• With improved cash flow, businesses are able to maintain greater liquidity.
• Businesses can also save money by avoiding or incurring late payment fees.
• Faster payments result in less paperwork and administration down the line.
• A well-paid supplier will be more likely to provide a better service to your business.

So, there are the benefits of prompt payment. So, how can your business ensure it pays on time? Software such as Zahara has built-in features for anything your company needs to ensure prompt payment. For instance, automation and AI reduces human and transactional errors. However, even today, many AP teams still use the cheque system to pay around 50% of invoices. Zahara provides systems for automatic scheduled payments via much faster channels.

Embrace AP Analytics

Analytics are a fundamental part of many small, medium and large companies. With automated invoice processing software like Zahara, businesses can gather data to be used for making better decisions and identifying issues. Without leveraging data, you will potentially fall behind the competition, as they might be more data-driven than you. However, you can also gain the advantage. A recent survey found that 69% of businesses don’t implement a data strategy.

Manual KPI and metric setting is a very tedious but necessary task. Automated systems do all the heavy lifting and get your KPI data ready for the next stakeholder meeting. Further, it is challenging to make meaningful decisions moving forward when your company is data-poor. A simple example is deciding when to hire more staff to deal with extra invoice volume. Analytics systems such as Zahara can present the necessary dates when this would be a requirement.

Improving Vendor Relationships Conclusion

Automated systems for AP teams are more valuable today than they have ever been. One of the main reasons is to enhance vendor relationships. A business AP team can improve supplier management with Zahara and its extraordinary automation for efficiency. These include: 

• Concise and clear communication
• Digital payment systems
• Automated AP and purchase to pay
• Fraud reduction
• AP managed services
• Supplier expectations and personalisation
• Establishing independence
• Prompt payments
• AP analytics

A lot of time and energy can be wasted on repetitive and tedious AP tasks. With up to 10 hours per week wasted on invoice scanning alone, any business would benefit from a better system. Zahara is the way forward. So let us transform your business with full-scale AP automation.