Streamlining Payables Management
The Challenge
A branded merchandise provider struggled with managing multiple payment methods, varying due dates and discount deadlines, and approval processes for proposed payments. Without centralized tracking, the company risked late payments and missed early-payment discounts.
The Solution
- Payment batching: grouped proposed payments into transmittals for streamlined approvals
- Payment method optimization: directed payments toward vendors' preferred channels
- Deadline visibility: clear tracking prevented missed discount opportunities
- Locked records: prevented unauthorized modifications after submission
- Complex PDF designs: combined relevant data into single, user-friendly approval documents
Results
Consistent on-time submissions eliminating late fees
Cost savings achieved through submitting before discount deadlines
Reduced errors through centralized batching
Enhanced vendor relationships through preferred payment methods