Key benefits of vendor portal

There are a number of companies that initiate with the service of vendor portal, which is basically an enterprise information portal (EIP) and is a structure for integrating information, people and processes across the administrative boundaries. The main function of this portal is to provide a secure cohesive access point often in the form of web based user interface, and is designed to aggregate and identify information through application-specific portals. A trademark of this portal is its de-centralised content contribution and management that keeps the statistics always updated. The main function of this portal is to provide your suppliers a single web interface that allow them to simply log-in and view open orders and queries as well submit information to you through delivery notifications, electronic invoice, acknowledgements, schedules and many more. Trade flow optimisation (TFO) is a premeditated vendor portal that enables supplier collaboration. This tool helps in introducing a new level of visibility and accountability.

By implementing TFO, clients appreciate a high rate of interest which is able to gather within a few months of employing Trade flow optimisation. Some other benefits that people are gathering by employing vendor portal are:

• Substantial reduction in cost through the elimination of associated errors and manual tasks.
• Immediate increase in revenues with the new and exceedingly streamlined work flow.
• Improved collaborations between vendors and clients.

As mentioned earlier TFO is basically a strategic vendor portal, which holds certain key benefits. Some of these are:

Flexibility – TFO architecture is designed in a way that it can serve a platform for many and can be further organized according to the specific needs of the clients. Moreover, the workflow engine is constructed in a manner that it can accommodate client specific processes or methodology with associated user notifications, reporting and change tracking.

Cost effectiveness – this is another benefit of TFO, which offers a major cost advantage as the entire cost, which is incurred in developing the basic portal functionality is quite low. Moreover, majority of tasks, which are involved with new portals, is almost around the configurations, which further offer an excellent value proposition to the new clients.

Nowadays there is a good number of retail application development software being prepared by competitive organisations, which is an effective way to introduce selective changes in a multifaceted environment. Apart from developing software for the same, these companies further take the responsibility of managing retail application development software in a better manner.

Understanding the importance of accounts payable recovery audits for large organizations

A recovery audit is not an easy process and takes time, effort and money with not any such guarantee of any returns on the investment made. There are a number of companies that conduct recovery audits with a state of art technology and a team of experienced audit recovery consultants. A complete accounts payable recovery audit includes an electric and manual review that results in an in-depth assessment of the places where revenue is being lost. These results can further help to design customized cost saving solutions to fit with your organization’s unique needs. As mentioned earlier, there are basically two types of reviews that are conducted for these assessments.

Electronic reviews – these reviews are conducted using a set of proprietary software, which are tailored to the exact conditions of each client’s industry, accounting system and data file format. Moreover, as the data queries are customizable, the software’s ability to detect payment irregularities and inconsistences is consummate. Many of the companies make use of fuzzy matching logic, which helps them to identify as much as fifty categories of overpayment errors.

Manual audits – these audits are done through intensive hands-on examination of relevant documentation. For example, third party payments, vendor payments, purchase orders, statements, freight bills, rebate files, state tax accruals, manifests and escheated funds. Rather than using various proprietary software for estimating the accounts, a set of experienced and professional individuals are employed to conduct accounts payable recovery audits. Each recovery audit is designed and conducted to satisfy specific client objectives.

Several businesses begin to replace their IT equipment which does not serve any purpose and ultimately leads to predetermined struggle. The asset recovery process entices new and exciting aspects to be determined such as financial purchases, leases, and using the best method to capitalize on productivity and enhanced business capabilities. This was an example of asset recover, but there are many other fields that demand recovery solutions and hence there are a number of companies that deal with innovation recovery solutions. Some of the advantages of innovative recovery solutions are:

• High tech approach to recovery as these companies can act instantaneously.
• Low overhead model allows companies to recover more assets for the amount of money that you pay.
• Companies that offer recovery solution promise integrity which is unmatched.
• These companies professionalism is paramount.
• The companies are insured and bonded in a way to protect you in any solution.