In the modern company environment, managing vendors is essential to keeping a strong supply chain. Many stakeholders and manual methods make vendor management a time-consuming and laborious task. To address these issues, Lonar Technologies created V-PAL, a web-based vendor portal application that simplifies the management of vendor data, receipt production, and invoice processing. We will discuss the main characteristics and advantages of V-PAL in this blog, including the vendor approval procedure, invoice administration, and vendor invoice management.
Vendor Emplacement Process
Vendor emplacement, which entails the choice, registration, and approval of suppliers, is a crucial component of vendor management. By automating vendor registration, approval workflows, and data maintenance, V-PAL streamlines this procedure. With the help of the buyer’s provided login information and registration links, vendors can easily register themselves. The vendor will be registered as an active vendor of the company after all registration requests have been reviewed and approved by the buyer. If necessary, the data from the approved vendor will subsequently be interfaced with the ERP system.
An essential phase in the supply chain is the Advance Shipment Notification (ASN) procedure, which makes it easier to transport products from the vendor to the business. By automating the generation, submission, and receipt management of ASNs, V-PAL streamlines this procedure. Suppliers may quickly generate ASNs for POs, fill in the shipment information, and send the ASN to the company. The company can then modify the quantity received and designate the ASN as acceptable. A receipt will be generated for the quantity received once the ASN has been marked as approved and its associated data has been transferred to the ERP system.
The generation, validation, approval, and payment of vendor bills constitute the essential steps of invoice processing in vendor management. By automating the workflows for invoice preparation, verification, and approval, V-PAL streamlines this process. Buyers and sellers can enter pertinent invoice information, choose approved POs, and manually create invoices. The invoice will be forwarded to the ERP system for payment processing once all necessary permissions have been received. For the bills, the most recent payment information will be retrieved and displayed in V-PAL.
Key Features of V-PAL
V-PAL is a potent vendor portal tool that makes managing vendors, creating receipts, and processing invoices easier. Configurable vendor forms, role-based permissions, seamless ERP and V-PAL connection, adjustable e-workflows, email notifications and status updates, chat capabilities between the organization and vendor, and the ability to broadcast messages are some of its important features.
Benefits of V-PAL
V-PAL provides organizations with a number of advantages, such as simple vendor on boarding, a single location for vendors to receive POs, create invoices, and track payment status, the facilitation of ASN creation by vendors to receiving by the organization, manual PO-based and non-based invoice creation, quick invoice creation, a reduction in error rates by reducing human intervention in invoice processing, GST compliant invoices, and increased vendor confidence because of the transparency in the trading
In a result, V-PAL is a complete vendor portal solution that automates vendor data management, receipt printing, and payment processes. By automating invoice management, vendor invoice management, and vendor approval, it simplifies vendor management. V-PAL can help businesses boost the effectiveness of their supply chains, boost vendor connections, and lower expenses.
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