Supplier relations need to be managed and protected because a positive relationship drives profitability and helps to sustain efficiency. But the ripples of effective supplier relationships impact even more deeply, with free-flowing ideas and feedback, lower costs, and improved customer service being key benefits that will offer long-term gains to both parties.
If you’re keen to find ways to improve supplier relationships, consider statement reconciliation software to eliminate time-consuming error tracing, improve payment on-time performance, reduce incorrect payments and abolish late fees – all of which will improve the quality of your relationships with suppliers.
How To Improve Buyer-Supplier Relationships With Statement Matching
Manual reconciliation poses several challenges to accounts payable departments. The process can be lengthy, exhausting precious hours, and isolates team members from other tasks, overburdening their colleagues, and causing a fall in productivity. Where supplier relationships are concerned, any delays in payments can be potentially damaging, so an automated software solution, such as Statement Matching, can offer your accounts payable department significant benefits:
Prompt payment of invoices
Timely payments are important to suppliers, as interruptions to their cashflow can affect their ability to supply goods and services, not only to your business but to their other customers. A business that repeatedly fails to meet payment terms can become a liability, with the possibility of the buyer-supplier relationship breaking down completely.
With automated statement reconciliation, exceptions will be identified and resolved at the earliest opportunity, enabling the prompt payment of invoices – protecting the supplier’s cash flow and reinforcing your reputation as a reliable customer.
Quick resolution of errors
There’s nothing more frustrating for suppliers than mistakes which cause invoices to be settled late, or the incorrect amount being paid by buyers. These errors increase the time that is wasted raising queries with the buyer and may lead to the withholding of preferential business terms.
Statement Matching will quickly flag up inconsistencies, without the need to trawl through a mountain of paperwork to find the offending entries. Errors can be rapidly corrected, letting you settle your invoices on time, strengthening your standing, and reducing the queries that suppliers make.
Prove your worth
Strong relationships with suppliers earn buyers favourable terms, the lowest prices, and the highest early payment discounts. With Statement Matching able to streamline the accounts payable process, prompt payments, minimal errors, and effortless reconciliation will boost your chances of earning the preferential treatment that will drive profitability.
Automated statement reconciliation software is the ideal way to maintain relationships with suppliers, so for a free 45-minute demonstration of Statement Matching, book online to see how it could strengthen your business’s reputation with your trading partners!
COVID 19 note: We are all currently working remotely, but product demos are proceeding online as usual.
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