SoftCo Vendor Management manages the activities related to vendors including the onboarding and ongoing management of preferred vendors. SoftCo Vendor Management delivers ongoing vendor compliance, improved vendor relations, reduced administrative efforts, an optimized purchasing experience and reduced costs. As part of SoftCo Vendor Management, the SoftCo Vendor Portal provides preferred vendors with access to all orders, invoices and queries.
New vendors are invited to self-register through the SoftCo Vendor Portal by providing the required compliance and financial information in addition to purchase order and transmission preferences. All of these key elements are necessary to facilitate a smooth purchasing and payment process. Real-time vendor validation ensures the accuracy of all data submitted, removes the administrative burden generally placed on AP staff and guarantees adherence to AML compliance before access to the portal is granted.
Integration with SoftCo eProcurement enables vendors to instantly access POs issued to them through the Vendor Portal. From the portal, vendors submit and track the progress of each invoice, providing complete visibility. This increased visibility helps enhance relations, ensures queries and disputes are addressed immediately and reduces the likelihood of duplicates invoices being submitted.
SoftCo Vendor Management tracks all ongoing vendor compliance obligations, providing a complete breakdown of vendor spend by vendor risk, with any deviation from agreed terms or non-compliance reported for auditing purposes.
Onboard, manage, and communicate with vendors via the easy-to-use portal.
Empower vendors through invoice/PO submission, ‘PO Flip’ and invoice tracking.
Full visibility of orders and invoices status, queries, delays or discrepancies.
Capture, escalation and actioning of all queries in the event of a dispute.
Manage and track all ongoing internal and external compliance obligations.
Maintain full visibility and make smarter procurement decisions.
Seamless integration ensuring the ERP system is the primary owner of vendor master data.
The workflow process to register and onboard vendors on the portal ensures that all compliance obligations are met, commercial terms are agreed and all activities are automated to facilitate the purchasing and payment processes. SoftCo Vendor Management enables you to invite your vendors to self-register on the portal with Two-Factor Authentication (2FA), providing an email address, password and preferred language. Vendors self-manage all required information, removing the burden on AP departments.
Once registered and onboarded, your vendor adds compliance documents including company information and financial information and industry-specific compliance documents. Real-time vendor validation ensures the accuracy of all data submitted. This process forms part of the overall vendor authorization process and is managed on an ongoing basis to maintain adherence to company and vendor performance policies. The onboarding process is completed by adding purchase order and invoice transmission preferences.
With SoftCo Vendor Management, your vendors proactively maintain and update the information captured during the registration and Vendor Portal onboarding process, ensuring an uninterrupted working relationship. Any changes made must first go through your own secure, approval process before they are updated.
SoftCo Vendor Management enables your preferred vendors to submit all invoices directly from the SoftCo Vendor Portal as they receive purchase orders. This process is expedited through SoftCo’s innovative ‘PO Flip’ functionality where received purchase orders are converted into a corresponding invoice and returned to you immediately.
Vendors are notified instantly when you submit a purchase order, both via email and the Portal. With SoftCo Vendor Management, vendors track the progress of invoices submitted removing the need to chase payments over the phone or via email. Once an invoice is submitted for a specific purchase order, vendors track its progress through the portal and view its status within the approval process. This process also removes any dangers of duplicate invoices being submitted.
The SoftCo Vendor Portal also provides significant commercial benefits to your vendors who gain visibility of the status of orders and invoices and can addresses any queries, delays or discrepancies rapidly. The query management module ensures that all queries are captured, actioned and recorded within the system in the event of a dispute.
SoftCo Vendor Management provides real-time information over your vendors’ activities, and ensures vendors complete and maintain all vendor master data, vendor financial and commercial information. This functionality ensures the organization has a complete breakdown of your vendor spend by vendor risk.
SoftCo Vendor Management manages and tracks all ongoing compliance obligations for Anti Money Laundering and monitors compliant and non-compliant vendors. Any deviation from the agreed terms or non-compliance with the required up-to-date information is reported for audit and decision-making purposes.
With SoftCo Vendor Management, your vendors complete and update all information on the vendor portal. All data is validated on the vendor registration forms to ensure compliance with ERP requirements for integration. Once a vendor is fully approved, the solution creates a new record or updates the appropriate record within the ERP system. The ERP system is always the primary owner of vendor master data.
SoftCo has over 30 years of experience successfully integrating with all major finance systems and databases, completing hundreds of ERP/3rd party system integrations across multiple industries.