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Platform Video: Workflow

Industry Trends & Challenges


Organizations of every employee and revenue size encounter hundreds to thousands of vendors on a regular basis. This high volume of vendors can often make management of each vendor as well as payment processing difficult to track. Poor vendor management and untimely payments can result in lost and disorganized documentation, unreconciled payments, and loose financial controls which can produce a lot of financial risk for any business. 

Vendor Payments solution
Platform Video: Workflow

Simplified Vendor Management and Payments


K2’s vendor payments system provides organizations a simple tool to help finance departments make payments to vendors as well as onboard and register any new vendors the company is encountering for the first time. Additionally, the solution can automatically deactivate vendors in the system along with a final payment, ensuring vendor records are updated accurately. Streamlining vendor management and payments can help eliminate wasted administrative time and speed up financial close, ultimately reducing operational costs and saving money. 
 

Improve Financial Control and Visibility


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One Form for Multiple Vendor Profiles


  • Submit a request through a K2 SmartForm that mandates specific fields and information finance needs to process payments 
  • Depending on the vendor type selected, form submission can kick off subsequent processes needed to onboard vendors, deactivate them, or update existing records 

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Save Time with Data Integration


  • Eliminate toggling back and forth between screens when looking up information about the vendor
  • If multiple records exist, users can select and validate which vendor information (ex. Addresses, account numbers, etc.) is correct
  • Any record updates can be synced back to enterprise resource planning (ERP) systems to ensure data is consistent across platforms 

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Reconcile Payments Quickly


  • Enforce review and approval by the correct owner easily within the payment request form 
  • Ensure payment deadlines are met by automating email notifications and deadline reminders
  • Escalate payments if they are high priority or rush delivery is needed 

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Ensure Payments are in Compliance


  • Track any payments that may fall in or out of line with company policies regarding political endorsements, charity donations, etc. 
  • Provide a clear audit trail on each payment that can streamline and support financial reporting and auditing  

How it Works


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Submit Payment Request 


Using a SmartForm, employees can submit payment request information like the following:  

  • Vendor Status (new, registered, deactivated)
  • Vendor Name
  • Vendor Address
  • Amount
  • Description
  • Priority/Rush Delivery
  • Payment Deadline
  • Job Number
  • Cost Code
  • Supporting documents (PDFs, etc.) 

Additional fields can be specified depending on the company needs. Depending on responses, subsequent forms can be served up for any additional information (ex. to register a vendor within the system.) 

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Review Payment Requests


  • The correct approver can review the payment to ensure details are consistent with budgeting and forecasting
  • Once all necessary steps take place, finance can be notified to make payment to the vendor using check, credit card, and other forms of payment 

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Update Vendor Records


  • Request for payment and vendor registration can take place at the same time. 
  • All required documentation for vendor onboarding can also be included in the registration form to consolidate all details for the vendor in one place.
  • Vendors that need to be deactivated can also be prompted through the payment request process. 


QTC video
Manual Process

K2's Vendor Payment Success Stories


Read this case study to learn how CorVel utilized K2's Vendor Management solution to help their business