It is a pleasure to announce that NPG Solutions, a leader in Information Technology Solutions, is partnering with ProcureSafe. NPG has helped organizations manage Supplier Sourcing and Spend Management for nearly a decade.
There's a sad truth about dealing with suppliers - most will send you incorrect invoices at one time or another. When they do, ensure you follow the steps below to resolve the issue and receive credits from the supplier:
Check Contract Terms and Pay Required Amount
What are the terms in the contract? If you are allowed to, pay only the undisputed portion of the contract. Follow all contract clauses to avoid penalties.
File an Official Complaint and Follow-Up as Necessary
Providers have formal processes for filing complaints. File promptly and be sure to follow the rules exactly. In addition, periodically follow-up with the provider until a resolution is achieved.
Monitor Accounts for Action
Just because the supplier agreed to a credit does not mean that the credit will be correctly applied to an invoice. Set-up reminders in your calendar to check invoices thoroughly for expected credits.
Most organizations do not have the tools, nor procedures to accurately and efficiently pay their invoices. Find out for yourself if your organization is doing everything necessary:
Monitor Invoices and Receipts
Many organizations lose track of their invoices - do you have a system in place to make sure all invoices are getting to the right people?
Verify Invoice Accuracy to Contract
Suppliers often send invoices with billing errors - does your organization check each line item to ensure accuracy?
Track Invoice Approval
Many organizations require invoices to be approved by multiple people - can you easily track this and see where an invoice is in this process?
When suppliers send bills with errors, do you have a process in place to file formal disputes? In addition, do you track credits owed?
Once a contract is signed, the real work begins – execution of the contract. Not only must you ensure correct implementation, but you must carefully manage the forthcoming invoices and monitor contract obligations as well.
With typical paper processes in place at many organizations today, invoices get lost. ProcureSafe stores your invoices digitally and reminds you of important dates. When businesses merely save invoices with emails, people tend to forget about them and lose track of time as their inbox slowly fills with clutter.
It is amazing how many invoices are incorrect. The more items on the invoice, the more opportunity for inaccuracies. Do you actively compare your invoices to the initial contract each month? In addition, do you track your contractual obligations to ensure they will be met?
Tracking the flow of documents can be difficult. Documents in a paper form tend to be lost, misplaced, or just dropped into an abyss never to be seen again. When a contract is signed, there are often supporting documents that must be collected for proper execution. Supporting documents were often missed and fully executed contracts lost – thus, failing to meet requirements. ProcureSafe’s Compliance Workflow is the solution.
Compliance Workflow allows for the creation of an interactive checklist to ensure that every document is collected. All required documents and an explanation of why would be included on the list. Each person responsible for uploading documents would receive reminders, and the system would ensure all documents are present prior to execution. For instance, proper taxation documents are critical for accounting. We often hear horror stories of accounting scrambling to find some of the W-9 forms for 1099 reporting at the last minute – Compliance Workflow solves the problem and securely stores all required documents for you.
Have you ever experienced challenges and frustrations with…
- Having a contract that was sent to a signatory – never to be seen again?
- Sending a contract to a manager for approval, but it gets lost in their email clutter?
- Needing approvals from authorizers, but losing track of who has the contract?
- Having multiple steps performed by many stakeholders to complete a contract?
ProcureSafe has announced its new document workflow feature that allows for a document to be electronically routed to your manager for approval. This digital document can then be approved right online. Once approved, an email notification is sent to you alerting you that your document has received the go-ahead. If necessary, the document can be downloaded, printed, signed, and scanned back into the system for your use.
If the document needs additional administrative work, then the system automatically sends an email “task alert” to the next person on the workflow list apprising them of their responsibility to the process. A user-friendly dashboard provides each user in the document workflow process with a status of where the document is in sequence and which stakeholder is currently reviewing it – documents will never again be lost in the paper shuffle.
After a contract is signed, there are typically many more documents needed to administer the agreement. Sometimes, you simply need to include documents such as a W-9 or accounting instructions. In addition, you may have documents such as warranties, certifications, or insurance policies that require quarterly or annual updates and need to be managed throughout the term of the contract. ProcureSafe’s newest release provides simple tools to help manage these additional documents.
We are pleased to announce ProcureSafe’s newest partnership with the procurement experts at Sourcing Alliance. Our partnership will bring added value to the ProcureSafe Community by providing subscribers access to our eMarketplace of pre-negotiated group contracts that can help you save an average of 10-40% on the items you use every day.
Our Community of Buyers frequently asks us for help performing more competitive bids – we finally have the solution. After years of research and development, ProcureSafe is pleased to announce and introduce the addition of Bid Manager to its existing solution suite.
With many time constraints facing procurement teams each day, the need to streamline the quoting process has never been higher. ProcureSafe’s Bid Manager reduces this strain with its Quick Quote system. Create a Request for Quotation instantly. It’s as easy as 1-2-3.
- Quote Information: Give the quote a title along with the start and end date.
- Request Information: Enter the quantity and description of what you want.
- Select Suppliers: Choose the suppliers that you would like to receive the bid request.
Why do modern cars have tire pressure sensors? The tire sensors provide feedback when a tire loses air so that the driver can act before the car crashes! Shouldn’t you have the same feedback mechanism in your contract management to avoid a contractual crash before it occurs?
ProcureSafe’s Executive Dashboard provides the contract data to avoid crashes and avoid unnecessary commitments.
The Dashboard will help you:
- Plan for contracts coming up for renewal in 2018.
- Review operations for the need for the services that the contract provides.
- Know the monthly contractual commitment for creating budgets
- Maintain control while moving at the speed of today’s business.
- Easily find the supplier to bid the contract using industry standard multi-sourced contracts