How can Zoho Finance automate the procurement and vendor payment lifecycle?
MSPs can use Zoho Books to streamline procurement and vendor payments from purchase requests to final disbursement, ensuring compliance with procurement policies and maintaining vendor relationships.
Key steps in the cycle:
Purchase Requisition and PO Creation: Teams create purchase requests that are converted into POs with necessary approvals.
Vendor Onboarding: Vendor details and contracts are securely stored and can be managed from a central location.
Vendor Portal Access: Vendors can upload invoices and track payment status directly.
Bill Matching & Payment: Match bills against POs and delivery notes for verification before approval.
Approval Workflows: Set thresholds and rules that route bills through designated approvers based on client policy.
Bank Integration: Make vendor payments directly via supported bank integrations.
This results in faster processing times, minimized errors, and clear audit trails for compliance.
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