Managing financial operations is a complex and intricate process. Tasks like accounts payable and receivable demand special focus from the accounts team. The entire lifecycle involves receiving or sending invoices, reviewing them, and processing payments. These tasks become an overhead when you take into account the volume of data that needs to be managed efficiently and accurately.
Despite the importance of accounts payable and receivable, most finance teams traditionally rely on manual, time-consuming, and error-prone methods. However, things are changing gradually. Companies are fast realizing the benefits of having spend management software like Zaggle Zoyer in streamlining payable workflows for suppliers and vendors.
In this article, we will explore the importance of seamless payment processes in business operations, and how Zoyer Pay helps you with this through embedded payments.
Supplier Payments – Key to supplier relationship management
Suppliers and vendors form a core part of any company as they ensure business continuity through an undisrupted supply of products and services. The fundamentals of supplier relationship management, though, are changing. Earlier, it was purely transactional in nature i.e., the vendor would send the invoice and then follow-up for payments multiple times. This approach is now changing as companies are turning towards value-focused models to ensure long-term partnerships with suppliers. As a part of that, companies are automating accounts payable workflows to quickly make payments.
What is Zaggle Zoyer?
Zoyer is data-driven spend management software that modernizes accounts payable and receivable processes through embedded finance capabilities. Coming from the house of Zaggle, the leading fintech company in India, Zoyer facilitates intelligent payments for smooth payable workflow and generates reports and insights for decision-makers for supplier relationship management.
Spending management software like Zaggle Pay is transforming the way accounts payable and receivables are managed. It integrates different finance products to ensure the unobstructed flow of money across the supply chain.
Key Features of Zoyer Pay
Embedded multi-payments rails
To give you advanced flexibility in managing supplier payments, Zoyer Pay provides multi-payment rails for faster and more accurate processing. It gives you better control over your cash flow as it integrates card and non-card payment options. Let’s see different payment options that the spend management software allows and their benefits.
You can issue corporate credit cards to your employees to manage supplier payments without losing control over the cash flow management. These cards allow you to configure usage guidelines and restrictions. It means you can limit the usage of a card for a specific vendor and make payments of a specific amount. It significantly reduces fraudulent spending or misuse.
Real-time payments rails
With Zoyer spend management software you can use UPI for instant and secure credit payments. This option allows you to address accounts payable and receivables within seconds while managing your cash flow efficiently. It can significantly improve supplier satisfaction through on-time amount disbursement.
Other payment methods
Zoyer enables pre-built integration with payment gateways to give you a variety of payment options including card link payments, mobile wallets, and net banking. Along with these, you can also initiate bank-to-bank transfers. Having a number of options to disburse payments allows you to make supplier payments without a hassle.
Transparency to ensure compliance
Zoyer empowers you to move ahead with your payments with confidence through a complete and transparent audit trail. You can link your payment options with the approval workflow. It will provide you with absolute visibility into transactions in real-time. One major benefit of such traceability is that you will be aware of your cash flow status.
Automated invoice processing
Zoyer Pay allows you to automate an end-to-end invoice processing cycle to enable a zero-touch method to address account payables and receivables. Right from claiming purchase orders, capturing data, securing stakeholder approvals, and processing payments, you can do it all from within the spend management software.
In addition to making payables workflow seamless, Zoyer will eliminate unnecessary delays, lower operation costs and enhance supplier relationships.
Rules-based payable workflows
Zoyer runs on an efficient business process engine that automates your payable workflows through a set of user-defined rules. You can configure the invoice journey to suit your specific business use case. While reducing your dependency on IT teams, Zoyer can simplify your complex approval process. All you need to do is define rules considering invoice amount, responsible department, and deadline.
The digitized workflow of the spend management software will capture invoices, map them to the appropriate department, and nudge them through their lifecycle. It speeds up the account payable and receivable process along with giving you complete visibility into the workflow for easy traceability.
Zoyer Pay enhances supplier experience through embedded payments
Supplier relationship management is gaining significance and companies are keen on maximizing value for business growth. Ensuring that becomes a reality requires unrestricted workflow of accounts payable and receivable process. It is only achievable and sustainable through spend management software. While the market is full of AP automation platforms, Zoyer has emerged as a market leader by addressing businesses’ and suppliers’ core pain points through embedded payments. Zoyer provides a strategy for business value for companies by
- Enabling digital-first processes that allow suppliers to self-onboard, track invoice progress, send alerts, and process payments.
- Providing monitoring across the invoice journey along with from requisition to payment helps in creating a network of loyal suppliers.
- Embedding multiple payment options for the finance team to be dynamic for efficient cash flow management.
- Generating key analytics and data-driven insights for stakeholders to make better decisions.