Our product, Vendor Approvals, provides control over approving vendors in Acumatica ERP so that bills are not allowed to be entered until a user designated as a Vendor Approver checks the Approved checkbox on the vendor record. A predefined Business Event notifies your Vendor Approvers that a new vendor has been created with a default vendor status of Unapproved. This event can be configured to use any of the notification types supported by Acumatica (email notification, text message notification, Teams notification, or mobile app push notification).
After notification, your Vendor Approver users can login and check the Approved checkbox which updates the Vendor Status to Active and thus allows AP bills to be entered for the new vendor.
Controlling new vendors in an accounting system is crucial for several reasons:
- Fraud Prevention: By thoroughly vetting new vendors, you can reduce the risk of fraudulent activities, such as fake invoices or unauthorized payments.
- Data Accuracy: Ensuring that vendor information is accurate and up-to-date helps maintain the integrity of your financial records.
- Compliance: Proper vendor management helps ensure compliance with regulatory requirements and internal policies, reducing the risk of legal issues.
- Cost Control: By monitoring and controlling new vendors, you can negotiate better terms and prices, leading to cost savings.
- Operational Efficiency: Streamlined vendor management processes can improve overall operational efficiency, making it easier to manage payments and track expenses.
Contact us for more information, or to request a free trial, email us at [email protected]
