Vendor helpdesk (VHD) assists companies in tracking each and every vendor invoice as it travels through different departments in the company for approvals, while monitoring the SLA committed to the vendor for payment. This is mainly set up to handle large volumes of vendor invoices or as a support to a centralized payable process running in corporate.
While mostly the VHD is customized to suit client requirements it broadly aims to achieve the following:
Advantages of setting up the VHD:
Vendor interaction with user, commercial, finance for unusual follow-ups is reduced, thus saving time and energy for core areas. Vendor gets one window contact for all the Query resolution.
Vendor is intimated for invoice receipt on mail, thus eliminating the requirement of delivering physical receipts and resulting in reduced walk-in of vendors. Additionally, only the invoices which are accompanied by supporting documents are entered in system while the others are returned to vendors. Hence, only complete invoices are entered in the system.
VHD is able to provide the vendor with complete transaction of invoice value without requiring any follow ups; due to the introduction of invoice cover sheet wherein the entire department mentions the amount approved as well as gives brief reason for deductions made, if any. The invoice cover sheet also reduces year end reconciliation's to a large extent.
VHD takes regular follow up with all concerned departments for raising an alarm about unapproved pending invoices within departmental SLA. VHD also takes personal follow up with user and in the case of no response, escalates the same to the HOD.
VHD also mails to all the departments of the company, intimating about the cheques released for invoices relating to their respective department.
VHD is also responsible for taking Address Change request from vendors and giving to commercial departments for updating in the system so that cheques are printed with correct addresses. Vendor Help desk will track the request for TDS and WCT certificates from vendors and forward the same to respective departments. VHD will release the tax certificate with receiving from vendors, acknowledging the same after receiving for concerned department.
Vendors are the most important for any nature of business, be it a service provider or product manufacturer or supplier. This makes vendor management extremely important for any business. Vendor Management is a key discipline for all the businesses that is responsible for smooth business processing, risk management and costs controls.
Outsourcing Vender Management to Mynd Solutions enables our clients to effectively develop, Manage and control their vendor contracts. This helps our clients meet their business goals with the minimum or no disruption in the works. We are offering efficient and vendor management services to our clients in more than 60 countries. Outsource your vendor management services with Mynd Solutions and see what we can do for your business.