Flexible Vendor Approval
Watch a brief video of the WorkPlace Vendor Approval Process here
Initiate the vendor creation process directly from within WorkPlace
Control vendor creation within the ERP by keeping vendor approvals with A/P while providing requisition & procurement users an easy way to request a new vendor.
Your suppliers are critical to your company’s success — they’re at the heart of many of your organization’s processes and activities. However, companies may not always recognize how important it is to effectively manage your relationships with suppliers. In the past, procurement was simply the department that bought goods and services. But today, the procurement department is considered as a part of a company’s overall business strategy. And part of that strategy is efficiently managing your suppliers.
Paramount WorkPlace allows you to control vendor creation within your ERP by keeping vendor approvals with the accounts payable department, while providing requisition and procurement users with an easy way to request a new vendor. This speeds and streamlines the procurement process, while still maintaining the controls necessary for best business practices. WorkPlace captures a complete audit log of the process, from initial request through final approval.
Vendor Approval in WorkPlace is a fully-configurable process, consisting of three simple steps:
- WorkPlace users initiate the creation of a new vendor from a new vendor creation form
- Upon submittal, the request follows the assigned approval workflow routing
- Once approved, the new vendor is created automatically within your integrated ERP solution and is available for use within WorkPlace
Features and Benefits:
- Configurable: Fully configurable approval process within WorkPlace
- Auditable: Detailed audit log of who requested and approved the vendor
- Document attachment: Attach key vendor-related documents such as 1099, insurance certificates, etc.
- Compliance: Enter vendor 1099 from within WorkPlace to be transferred to ERP
Terms & Definitions
What is 1099:
The Form 1099-MISC, also simply called 1099, is a tax form that the IRS uses to track miscellaneous income. Specifically, it tracks payments made to an individual or unincorporated business so that their income can be accounted for at the end of each year.
What an Audit Log:
An audit trail (also called audit log) is a security-relevant chronological record that provides evidence of the sequence of activities that have affected at any time a specific operation, procedure, or event.