Nexstep Vendor Management & Smart Purchase Software

NEXSTEP
Expense Management

Control. Save. Grow.
With NEXSTEP Expense Management System

Vendor Invoice
Authorization

Payments

Integration with your
Accounting System / ERP

Vendor Invoice Authorization

In all probability, if your organisation has regular 20 vendors, and 20 locations, you would be receiving more than a 1000 bills per month.

Processing vendor bills – which includes checking if the bills are correct by referring to the Purchase order, and coordinating with business users teams to ensure that the bill should be processed, and then checking all bill details for verification – all this takes up a lot of time of your team.

Tax rates need verification.

The vendor bill also needs to be matched with the advances given.

Often, the vendor history on other purchases needs to be checked out.

Deliveries need to be verified.

Cost centre codes need to be allocated properly.

It is important that line of business managers approve a vendor bill before it is processed by Finance team.

After bill approvals, the payments are automated.

Accounting entries are generated and exported to your Accounting system.

All these steps in the vendor bill processing ensure that vendor bills are processed with minimum efforts and hassles, and a transparent feedback on bill status can be given to the vendor. This goes a long way in creating better vendor relationships, and streamlining processes.

Payments

All vendor bills as well as employee vouchers need to be processed with minimum time and cost.

To simplify the payment process, many companies opt for electronic funds transfer, over and above mechanisms like cash, cheque, or bank-created cheques.

Smart Purchase streamlines the payment process – where you save time across all modes of payment. You can choose the right payment mode for the right party – for example, salary account, reimbursement account etc.

To manage your cash flows better you can check out which vouchers need to get paid, based on cashflow availability. The ones you select can get prioritised for disbursement.

Accounting entries are created for payments and exported to the Accounting system.

You can now save time and tedium of manually creating hundreds of cheques each month, or of managing cash amounts across locations!

Integration with your Accounting System / ERP

NEXSTEP Expense Management provides an integration layer which makes it easy to integrate with your accounting system.

You could integrate with various systems like SAP, Oracle Financials, or SUN Accounting,amongst others.

This offers you the benefits of:

you save time in creating accounting entries
you leverage your investments in the Accounting System you own
you ensure that data is not re-entered, if it exists in the Accounting System, thereby simplifying the management of master data.