The one area of business that all enterprises have in common is accounting and when it comes to purchasing from suppliers, it is important for companies to know exactly what their expenditure is and where money is being spent. With this being the case, maintaining full control and transparency of supplier balances is vital to efficiently managing company cash flow. Without this knowledge to hand companies can really suffer from a lack of control over business finances, resulting in a potential loss in profits due to mismanaged outgoings.
Finding a reliable and competitively-priced supplier is vital to company success and businesses will quickly find alternative suppliers offering better prices begin to slip through their fingers when they lack the means of easily identifying outstanding transactions that need to be questioned. What’s more, companies needing to cut costs won’t have the traceability to see where balances are beginning to show signs of danger. Therefore without the ability to see early warning signs within supplier transactions, businesses will lose control of spending and may be unknowingly over paying, or on the other hand, considerably behind on payments. These late payments can then create a depleting relationship with suppliers, resulting in lost discount or special rate opportunities.
Gain Control Of Outstanding Supplier Balances
With OrderWise Accounts, businesses are already presented with intuitive and powerful accounts software that is fully integrated with the main OrderWise system to provide companies with an all-in-one business solution. Now with Version 11.12 of OrderWise, the Accounts Module has seen the introduction of a new Supplier Statement output option that can be produced within the Purchase Ledger grid screen, offering even greater invoice visibility.
With this exciting new feature, users can output a statement for a specific supplier showing either all items or outstanding items only, depending on the option selected. From here users can see the total transaction gross amount and total outstanding balance with that supplier. What’s more, this historical statement enables a detailed breakdown of transactions with the chosen supplier, as well as aged balances based on the date range that is selected upon output.
Benefit From Full Transactional Visibility
Supplier statements will also provide a valuable comparison when there are discrepancies being questioned on a customer statement sent from the supplier. By being able to carefully review this statement, any disputes can be avoided and an easy, accurate evaluation can be made. By having this beneficial data to hand, businesses will no longer lack full control over outgoings, improving and refining efficient handling of expenditure. In addition, the simple and clear layout of the supplier statement will provide refreshed, clear visibility on financial control without adding layers of complexity to the accounts process.
Thanks to this new functionality, OrderWise users are now able to gain even further transparency over their outgoing finances. By being able to scrutinise outstanding and paid transactions from suppliers, users are now able to gain further control over balances through identifying where overpayments are occurring, reducing inaccuracies and therefore improving cash flow. By being able to easily produce supplier transactional information into one, straight forward statement within OrderWise Accounts, businesses can ensure their outgoings traceability is maintained both seamlessly and accurately.
For more information on OrderWise including Accounts, you can download our brochure.
Existing Customers can speak to our Client Services Team.
To discuss your requirements in more details contact us today on 01522 704083.