Electronic Portals – a Key AP Tool in the Times of COVID
It happens all the time: your suppliers send you an invoice and then send 5 more emails with supporting documentation, like photos of completed repairs, or attachments providing background on what’s in the invoice. While you do your best to collate the emails, the invoice gets processed slowly or maybe not at all.
This puts you in a tough spot at month-end, when you are trying to close the books and make sure all invoices are paid before penalties result. It also puts your suppliers in a bad place too, because their payment is delayed.
Enter electronic invoice portals – a key tool for faster, smoother invoice processing.
By using electronic invoice portals, like NexusConnect, both buyers and suppliers can jump over the biggest speedbumps for invoice processing and help them manage cash flow, especially in times like these. It also provides transparency into the invoicing process - all online.
“NexusConnect gives us better visibility with our suppliers and allows us to have better relationships," notes Nexus customer, Shirley Hartung, PM Accounts Payable Supervisor and Lease Administrator at IRET Properties.
Suppliers Save Time & Hassle When Sending Invoices and Related Documents
With the supplier portal NexusConnect, vendors can submit invoices and all corresponding items in one fell swoop – directly into your NexusPayables platform. Suppliers simply drag and drop their invoice file into the portal, add any other attachments right on the same screen, complete some basic coding such as Location/Property, Invoice Number, Invoice Date, and Invoice Amount, and deliver the invoice with a click.
Thanks to some new functionality, suppliers can even send attachments of up to 100MB along with their invoices (if sending multiple attachments, the limit across all documents is 150MB). With this large file size allowance, suppliers can include every pertinent detail with their bills. Plus, delivery to NexusPayables is guaranteed.
Suppliers upload their invoice, add other files if need be, and hit “Submit”. Delivery is guaranteed.
Suppliers Want to Use Online Portals, Especially Since COVID-19 Hit
Given the convenience, it’s no surprise that suppliers want to use NexusConnect. Nexus data shows a 116% increase in invoice submission via the NexusConnect electronic invoice portal in Q2 of 2020 - right as everyone was beginning to work from home - compared to Q2 of 2019. Plus, in a recent Nexus survey, 73% of suppliers said they plan to increase their portal usage for invoice delivery in the next few months.
Once they’ve submitted their invoices and attachments, suppliers can track invoice status to make sure everything stays on track. They won’t need to call or email your team – or drop by one of your properties - to see this information.
Portals Help You as the Buyer, Too
NexusPayables clients, often considered “buyers”, stand to benefit from the online NexusConnect portal too because it lets you receive all your invoices electronically - and to the right place. Plus, when invoices contain secondary documentation – like a checklist or warranty details – you receive everything packaged nicely together, all at once.
Plus, every invoice reviewer down the line will have the information they need at their fingertips when deciding whether to approve or reject the invoice.
This ultimately helps you make better decisions about your AP, eliminate surprises at month-end, and build relationships with suppliers, who are at the heart of your business.
Decide Which Suppliers Can Transact with You Through the Electronic Invoice Portal, and How
You are also in control of who can send you invoices. Upon signing up for NexusConnect, Nexus automatically vets suppliers with embedded security protocols, including an OFAC check. Then, suppliers must send you a connection request before they can transact with you. You’ll have the option to approve or decline the supplier – and will get pinged in NexusPayables when it’s time to do so.
Should you add on additional Nexus functionality, such as electronic purchase orders, insurance validation, or electronic payments, you can activate these with your approved suppliers in NexusConnect. For example, if you begin offering virtual card payments through NexusPayments, your connected suppliers can opt into this payment method right within the portal. They’ll also be able to view all their virtual card details and remittance information there as well.
New Suppliers? No Problem!
The Nexus platform is always working to intelligently match buyers like you to their suppliers, automatically suggesting any new business connections it finds. This helps buyers and suppliers alike to expand the opportunity for electronic transactions, whenever and wherever possible.
So, the time, money, and labor you save today by digitizing your transactions with suppliers is amplified over time.
Electronic Invoice Portals Are Pertinent Today, and Beyond
In times like these, when both efficiency and visibility is required for business continuity, NexusConnect is a must-have AP tool for real estate companies and their suppliers.
Hear Nexus customers explain why they value the NexusConnect portal.