4 Ways the NexusConnect AP Supplier Portal Makes AP Easier for You, and AR Easier for Your Suppliers
NexusConnect is an AP supplier portal and one of the most valuable features of the Nexus AP automation platform. It helps both buyers and their suppliers eliminate a lot of time, frustration, and back and forth.
It functions sort of like an online café where AP teams and AR teams can meet up and transact. But, unlike its real-life counterpart, there are no lattes to spill nor baristas who get your order wrong. It’s all self-service.
NexusConnect Serves Two Audiences
AP managers who often work for multifamily, CRE and other real estate companies (buyers).
AR managers, or other employees, at companies that provide goods and services to those buyers’ properties (suppliers).
The suppliers upload their invoices into NexusConnect, which then transmits invoices directly to the buyers’ accounts in NexusPayables. At that point, the buyers can review and process these invoices.
Suppliers can also use the NexusConnect AP supplier portal to view their payments from Nexus buyers who use NexusPayments.
Buyers, meanwhile, use NexusConnect to view their connected suppliers, receive their invoices, and pay them.
Shared View of Data
All NexusConnect users – buyers and suppliers - have a shared view of data. So, at any point day or night, everyone can see where everything is in the AP/AR process. This includes everything from invoice status to payment status.
Participation is seamless too. Buyers can invite all their suppliers to use the AP supplier portal by simply providing them with an invite code. Or, a supplier can send a buyer a request to connect (similar to LinkedIn) for buyer approval. There’s no fee for supplier participation.
Thus, the portal makes AP and AR more streamlined and visible. Here are some additional benefits:
1. Reduces Manual Work
NexusConnect makes it a whole lot easier for buyers and suppliers to exchange invoices. And lets them do it all online, with just clicks.
With NexusConnect, buyer AP teams can eliminate mailed and emailed invoices, and reduce manual data entry. When suppliers send their invoices through the portal, they are prompted to input the following fields on each invoice:
Buyer location (aka property or service location)
Invoice number, date, and amount
Suppliers can also send any attachments, along with the invoice, to the buyer. Then, buyers can immediately review and act upon invoices, and decide whether to approve, reject, or return them to the supplier requesting more information.
This translates into a lot less manual work.
Suppliers may have to do a few more keystrokes on the front end to get their invoices processed in the AP supplier portal. But, on the back end, there’s immediate benefit. Suppliers get guaranteed and near real-time delivery of their invoices. There’s no email back and forth with AP managers, trying to figure out if invoices made it. Plus, since suppliers already took care of some of the coding, their invoices are already well along the way in the approval process.
Should the supplier have a large volume of invoices – and want to transmit them in bulk instead of one-by-one, they can use Nexus’s eInvoice service, which uses API to transfer the invoice information directly to the buyers’ accounts. Once the invoices are transmitted, they can track their status in NexusConnect.
2. Eliminates Back-and-forth Communication
Since the portal provides both buyers and vendors with a single, shared view of data, they don’t need to exchange emails and phone calls. Answers are available 24/7.
Thanks to NexusConnect, AP teams no longer have to dedicate so much time to answering supplier inquiries about invoice and payment status. In fact, Nexus buyers report that they have shaved off 75% of their time communicating with their suppliers.
Suppliers, too, eliminate all the follow up on invoices and payments, and sending of duplicate invoices. They can always check in on where things stand, right online.
3. Mitigates Fraud with Supplier Vetting
NexusConnect performs identity verification of suppliers as they create their account. Suppliers input the following data during account setup: Company Name, TIN, Address, and Contact information.
NexusConnect then uses this data to ensure the supplier is legitimate. If it finds any irregularities or discrepancies in the information provided, the supplier will not be able to create their account.
Should an existing supplier ever update one of those fields, NexusConnect will automatically perform this identity verification process then too.
With NexusConnect, you don’t have to worry about a supplier not being who they say they are. That’s taken care of by Nexus. Plus, the supplier gets reverified when company data gets changed, like address or phone number. This helps to minimize fraud.
Suppliers also gain more protection. Let’s say a bad actor were to hack into a supplier’s NexusConnect account, and attempt to change information to their own details. If this information doesn’t match the supplier’s official records, there are safeguards in place to prevent the change.
4. Allows for Sustainable Growth
When both buyers and suppliers are transacting online through NexusConnect, it makes scaling business a whole lot easier.
Buyers can use NexusConnect to transact with all their suppliers, no matter how many they have, or whether they’re local, regional, or national. This is important since real estate companies frequently change and add to their supplier lists.
Additionally, since NexusConnect is free to suppliers and offers them so many benefits, they’re typically amenable to using it for all their invoices and payments. In fact, buyers often make the portal mandatory for their suppliers.
Buyers also use NexusConnect to pay their suppliers, using NexusPayments.
With just one login, suppliers can see all their current buyer connections, associated invoices, and the method of payment used (if the buyer uses NexusPayments).
They can also see a list of suggested buyer connections with whom they could transact electronically, via NexusConnect. Once fully vetted and approved by the buyer, the supplier can start sending the buyer invoices through the portal.
Suppliers can also opt in to receive Nexus Virtual Card – a highly secure, easy-to-manage payment type – from all current and future buyers.
NexusConnect Serves up Time Savings, Efficiency, and More Security – for Buyers and Suppliers
NexusConnect – or, the online café for buyers and suppliers – has many appealing options on the menu. Once “connected”, both can immediately start enjoying time savings, increased productivity, and greater security.