Statistics show the importance of vendor management and the risks a company runs when it fails to manage its vendors effectively.

In a recent survey, almost three-fourths of the companies responding said they don’t know all of the vendors that use their data and personally identifiable information. Almost all of the companies surveyed have had a disruptive incident with a third-party vendor within the past three years.

With Aysling’s vendor management system, you won’t have these problems

We offer a complete solution to manage your vendors and freelancers. With customizable vendor/freelancer portals, our entire vendor management module is included with Aysling. From projects to payments, you can manage every aspect of your vendor relationship in one location.

The vendor management module is set up so that you can configure many of the settings within the system any way you like. It allows you to incorporate all of the billable services into the module.

You can use the vendor management module to set up vendors by classes, groups or individual accounts. You can set up specific line items for purchases that you make from vendors on a regular basis, along with payment accounts.

Users can create a ranking or priority system for vendors, and set up contacts for each vendor. You can also create different types of attributes for each vendor and contact, and use them to find a vendor in the system. Users can also restrict access to a particular vendor, if desired, or tie access to a particular user.

You can select purchase orders from different classes

You also can add line items – even customize them – such as a purchase order for coding, for example. You can set up the purchase orders by group and account, and include an hourly, daily, monthly or unit cost.

You can restrict purchase orders by amount and set up price lists for vendors, as well as adding invoices and notes about vendors. Users can also add agreement information. The system can be set up so that it automatically generates a purchase order whenever something is sold on the platform. Once a purchase order is in the system, it goes through an approval process.

Vendors also have a great deal of accessibility to information through password-protected portals

Vendors can see any documents related to purchase orders and approve or reject the orders. Vendors can also see any invoices that have been submitted, any payments that have been made, and ongoing projects. They can also create an invoice.

The vendor management module is integrated with the projects module, which enables you to tie vendors and purchase orders to a project

You can add purchase orders here as well and manage payables. The system allows you to tie any project or task to a billable item, whether fixed or time-based.

This is helpful because as you are managing a project and creating purchase orders, you can go into the metrics platform and see the cost of any project. You can see how much has been billed for a project, expenses, and how much has been invoiced. You can also pay invoices and record the payments. If the vendor has entered his or her bank account number, invoices can be paid directly through the system.

The system allows you to see a variety of different reports

From line item purchases, to reports on projects to see which are profitable and which are not, and more. On the dashboard, you can pull in a variety of data to build your own reports.

Aysling is a professional services automation software solution that can run your entire B2B business, from contracts to cash; through projects to payments.

Learn more about Aysling or set up a real-time demonstration.