While the accounts payable (“AP”) process seems relatively straightforward, there are plenty of situations that can create stress or headaches. Suppliers and customers often have different systems, processes, and required information to fulfill their end of the AP relationship.
That being said, many of the customer hang-ups center on onboarding. Collecting, verifying, and processing the information to pay suppliers is a necessary part of the onboarding process. But for some customers, this process is highly inefficient because it is so manual.
Because of this, it is worthwhile to explore why successful supplier onboarding is so important and what a successful supplier onboarding process looks like. In doing so, you can minimize mistakes, better manage your cash flow, and develop better relationships with suppliers.