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Introducing SourceDay’s Newest Products – AP & RFQ

SourceDay AP and RFQ Products SourceDay AP and RFQ Products

We’re thrilled to announce the release of our Request for Quote (RFQ) and Accounts Payable (AP) Collaboration products. Now, our RFQ and AP products can be combined with our PO and Quality products for the industry’s only end-to-end, direct spend supplier collaboration solution.

The addition of these new products will let our customers collaborate with suppliers from sourcing parts to paying for them.  SourceDay RFQ streamlines how companies manage RFQs and select the best suppliers. Our AP product automatically matches final purchase order, invoice, and receipt data. Once matched, SourceDay automatically vouchers matched invoices in the ERP, earning early payment discounts and preventing supplier overpayments.

SourceDay’s mission is to prevent the reasons companies miss with suppliers before those misses create problems throughout the business. Our new RFQ and AP products improve our ability to deliver on this promise. Market uncertainty, tariff wars, and labor shortages make it more important than ever for companies to improve visibility and trust in the first mile of their supply chain.”

Tom Kieley, SourceDay CEO

Request for Quote Collaboration

SourceDay’s new RFQ product helps us choose the most competitive suppliers that can meet our product requirements and lead-times, at the most competitive price. On top of delivering a fast ROI, SourceDay took most of the load on our implementation.” 

Josh Owings, ERP Applications Mgr, JR Automation

Now, buyers and suppliers can easily create, deliver, and streamline collaboration of all RFQs in one place. Create and issue RFQs to new and existing suppliers, receive, interact with, and compare quote submissions without ever leaving the SourceDay platform. SourceDay customers can make quicker, more informed purchasing decisions and even notify winning bidders directly in the platform.

Accounts Payable Collaboration

Accounts Payable Product Screenshot

Like many manufacturers, reconciling mismatched invoices has always been a challenge for us. SourceDay’s new AP Collaboration product has saved us money and made our lives easier. We process 95% of our invoices automatically now, which ensures we earn early payment discounts on most of our spend. It’s a smart choice for any organization looking to make a short-term investment that pays you back in just a few short months.”

Louise Mayer, ERP Implementation Mgr, Napoleon

Our AP solution offers a 3-way matching process that quickly identifies and helps resolve supplier invoice discrepancies. You can filter by status and track the entire lifecycle, all in a single dashboard. Buyers can arrange their dashboard to view invoices at any stage of the process (mismatched, matched, vouchered or pending), clearly identify exceptions, and quickly resolve any issues.

Key Benefits of AP & RFQ

There are plenty of benefits for both buyers and suppliers using SourceDay’s AP and RFQ products. Here are just a few of the big takeaways.

  • Faster, clearer communication with suppliers and internal stakeholders
  • Less time wasted on manual tasks that can also lead to mistakes
  • Faster, more accurate processing of RFQs and Invoices to ensure companies always choose the best suppliers and never overpay.

SourceDay’s new AP and RFQ solutions can help reduce costly inefficiencies and streamline supplier collaboration.

See these new products in action and learn how you can start using them today.

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6 Benefits of Purchase Order Collaboration

Customers using SourceDay Customers using SourceDay

Looking to transform your procurement team’s purchase order process? Read on to learn 6 ways PO collaboration can improve your company’s ability to manage risk, drive collaboration, and impact your bottom line.

Since 2015, SourceDay has been disrupting the world of direct-spend procurement with cloud solutions for manual Purchase Order, Accounts Payable, Request For Quote, and Quality Control processes. Our mission is to help manufacturers and suppliers remove waste and inefficiencies from their supply chains. Here are just a few of the benefits of transforming your PO process.

1. Work Smarter

By automating day to day tasks like tracking open orders or updating PO lines, procurement teams can spend more time on strategic planning. Instead of spending time tracking all POs, you can devote more time to working with suppliers and problem solving specific PO issues.

2. Mobile PO Management

Push notifications for acknowledgments and alerts for late orders allow buyers to easily manage POs while on the go. Quickly find PO updates and browse all communication between buyers and sellers organized in a single dashboard.

3. Avoid Costly PO Errors

Avoid costly data entry errors on POs. Suppliers can import data directly from SourceDay into their system without manual entry. All PO updates are automatically transmitted back to your ERP in real-time so you can always operate with 100% accurate data.

4. Improve Delivery Times

Every time a supplier makes a change, such as a due date, the buyer has the option to approve or reject the change. With accurate data and improved communication, you can do a better job forecasting deliveries.

5. Master the Art of Inventory Management

The supplier PO dashboard mirrors the buyer’s view keeping your supply chain in sync with your business requirements. Anticipating the market’s need and only ordering what is required to do business helps keeps your overhead low. Streamlining inventory management means higher profit margins and less risk.

6. Make Better Business Decisions

Data is the cornerstone of sound business decision-making. Having access to real-time data can help with decision making and avoiding costly mistakes.

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SourceDay’s New Approach to AP Automation [Video]

Have you ever found yourself trying to understand why the price and quantity on an invoice don’t match the purchase order? Mismatched supplier invoices are one of the biggest drains on an organization’s supply chain.

Figuring out why invoices don’t match POs or receipts is extremely time-consuming and frequently requires help from multiple teams to get to the source of the error. Invoice exceptions are so common that they often create a giant backlog for your accounting team to chase down; wasting time and delaying supplier payment.

To get to the bottom of your AP issues, you have to look for errors in the ‘first mile’ of your supply chain. After POs are created, they are submitted to vendors via email. From this point on, communication between the buyer and the vendor is manually recorded or not tracked at all. When changes occur on a PO, those updates are communicated through a combination of emails, phone calls and faxes. Details can easily get lost!

Nearly 88% of manual AP documents have erroneous data-entry occurrences.

The source of discrepancies runs the gamut from incorrect pricing and quantities to PO updates that were never recorded in the ERP system. If your ERP is not updated with correct data, your AP department will, in turn, receive an incorrect invoice.

SourceDay Solution

AP is not the cause of mismatched invoices. It’s just where the problem is discovered. To truly solve the issue, you have to reconsider your manual PO and AP processes and focus on supplier collaboration.

With SourceDay’s SaaS platform, you can digitize every invoice and verify that every order is complete with automatic matching. SourceDay’s AP solution enables automatic vouchering, meaning suppliers know when they’re getting paid and you can take advantage of early payment discounts. The status of every invoice is shown through in a single dashboard so you have complete visibility from when the PO arrives at the loading dock, to when the invoice is matched and completed.

Learn more about how SourceDay dramatically increases order accuracy and the number of matching POs and invoices.

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