Vendor document compliance
How Stampli supports Vendor document compliance
This comprehensive approach significantly reduces AP workload by automating compliance processes, minimizes regulatory risks through real-time tracking and notifications, and enhances vendor satisfaction by streamlining document submissions.
With features like mandatory vendor documentation, automated notifications for both AP teams and vendors, payment blocking for non-compliance, and a centralized document repository, Stampli’s AVM Vendor Document Compliance provides a robust solution for maintaining regulatory adherence while optimizing AP operations.
The problems that AP teams face
By implementing automated notifications and reminders for both AP teams and vendors, Stampli prevents payment delays and improves cash flow management while enhancing vendor satisfaction. The system’s ability to automatically block payments to non-compliant vendors and restrict portal access strengthens compliance controls. Additionally, the centralized document repository ensures easy access to all vendor-related compliance information, simplifying audits and internal reviews, thus further reducing AP workload and compliance risks.
Stampli’s approach
By implementing automated notifications and reminders for both AP teams and vendors, Stampli helps prevent payment delays and improves cash flow management. The system’s ability to automatically block payments to non-compliant vendors and restrict portal access enhances compliance controls. Additionally, the centralized document repository ensures easy access to all vendor-related compliance information, simplifying audits and internal reviews.
Key features
Features marked with asterisk are only available with Stampli’s Advanced Vendor Management.
*Mandatory vendor documentation
Set and require specific vendor documents, such as W9 forms, contracts, and licenses.
*Automated notifications for AP teams
Receive system-generated notifications for document expiration, compliance checks, and necessary updates.
*Automated reminders for vendors
Send system-generated notifications to vendors for document and regulatory data expiration.
*Payment blocking for non-compliance
Automatically block payments to vendors who have not provided necessary compliance documents or have missing information.
Centralized document repository
Secure and centralized storage for all vendor compliance documents, ensuring easy access and management.
Vendor portal access control
Restrict vendors from accessing the portal if they fail to meet compliance standards.
FAQ
How does Stampli's Document Compliance feature reduce AP workload?
By automating document collection, tracking, and updates, Stampli eliminates manual tasks, significantly reducing the time and effort required from AP teams to manage vendor compliance.
Can Stampli automatically notify both AP teams and vendors about document expirations?
Yes, Stampli sends automated reminders to both AP teams and vendors when regulatory data or documents are approaching expiration, ensuring proactive compliance management.
What happens if a vendor doesn't provide the required compliance documents?
Stampli can automatically block payments to non-compliant vendors and restrict their access to the vendor portal, ensuring strong compliance controls.
How does the centralized document repository benefit AP teams?
The centralized repository provides secure storage and easy access to all vendor compliance documents, simplifying audits, internal reviews, and day-to-day compliance management.
Can we customize the types of documents required from vendors?
Yes, Stampli allows you to set and require specific documents from vendors based on your business needs and regulatory requirements.
How does Stampli's solution improve vendor satisfaction?
By streamlining document submission processes, providing clear notifications, and ensuring timely payments for compliant vendors, Stampli enhances the overall vendor experience and strengthens relationships.
Learn More about Vendor document compliance
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