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Confidently onboard vendors online with built-in, real-time KYC checks
Onboard every vendors with confidence, concluding real-time checks to verify PAN, GST, bank account, MSME status, TDS checks and more.
Talk to Sales
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Safe and secure. Compliant with RBI guidelines & IndAS
Talk to Sales
Safe and secure. Compliant with RBI guidelines & IndAS
Trusted by more than 3000 companies
The Problem Today
Vendors are onboarded without real-time KYC checks
Companies often verify vendor businesses with documents that may be out of date. These checks are often performed manually, and have room for errors.
Compliance is ignored
Invoices are rarely checked for compliance issues - struck off PANs, incorrect GST, MSME,
e-invoice checks and more.
No central database
Invoices and vendor data is distributed, and often inaccessible when required for audits and future reference.
Unreliable OCR systems
Legacy OCR scanning only offers about 65% accuracy, reducing trust in the system and leaving invoices to be checked manually.
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The Problem Today
AP teams spend 100s of hours booking invoices
This is not only a waste of time and productivity, but many a times the invoice booking process has compliance loopholes, uses outdated technology and there is no central storage system for audit readiness and future reference.
Compliance is ignored
Invoices are rarely checked for compliance issues - struck off PANs, incorrect GST, MSME,
e-invoice checks and more.
No central database
Invoices and vendor data is distributed, and often inaccessible when required for audits and future reference.
Unreliable OCR systems
Legacy OCR scanning only offers about 65% accuracy, reducing trust in the system and leaving invoices to be checked manually.
Manual checks
Each document submitted is checked manually in a time consuming process.
Verifying documents
Documents submitted might be out of date. Or may be forged. There’s no way to call these out separately.
Messy vendor master
If input to the vendor master is not correct, then the validity of the master itself is in question.
Presenting, a digital way to onboard vendors built for corporate finance and procurement teams
Simple Vendor Form
Let thousands of vendors onboard themselves in minutes with an online form
Don’t rely on internal teams for data entry. Simply decide on the fields you want, share the form with your vendors, and let them fill out the form to onboard themselves.
Compliance Checks
Realtime checks for GST, PAN, MSME status and more during onboarding
As vendors fill out the form, their PAN, GSTIN, MSME status are checked in real time. So you’re always 100% sure the vendor company is legal, and that you’re doing business with the intended company.
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Penny drop
Verify your vendors’ bank account in real time by transferring ₹1 on onboarding
CashFlo deposits a rupee to their account to check if it goes through, and also verifies the bank account name against the MCA portal name.
Results
View the results from the compliance test on your CashFlo dashboard
View both - the details filled by the vendor on the form, as well as results from the different compliance tests in one place. Approve vendors after checking everything meets policy.
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ERP & WMS Sync
Powerful ERP & WMS Sync for all your GST details. Works with all ERPs.
Sync your GST amounts, compliance details and invoices with SAP, SAP B1, Ohana, Oracle, MS Dynamic and many more ERPs.
Explore our entire suite of Corporate Finance Automation Products
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Unlock the potential of your finance team & boost productivity 10x. Let us show you how.
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What is Vendor Onboarding and Why is it Important?
Vendor onboarding is the process of integrating new suppliers into a company's supply chain by collecting essential information, verifying credentials, and ensuring compliance with company standards. This includes gathering vendor onboarding documents, conducting due diligence, and setting up payment terms. A structured vendor onboarding workflow ensures smooth operations, reducing delays and minimizing risks.
The importance of vendor onboarding lies in its ability to enhance operational efficiency and foster strong supplier relationships. By streamlining the vendor onboarding process, businesses can quickly integrate new suppliers, ensuring they meet compliance standards and adhere to company policies. Utilizing vendor onboarding software or onboarding platform vendors simplifies the process, making it easier to manage vendor onboarding forms, track vendor onboarding process steps, and ensure seamless communication. An efficient vendor onboarding strategy is key to reducing risks, improving supplier relationships, and supporting business growth.
The importance of vendor onboarding lies in its ability to enhance operational efficiency and foster strong supplier relationships. By streamlining the vendor onboarding process, businesses can quickly integrate new suppliers, ensuring they meet compliance standards and adhere to company policies. Utilizing vendor onboarding software or onboarding platform vendors simplifies the process, making it easier to manage vendor onboarding forms, track vendor onboarding process steps, and ensure seamless communication. An efficient vendor onboarding strategy is key to reducing risks, improving supplier relationships, and supporting business growth.
The Vendor Onboarding Process
1. Get to Know Your Vendors: Understanding vendors is key to building strong relationships and aligning their capabilities with your needs.
2. Check Their Documents: Verify vendor onboarding documents to ensure compliance and complete the necessary paperwork, like the vendor onboarding form.
3. Share Your Needs and Expectations: Communicate your requirements clearly to align the new supplier onboarding process with your business goals.
4. Add Them to Your Marketplace and Introduce Your Software: After verification, add vendors to your marketplace and introduce them to your vendor onboarding software for seamless integration.
2. Check Their Documents: Verify vendor onboarding documents to ensure compliance and complete the necessary paperwork, like the vendor onboarding form.
3. Share Your Needs and Expectations: Communicate your requirements clearly to align the new supplier onboarding process with your business goals.
4. Add Them to Your Marketplace and Introduce Your Software: After verification, add vendors to your marketplace and introduce them to your vendor onboarding software for seamless integration.
Benefits of Vendor Onboarding
Streamlined Vendor Integration
Vendor onboarding simplifies the process of adding new vendors with dynamic forms tailored for different industries. This accelerates the new vendor onboarding process and ensures all vendor onboarding documents are captured accurately.
Enhanced Team Efficiency
Automatically plan your team’s day and track agent activities in real-time, optimizing the vendor onboarding workflow. This leads to a more organized and efficient supplier onboarding process, minimizing delays and improving overall productivity.
Improved Vendor Engagement and Performance
Keep vendors engaged throughout the vendor onboarding process by providing timely updates and support. Additionally, track vendor performance and identify opportunities for upselling or cross-selling, enhancing long-term business relationships.
Challenges in Vendor Onboarding
1. Time Consuming: The vendor onboarding process can be slow, causing delays in integrating new suppliers and completing necessary vendor onboarding documents.
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2. Technical Skills Required: Onboarding a vendor often requires technical skills that vendors might not have, impacting the efficiency of the vendor onboarding software and the overall supplier onboarding process.
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3. Security Concerns: Handling sensitive data during the vendor onboarding process poses security risks if proper measures are not in place, affecting the vendor onboarding strategy.
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4. Compliance Checks: Ensuring that vendors meet all regulatory requirements is a complex task within the supplier onboarding process, demanding careful attention to compliance and vendor onboarding process flow.
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2. Technical Skills Required: Onboarding a vendor often requires technical skills that vendors might not have, impacting the efficiency of the vendor onboarding software and the overall supplier onboarding process.
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3. Security Concerns: Handling sensitive data during the vendor onboarding process poses security risks if proper measures are not in place, affecting the vendor onboarding strategy.
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4. Compliance Checks: Ensuring that vendors meet all regulatory requirements is a complex task within the supplier onboarding process, demanding careful attention to compliance and vendor onboarding process flow.
Key Checks Performed by CashFlo in Vendor Onboarding
1. Penny Drop Verification: CashFlo verifies vendor bank accounts in real-time by transferring â‚ą1, ensuring accurate banking details and enhancing the onboarding process.
2. Compliance Test Results: Access compliance test results directly on your CashFlo dashboard to simplify monitoring and ensure all necessary checks and documents are complete.
3. ERP & WMS Sync: CashFlo integrates with various ERPs for GST details, streamlining the supplier onboarding process and ensuring accurate data management throughout the workflow.
2. Compliance Test Results: Access compliance test results directly on your CashFlo dashboard to simplify monitoring and ensure all necessary checks and documents are complete.
3. ERP & WMS Sync: CashFlo integrates with various ERPs for GST details, streamlining the supplier onboarding process and ensuring accurate data management throughout the workflow.
Tips for Effective Vendor Onboarding
To ensure a smooth vendor onboarding process, keep vendors informed about requirements and necessary documents to prevent delays. Utilize a consistent onboarding workflow and software to streamline the supplier integration process and maintain efficiency. Incorporate compliance checks to meet all regulatory standards and manage the process effectively. Clearly communicate your requirements and goals to set benchmarks and simplify the onboarding procedure. Lastly, regularly review and update the onboarding process based on feedback and changes to continuously enhance efficiency and the overall experience.
Frequently Asked Questions
Why is efficient vendor onboarding important?
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What documents are required for vendor onboarding?
How does CashFlo’s ERP & WMS sync benefit vendor onboarding?
What is the role of compliance checks in vendor onboarding?
How can I handle security risks during vendor onboarding?
Can I customize the vendor onboarding process to fit my company's needs?
How does vendor onboarding software improve efficiency?
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