Financial Management - Vendor
In Radix, we prioritize smooth financial transactions with our vendors. Our comprehensive financial management system allows you to manage purchase orders, invoices, and payment receipts efficiently. Here’s how you can effectively handle your financial interactions with vendors using our platform.
Purchase Order Creation
Once the finance manager identifies unpaid tasks assigned to a vendor, they can initiate the creation of a purchase order. The purchase order captures the details of the unpaid tasks and serves as an official document outlining the work to be performed and the agreed-upon payment terms.
Vendor Acceptance of Purchase Orders
Upon creation, the purchase order is sent to the vendor for review. The vendor has the opportunity to accept or reject the purchase order. If any discrepancies or errors are found, the vendor can communicate with the finance manager to resolve the issue before accepting the purchase order.
Invoice Management
After accepting the purchase order, the vendor is responsible for generating an invoice corresponding to the agreed-upon tasks and payment terms. The vendor uploads the invoice within Radix, ensuring accuracy and transparency in the invoicing process.
Invoice Verification and Payment Processing
The finance manager reviews the uploaded invoice to ensure its correctness. If the invoice meets the necessary requirements, the finance manager proceeds with the payment process. This typically involves initiating a bank transfer or processing the payment through the designated payment gateway.
Payment Receipt Upload
Once the payment is made, the finance manager uploads the payment receipt within Radix. This payment receipt serves as proof of the completed transaction and is made available to the vendor for their records.
By seamlessly managing purchase orders, invoices, and payment receipts within our platform, Radix simplifies and streamlines the financial interactions between your agency and vendors.