Vendor or Accounts Payable activities are no longer limited to finance functions. With the updated regulatory requirements, companies are also required to monitor the tax compliance of their vendors. Timely tracking of vendor compliance activities for payment release or block has always been a tedious and time-consuming process. With more compliances and penalties on its default, the onus is now on companies to timely track the compliance activities of the vendor.
The Indian Government has also started focusing on tracking Input Tax Credit claims vis-à-vis data available as per vendor’s compliance. To help businesses track their vendor compliances and facilitate end-to-end vendor management, we at BDO India developed Vendor Solution, a comprehensive solution to manage all vendor-related activities automatically and efficiently.
Vendor Solution supports businesses with: :
- Comprehensive Vendor Master – Common window showcasing vendor master details fetched from ERP, GSTN and shared by the vendor
- Vendor Payment Decision – Input Tax Credit reconciliation status shared with ERP against vendor invoices for payment decisions
- Two-way Vendor Communication – Option to communicate with vendors through a common portal and maintain their repository
- Document Management – Data Extraction from PDF/JPEG/Excel/CSV along with validation, PO & GRN mapping for storage and reverse integration with ERP
- Dashboard Management – Action centre, performance indicators, report customisation for providing high-level insights to management ITC Eligibility Tracking – Sharing the status of invoices with ERP based on credit available in GSTR2A or GSTR2B along with its reconciliation status
- Integration, Controls & Configurations – Connectivity with ERPs and other GST/TDS tax tech tools for exchange of information & feature-specific configuration
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