5 Fundamentals of Fixing a Vendor Payment System

September13, 2018
by UK Essay Writing

For a small business to be successful, keeping vendors happy is as important as keeping customers happy. You cannot afford to upset your vendors and create a bad business image. If any vendor spreads the word of your business being tardy, then other vendors might not want to supply to you or might quote higher prices. The trick to keeping your vendors happy is by making timely payments. You need to set up a fail-safe payment system to get the payments done timely.

ERP Software

There is many ERP software on the market. Enterprise resource planning allows your business to automate some things. From keeping track of bills to filing tax returns, your ERP software can do all the hard work for you. The money you invest in an ERP software is money well spent. QuickBooks is one of the most used software that businesses big and small opt for. The first step to setting up your payment system is to get the software that can help take care of your accounting and data saving headache.

Checks in Place

ERP software can help you print checks to give to your vendors. You need to pay your vendors using the business account. Your bank might ask for exorbitant amounts to refill your check quota. Instead, you can choose to order checks cheap online. When you order checks cheap online you save up money. You can customize when you order checks cheap online. The checks are also delivered to you in a matter of days.

Some websites can even offer one-day deliveries of the customs check that you have ordered. It is easy to order checks online. With your healthy quota of checks ready at your disposal, you can never be late on your vendor payments.

If you are going to use the ERP software to print your checks ensure that the checks are compatible with the software that you are using. Without compatible checks, you will not be able to print the checks using the software.

Dedicate a Printer

With the checks that you have, you can start printing your checks. Open the relevant file on your software. Check the details of the file and press print. You need to have a printer set up to get the checks printed. It is best to have a dedicated printer for printing your checks. This allows you to set the format of the check once and then only hit “print” to get the checks printed.

Stamp of Approval

Order checks cheap online and gets them printed. Once your check is printed, they need to have an endorsement stamp on them. You can buy customized stamps along with your checks online. Once the checks are printed, stamp them to authorize the payment. With the stamped check your vendor can go to the bank and receive the payment that they require.

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