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PayMyTuition Meshes Education VendorManagement With AP. With a new solution designed to deepen buyer-supplier ties, PayMyTuition has rolled out its vendormanagement tool for the education sector. Technology that sits in between these business partners can help to accomplish both.
Miami-based FinTech ClassWallet has grown its classroom expense management offering to help with the requirements of custodial and maintenance workers in primary and secondary schools, according to a Monday (Jan. The tool also gives full management to facilities managers and eliminates paperwork, according to the announcement.
In addition to providing a short-term loan, American Express Working Capital Terms offers SME users vendormanagement capabilities, payment consolidation, reconciliation services and other features to streamline B2B payments and accounting.
“Native ERP reporting typically isn’t optimized to handle the structure of financial data, or many of the complex requirements like granular data, drill-downs, automated reconciliation and comparative reporting,” he said. Disruption Ahead.
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For B2B buyers, they include the human error of manual data entry, the risk of fraud and a transparent audit trail; for the vendorsmanaging accounts receivable, those challenges include delayed payments or long payment cycles. Sound familiar? Indeed, these are issues facing companies of all sizes across all markets today.
Another major hurdle unique to the purchase-to-pay space is the process’s deep touch points with an array of other back-office functions within the enterprise, including vendormanagement, product sourcing, accounts payable, accounting, inventory management, contract management, manufacturing and distribution, and more.
Similarly, in B2B transactions, supply chain and vendormanagement becomes easier, and orders and payments can be done in an efficient manner. And with the real-time disbursement and tracking of cash (and repayments), cash flow becomes visible in a manner that makes back-office reconciliation easier as well, said Ramamurthi.
The nonprofit industry has a lot to gain from this payment technology, claims a new whitepaper from vendormanagement consulting firm Vendor Centric. Because virtual cards are just that — virtual — they automate the payment and reconciliation processes, connecting payment data directly into financial systems.
This is, unfortunately, is just a point-to-point system, there is no reconciliation on this basic platform. What the offering must include, he noted, is an entire toolbox of services that automate the entire end-to-end lifecycle of the B2B payment from procurement to reconciliation. And the payment, he noted, is just that — a payment.
“By embedding our Working Capital Terms’ digital loans directly into QuickBooks, we make financing available to our customers when and where they need it most to pay vendors, simplifying the payments process and reducing time spent reconciling accounts.”.
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