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A vendor provides a product or service for a property management company. Then they get paid, the sooner the better.
That’s the theory, at least. In practice the traditional process can be laborious for both sides of the ledger—vendors and property managers. Submitting paper invoices, securing approvals, cutting checks, stuffing and mailing envelopes, and taking payments to the bank breed opportunities for errors and delay.
Yardi’s online vendor management solution, VENDORCafé®, speeds up the invoicing process for vendors while reducing printing, mailing and storage costs for property managers.
“We’ve noticed a significant improvement in expediting our invoices through the system. It’s user friendly, and provides an easy transition from one task to the next. Thanks VENDORCafé!” says Shamrock Press and Graphics.
Yardi has taken the lead in developing new technology for vendors that makes processing invoices and payments, uploading insurance certificates and accessing statements, much easier. VENDORCafé offers:
- Easy, secure, mobile-enabled uploading of invoices and statements
- Reduced costs through electronic invoice processing
- Automated transmission of compliance status, expiration alerts and other information
This infographic takes a look at the step-by-step VENDORCafé process.
For property managers, VENDORCafé is a single vendor management system of record that cuts risk in vendor onboarding, eliminates lost and duplicate invoices and integrates fully with their Yardi Voyager® property management and accounting platform.
“VENDORCafé eliminated the frustration that our vendors and internal staff previously experienced. Before, vendors would reach out to our staff to get updates on invoices. Now that vendors can follow their invoice online through the payment process, we have seen a visible increase in efficiency,” says Iris Esguerra, Yardi project manager and information technology business analyst for Grubb Properties, a developer in Charlotte, N.C. with commercial and residential holdings.
She adds, “VENDORCafé gives our vendors confidence and security that their invoices won’t fall through the cracks and they’ll get their money faster. The system even issues alerts when a Certificate of Insurance or other required information is missing or incorrect. The amount of time saved by our staff and paper eliminated is immeasurable.”
Learn more about VENDORCafé here.
