1. Home
  2. WBS Customer Portal
  3. Finance
  4. Accounts Payable
  5. Making payments to vendors & queries

Making payments to vendors & queries

Würth Business Services handles the non-core financial operations to support the Finance Teams of companies within the Würth Group. Our Team ensures that companies maintain error-free and detailed accounting records, settle payments on a timely basis, carry out effective vendor management, and speed up the accounting processes. We handle different processes under the Accounts Payable and Accounts Receivable portfolio.

Among different processes we handle under the Accounts Payable portfolio, Making Payments to Vendors & Queries is one of them. In this process, we process the payments by scheduling a payment run in an ERP system upon the successful verification of vendor invoices. As a payment processing outsourcing provider, we ensure the timely payments. However, if there are any issues related to payments and vendors raise a query, we resolve it as soon as possible by coordinating with purchasers and vendors. This way, we assist in maintaining a healthy business relationship.

Work Flow
Benefits
Transition

Work Flow

WORK FLOW OF THE PROCESS

  • 01. Cross-check

    Cross-check the due invoices

  • 02. Release

    Release the blocked invoices

  • 03. Coordinate

    Coordinate with purchaser for resolving discrepancies

  • 04. Schedule

    Schedule a payment run

  • 05. Complete

    Complete outgoing payments

Benefits

Value-added

BENEFITS OF OUR CUSTOMERS

☞ Seamless support throughout the payment process

☞ Close coordination with vendors and purchases to resolve their queries

Transition

TIME TAKEN FOR TRANSITION

Step 1

Analysis of requirements – 1 Week

Step 2

Documentation – 1-2 Weeks

Step 3

Create framework – 1 Week

Step 4

Step-by-step implementation – 2 Weeks

Step 5

Transfer – 1 Week

For more assistance in understanding the transition process, kindly get in touch with us at contact-wbs@wuerth-industrie.com

Case study:

Streamlining Payment Processing and Vendor Queries for Enhanced Vendor Relationships


Introduction:

Efficient payment processing and responsive query resolution are essential for maintaining healthy vendor relationships and ensuring timely financial transactions. Our customer, Würth Industry Service (China) Co., Ltd., recognized the need for transferring the Making Payments to Vendors & Queries process to schedule payment runs in an ERP system upon successful verification of vendor invoices. As an outsourcing provider for payment processing, we ensured timely payments and resolved vendor queries promptly, contributing to a positive and collaborative vendor relationship.

Problem:

Our customer faced challenges in effectively processing payments and resolving vendor queries manually. The customer needed to invest a considerable number of man-hours to make payments and solving queries in case of discrepancies. There were potential errors in payment scheduling, delays in payment processing, and difficulties in coordinating for solving queries. These inefficiencies hindered the customer's ability to maintain transparent vendor relations, jeopardizing timely payments and vendor satisfaction.

Solution:

Recognizing the need to enhance the Payment Processing and Vendor Queries process, we adopted a systematic approach to improve accuracy, efficiency, and vendor relationships. Our key solutions included:

1. Payment Processing Expertise: We utilized our expertise to manually schedule payment runs in the ERP system. This involved verifying vendor invoices and ensuring that payments were processed accurately and on time.

2. Responsive Query Resolution: Despite manual processing, we established a dedicated team to address vendor queries promptly. Coordination with purchasers and vendors ensured timely query resolution.

3. Vendor Relationship Management: We emphasized effective communication and collaboration with vendors to foster a positive relationship. This included proactive engagement to prevent queries when possible.

Results:

The changes implemented in the Payment Processing and Vendor Queries process led to significant improvements in accuracy, efficiency, and vendor relationships for Würth Industry Service (China) Co., Ltd. Our results included:

1. Timely Payments: By utilizing our expertise, we achieved a reduction in payment delays. This improved vendor satisfaction and trust.

2. Efficient Query Resolution: Despite manual processes, query resolution time was reduced and vendors appreciated the responsive approach to query resolution. This, in turn, led to enhanced vendor satisfaction and strengthened vendor relationships.

3. Time Saving: Our approach led to significant time savings per month. We saved nearly 25 hours for our customer in a month. This saved time can be utilized for executing different core operations.

Conclusion:

By transferring the Making Payments to Vendors & Queries process, our customer availed effective resolution of queries, ensured timely financial transactions, and maintained healthy vendor relationships. By implementing our expertise in payment processing, responsive query resolution, and proactive vendor relationship management, we successfully improved accuracy, efficiency, and vendor satisfaction. The results highlight the value of a well-executed process in maintaining effective financial practices and delivering vendor relationship excellence.

Transfer the Making Payments to Vendors & Queries process.