You want to integrate as seamlessly as possible with existing accounting and ERP systems. However there are many key steps along the supplier payment process that still require significant manual effort beyond sending out payment instructions to the transfer API for bank, ACH, and wire services.
Many types of EDI payment methods are available to businesses. If you are considering EDI for the first time or are expanding your existing EDI platform, there is at least one method to fit your budget, technology structure, and business transaction needs. Here are two of the top EDI payment methods and their descriptions.
Variable expense ratio — also called the variable cost ratio — is a means of understanding how variable costs impact a business’s net profits. The variable expense ratio expresses a company’s variable expenses as a percentage of its net sales. This is a useful metric that can help businesses in matters like pricing and production scheduling.
Vendor management is the process of supporting and empowering vendors through establishing and nurturing long-term relationships with them. The method includes finding and choosing the right vendor for the company’s needs, controlling the costs and vendor risks, and paying for the services and goods consumed. The term ‘vendors’ also refers to suppliers or service providers.