SourceDay has recently announced two additions to their cloud solution with the release of their Request for Quote and Accounts Payable Collaboration products. SourceDay RFQ streamlines how companies manage RFQs and select the best suppliers. The new AP product combines PO and AP collaboration to match PO, invoice and receipt data. Once matched, SourceDay automatically vouchers invoices in the ERP, preventing supplier overpayments and the need to chase down invoice discrepancies.
“SourceDay’s mission is to prevent the reasons companies miss with suppliers before those misses create problems throughout the business,” said Tom Kieley, CEO of SourceDay. “Our new RFQ and AP products improve our ability to deliver on this promise. Market uncertainty, tariff wars, and labor shortages make it more important than ever for companies to improve visibility and trust in the first mile of their supply chain.”
SourceDay RFQ creates, delivers and streamlines collaboration of all RFQs in one place. The RFQ module allows buyers to easily create and issue RFQs to existing and new suppliers, facilitating two-way communication to receive, interact with and compare quote submissions without ever leaving the SourceDay platform.
SourceDay AP Collaboration brings PO and AP collaboration into one single platform as well, reducing costly inefficiencies by automatically matching purchase order details, receipts and invoices. The 3-way matching process identifies and helps resolve supplier invoice discrepancies, which can also be filtered by status and tracked throughout their entire lifecycle. In the AP dashboard, buyers can arrange their view to see invoices by status, identify exceptions and quickly resolve any issues.
“Like many manufacturers, reconciling mismatched invoices has always been a challenge for us,” said Louise Mayer, ERP Implementation Manager at Napoleon. “SourceDay’s new AP Collaboration product has saved us money and made our lives easier. We process 95% of our invoices automatically now, which ensures we earn early payment discounts on most of our spend. It’s a smart choice for any organization looking to make a short-term investment that pays you back in just a few short months.”
SourceDay RFQ and AP can be combined with SourceDay’s PO Collaboration, and Quality products for end-to-end direct spend procurement lifecycle management. All of these products are available immediately from SourceDay.
SourceDay is the collaboration engine that brings people, information, and processes together to modernize how companies manage orders with their suppliers, drive collaboration and ship orders on time. From Fortune 100 companies to mid-size manufacturers, thousands of organizations use SourceDay to connect their teams and vendors/suppliers, centralize order data, and drive their businesses forward. Since 2013, SourceDay has helped more than 100 manufacturing customers process more than 1 billion POs with a daily average spend of $1 million.
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