When you pay your company expenses, especially to familiar suppliers, their contact and payment information is usually filled in manually. To automate and facilitate the process, Payhawk allows you to input the supplier information once, store it, and apply it to expenses that are due to a specific supplier.
Benefits
The Payhawk supplier management solution helps you avoid duplicate supplier information in your reporting. Moreover, the supplier data is synced with the ERP system or accounting software and is always up-to-date.
The supplier details are automatically populated thus helping you reduce entry errors and improve accounting with the automated supplier-based expense categories.
You can easily and quickly track supplier data changes and maintain an accurate database, thus boosting compliance and minimizing the risk of fraud, with an audit log of supplier data.
Supplier management use cases
In Payhawk, you as a Payhawk accountant as well as Payhawk employees and administrators can reuse supplier information during expense management in the following cases:
When submitting expenses, employees can reuse supplier information that has been added beforehand by Payhawk accountants or administrators.
Upon paying company expenses, Payhawk accountants and administrators can store payment information associated with a supplier and reuse it.
Your company expense categorization can also be driven by suppliers. Default values for category, tax rate, and other custom fields determined by you, can be saved for each supplier, thus populating the expense category every time a new expense is created under a given supplier.
Supplier data is important to the master data of any ERP system or accounting software. Such data is essential for running your business, as it's the single source of truth for all your operations. With the Payhawk Suppliers app, you can ensure that you have accurate and up-to-date supplier information at all times.
At Payhawk, the data from the Suppliers app automatically syncs with integrated ERP systems, meaning that any changes you make to your suppliers in Payhawk or the ERP will be automatically updated, ensuring that you always have the most up-to-date information.
The supplier management solution can also serve as an important tool for fraud prevention. By keeping all your supplier payment details in one place, you will be able to identify if the bank details on an invoice differ from those saved on the supplier, prompting you to check whether they are correct to eliminate fraud.
Main Suppliers screen
In Payhawk, the information you have stored about your company suppliers resides in the Suppliers app.
The Suppliers > Active tab displays all suppliers with whom your company has ongoing business relations.
The Suppliers > Archive tab contains all suppliers your company no longer interacts with. For more information, see the article about archiving suppliers in Payhawk.
The following table lists the supplier fields displayed on the Suppliers > Active and Archived screens.
Supplier field | Details |
SUPPLIER | Displays the supplier's name, logo, and country of registration. |
CURRENCY | Displays the currency of the supplier payment details. |
CATEGORY | Shows the defined expense category in Payhawk that is associated with the supplier goods or services. |
TAX RATE | Contains the tax rate that is charged for the supplier goods or services in the country of the delivery. |
EXTERNAL ID | An optional field. Displays the number through which the supplier is referenced by third-party, for example, ERP, systems. |
Supplier details and expense categorization tabs
Clicking on a supplier opens the supplier Details and Expense categorization tabs which display editable fields with supplier information.
The following table lists the fields included in each supplier tab.
Field | Details |
Suppliers > Details > General | Includes the built-in Supplier name, Tax number, and Country supplier fields listed on the Settings > Supplier fields screen, and the External ID field.
The supplier name is a required value to create the supplier record in Payhawk. The other fields are optional.
The supplier name, tax number, and country, when provided in the General tab, will be reused on every expense associated with the supplier. |
Suppliers > Details > Payment | Depending on the currency, the Payment field includes the currency-specific payment details of a supplier - for example, IBAN and BIC/SWIFT for payments in EUR. |
Suppliers > Details > Contact | Includes the contact details of the supplier - name of the contact person, phone, and email. |
Suppliers > Details > Additional | Displays the additional supplier fields as defined in Settings > Supplier fields - for example, Procurement approval needed? or uploading the contractual agreement with the supplier. |
Suppliers > Expense categorization > Expense categorization | Contains information about the defined Payhawk expense category for the goods and services the supplier delivers - for example, Marketing. |
Populating your supplier data in Payhawk
You can manually add your supplier data to the Payhawk system by importing your supplier data through an Excel template file.
However, if you have an active ERP integration with Payhawk, you can sync your suppliers between Payhawk and your ERP system (accounting software).