Does dealing with your company’s growing list of software, contractors and other vendors feel like this?
In this blog post, we will share some helpful information about how to keep track of your company’s growing list of vendors and how Sudozi’s features can make your vendor management life easier.
First, let’s start with the master list. Where is the source of truth for your company’s list of vendors? In my experience as CFO and also advising several companies, I often see this being stored in excel or google sheets. While this is functionally a good tool, the problem is staying up to date can be more work than the solution. What happens when you pay a new vendor on bill.com, and it gets synced to quickbooks, but doesn’t get automatically synced to your google spreadsheet? Suddenly your master vendor spreadsheet is out of date. Sudozi allows you to store important vendor information in one place and keeps your master list of vendors in sync with your other tools.
Now let’s talk about the vendor and service owners within your organization. If you look at your list of vendors, do you know each person at the organization you should go to for that vendor if something were to come up? What if you were new to your company or you were trying to onboard new teammates? How would they know who to ping about a renewal or bill approval (and when is that renewal due)? What if the original vendor owner is no longer at the company? Knowing a vendor owner and understanding critical context about that vendor can expedite questions that inevitably come up during bill pay, monthly close, and annual budget creation. Don't lose that tribal knowledge and make sure you are able to make the right financial decision no matter what happens. In Sudozi, we help finance teams track the vendor owner as well as the owner’s department. The data is easily exportable in reports and searchable in the app. No more pinging your company’s #general channel to figure out who is responsible for a vendor!
In addition to knowing the vendor owner, a key thing to understand about a vendor is what that vendor is providing. Typically in quickbooks, you only know the name of the vendor, how much you’ve paid the vendor, and how your company has categorized that vendor for bookkeeping purposes. You don’t actually know what that vendor is selling you. Let’s take a these two typical examples below:
For this property management vendor, Sudozi is one of the only places that you can store your lease information in this searchable way.
For a typical software vendor like Salesforce, your company is likely purchasing more than one thing from them. How do you manage keeping track of the various services and how much you’re buying of one service? Sudozi is one of the only ways to do that.
These are just two examples of unique data you can store in Sudozi that can’t easily be stored in other platforms.
Finally, you want a place where you can store all the relevant documents for your vendors. Whether it’s a draft order form or a final executed order form, you don’t want to spend a lot of time trying to search for those documents when you need them. Sudozi allows you to link all of your documents to the appropriate vendor and the appropriate service within that vendor.
Getting started with Sudozi is super easy. We can get you up and running within 48 hours. All you need to do is share your relevant pdf contracts and connection with quickbooks. Sign up for a demo today to make your vendor organization life easier.