Vendor Management System for Compliant Buying
Bring order to your vendor process. Onboard, approve, track, and collaborate with suppliers in one centralized platform.
Get more done with a robust vendor management system
Whether you’re a large enterprise or seeking vendor management software for small businesses, Precoro minimizes manual procedures and facilitates a smarter approach to nurturing vendor relationships. By using our vendor management solution, companies can mitigate potential supply-chain risks and maximize operational efficiency.
Onboard easily
Configure customized onboarding forms and approval workflows for new vendors to ensure transparency and well-organized processes for vendor validation and onboarding.
Control the process
Store vendor information, agreements, and catalogs in the vendor information management software for easy access and control over procurement operations. Build a clear contract management flow and optimize the procure-to-pay cycle — witness productivity soar!
Track for efficiency
Generate real-time reports in the online vendor management system. With Precoro reporting, it’s easy to monitor spending per vendor and contract compliance rates in order to identify potential cost-saving opportunities and prepare a vendor risk management strategy.
Provide visibility
Ensure full transparency for your teams and vendors with Precoro’s user-friendly Supplier Portal. Vendors can create and update item catalogs directly in our vendor management solution and easily track invoice statuses, reducing the need for inefficient back-and-forth communication.
Cooperate to excel
Work together with your vendors on requests for proposals, purchase orders, and invoices in real time using the vendor management solution. Add notes and comments to procurement documents for smooth communication. Our vendor management software enhances collaboration, minimizes order discrepancies, and maximizes on-time deliveries.
Modern vendor management software that does it all
Precoro streamlines vendor selection, onboarding, overseeing, and communication. See how our vendor management system simplifies each step for your team, all within a user-friendly interface.
Select the best bids
Select the most profitable bids for new projects with our vendor management software solution.
- Create requests for proposals (RFPs) with user-friendly templates or by converting purchase requisitions.
- Track if vendors have opened, responded, or declined the RFP.
- Compare all submitted proposals in our vendor management system.
- Choose the best bid or approve multiple suppliers for different items.
- Generate a purchase order from the approved proposal.
Onboard new vendors
Automate the vendor onboarding process and minimize back-and-forth exchanges via emails or phone calls. Make sure onboarding is fast and error-proof with our vendor information management software.
- Create custom vendor onboarding forms.
- Automatically capture information from vendor documents with OCR technology.
- Use our integrations to sync vendor data in Precoro with QuickBooks, Xero, or NetSuite.
- Set up approval workflows for new vendors based on vendor categories.
Oversee vendor management
Store all vendor and supplier details in the reliable vendor management system. This way, you can easily oversee all vendor-related operations and minimize supply chain disruptions.
- Arrange vendor catalogs with detailed company information.
- Create item catalogs with pre-approved products according to the purchasing policies.
- Store vendor agreements and ensure their timely renewals with email notifications for expiring contracts.
- Automate the P2P cycle with real-time tracking of POs and invoice statuses.
- Establish a reliable audit trail and ensure full compliance with internal policies and regulations.
Communicate with procurement partners
Establish a trustworthy communication channel via the Supplier Portal to ensure direct and instant information exchange. Precoro’s Supplier Portal lets you:
- Prevent PO discrepancies by letting vendors create and modify item catalogs.
- Manage and update RFPs in a single platform to speed up the process.
- Grant vendors direct access to the Supplier Portal, so they can send invoices and track payment status.
- Automatically send POs to vendors for quicker order fulfillment.
Analyze vendor performance and spending
Monitor vendor performance via our vendor management solution and find cost-saving opportunities.
- Track spending by vendor and use the findings to negotiate discounts with preferred vendors.
- Monitor all orders across the company and purchase in bulk to save money.
- Track historical spending and current expenditures in one place.
- Create reports on vendor details, contracts, and items.
- Ensure accurate and up-to-date financial records through Precoro’s integrations with accounting systems.
Features
Vendor management
Contract management
Item catalogs
Purchase order management
Requests for proposals
Purchase requisition module
Custom vendor approval workflows
Document approval workflows
Reporting
Inventory tracking
Accounting integrations
Invoice automation
Budget control
Expense management
3-way matching
Typical VMS
Precoro
Share vendor information across core company tools
Build the ideal tech stack for your company with the help of integrations offered by Precoro. Our vendor management system will fit right in with your accounting tools, ERPs, or any other solutions you’d like to connect.
Fisher Scientific PunchOut
Automate procurement of laboratory equipment, chemicals, and supplies by accessing Fisher Scientific’s full catalog directly from Precoro.
Grainger PunchOut
Simplify the process of purchasing industrial supplies by shopping directly in Grainger and having all item details automatically imported into Precoro PO or PR.
Sage Intacct
Simplify accounting with automated sync of invoices, suppliers, payments, and more between Precoro and Sage Intacct.
QuickBooks Desktop
Integrate Precoro with QuickBooks Desktop to sync invoices, payments, GL accounts, and tax codes seamlessly.
QuickBooks Online
Send orders, bills, and vendors from Precoro to QuickBooks Online automatically.
Xero
Sync POs, invoices, and supplier info from Precoro to Xero accounting software.
Manage your supplier relationships in the smartest way
With a dedicated vendor management software solution, you can easily handle supplier and vendor relationships. Align vendor management and procurement strategies to establish a truly cost-efficient purchasing process. Watch this short video to learn how an online vendor management system like Precoro can help.
Curious why companies choose Precoro as their vendor management system?
Vendor management solution that proved its effectiveness
Spend Management
Implement the best spend management software to ensure 100% spend control and achieve up to 5% of yearly budget savings.
Procure-to-Pay Automation
Adopt procure-to-pay software and simplify your workday—because you can’t manage everything in spreadsheets forever.
Accounts Payable Automation
Optimize your accounts payable operations by automating manual processes with Precoro. Simplify document processing and focus on strategic tasks.
Supplier Relationship Management
Simplify and strengthen your supplier management. Onboard and evaluate suppliers with ease and provide them with a convenient tool for cooperation.
Vendor Management
Build stronger relationships with vendors and get better deals. See how Precoro helps you onboard vendors, track performance, and stay in sync.
Purchase Requisition Management
Use straightforward purchase requisition software with easy-to-follow templates and customizable approval workflows.
Mobile Procurement
Speed up procurement processes with the Precoro mobile app. Easily monitor spending, approve orders, and collaborate with your team on the go.
Intake Management
Transform your requesting and buying processes with seamless, effortless intake management.
Three-Way Matching and OCR
Check out how our 3-way match software uses Google's custom data extractor to process invoices and match them to POs and receipts.
Invoice Approval Process
Approve invoices 3.5x faster with Precoro. Enjoy full visibility into documents and pay only for verified bills.
AI in Procurement
Simplify your AP workload and achieve flawless document accuracy with our AI procurement software.
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See how Precoro fits into your team's workflows
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