Zaggle Zoyer What's New

Manual and semi-automated invoice management processes are often rife with costs, errors, and exceptions. In September 2022, Zaggle launched Zoyer, an accounts payable and embedded cards platform, to help businesses streamline invoice-to-pay processes for better control over costs and cash flow.?

As our market footprint expands, Zaggle continues to enhance its platform to deliver superior value to customers. Our customer success, market and product teams continually listen to customers to drive a continuous cadence of innovation that delivers a tangible ROI.

This week we bring a select pick of new functionality, designed to improve process efficiency, strengthen supplier relations, and reduce administrative overheads for accounts payable (AP) practitioners.?

Simplified PO Processing

Purchase orders are integral to an organisation’s procurement process. Organizations, however, expend too much money on time-consuming, error-prone purchase order processes. Retrieving meaningful insights is practically impossible as the data is resident across multiple emails and disparate systems. Zoyer digitalises and improves PO process efficiency and reduces administrative overheads for Finance teams. Businesses benefit from:

• Improved budgetary compliance.
• Improved visibility into upcoming spending to better plan cash flow
• Minimised incidence of procurement fraud - for example – the ability to flag duplicate orders
• Streamlined reconciliation for the accounting team once the invoice is received
• Reduced exceptions with a three-way match between goods received a note, invoice and PO
• Seamless integration with ERP systems to sync data

How it Works?

Zoyer simplifies the complete purchase order workflow. spanning PO creation, approval, invoice matching and reporting.??

The platform supports an intuitive, user-centric workflow design that doesn’t need customization by technical experts. Zoyer’s easy-to-use web interface enables business users to define a single or multi-step PO approval process, depending on the dollar value of the purchase. Businesses have the complete flexibility to tailor and adjust PO process flows for continuous improvement.?

The platform supports automatic and manual capture of purchase orders. Business users can scan and upload purchase orders over the web interface. Machine-learning-based optical character recognition algorithms automatically capture and populate relevant data - order details, pricing, and payment terms.??Employees can also manually create a purchase order using the application’s Web interface. The system automatically routes the PO for approval basis pre-defined process logic. Approvers have the option to accept or send rejected requests back to the originator, with points for correction to make amendments and resubmit.

On approval, the PO is routed to the supplier to raise the invoice. Invoices that match POs automatically pass through Zoyer’s Invoice Flow. The system dynamically flags exceptions and routes the invoice to suppliers for correction and resubmission.?

PO Dashboards

Configurable dashboards provide visibility into the PO process. AP teams can view aggregate trends or drill down by department, cost centre location, employee and amount. The PO dashboards help to enforce enterprise-wide compliance with budgets and improve reconciliation and cash flow planning.?

Streamlines Proforma Invoice Processes

A proforma invoice is a preliminary bill of sale sent to a buyer to request payment for goods and services before they are supplied. It is an estimate of the total, which includes the transaction, goods, and total payment details for a sale. Zoyer Invoice Flow has been upgraded to support proforma invoices.

How it Works?

Suppliers can upload the proforma invoice on the supplier portal.?ML-based optical character recognition algorithms capture relevant line items including:?

• Quantity
• Value
• Discount
• Payment terms
• Currency of sale
• Other terms of the sale

Suppliers can request a cash advance along with the invoice. The platform automatically routes the invoice to the buyer organization for approval, which follows the same workflow as commercial invoices, for acceptance, authorisation, and advance payments. The buyer organization has the flexibility to pay the complete or partial advance amount requested. Suppliers receive an in-app notification on acceptance of the proforma invoice and any advance payment remittal.

At the backend, the proforma invoice id is mapped to the purchase order and the commercial invoice to avoid duplicate payments. To ensure payment accuracy, the platform also alerts suppliers on the advance payment at the time of raising the commercial invoice.?

Proforma Invoice Dashboards

Customers can view proforma invoices raised by the supplier. With visibility throughout the invoice process, businesses can track invoices along multiple dimensions including supplier, cost centre, commodity code, employee and project.

Multi-lingual Support for Wider Adoption

Wide platform adoption by suppliers is essential for streamlining AP processes. Native language enablement boosts adoption rates, improves the efficiency of communication, and strengthens trade ties between enterprises and their wide network of suppliers. Zoyer supports major Indian languages including Hindi, Kannada, Marathi, Gujarati, Tamil, Telugu and Bengali. ?

On-time MSME Payments

As per the Micro, Small and Medium Enterprises Development (MSMED), Act 2006, buyers need to make payments within 45 days for goods and services supplied by an MSME. ?The payment needs to be made on or before the date agreed on with the supplier or, in the case of no agreement, before the appointed day. In event of a timeline breach, buyers are liable to pay compound interest at 3X the bank rate notified by the bank regulator.?????????

Zoyer enables AP practitioners to flag suppliers as MSMEs to ensure timely payments and avoid late payment fees. The platform generates proactive notifications prior to the scheduled payment date, basis the alert frequency configured by the administrator.

Bulk Payments for Improved Efficiency

Zoyer enables supplier payments from within the platform. Zoyer Direct Pay has been enhanced to support multiple payments to single or multiple vendors, accelerating payment speed and efficiency. Businesses can pay using their preferred payment option -- Zaggle founderscard, Zaggle and third-party corporate cards, Net Banking, UPI and IMPS. Once payments are executed, Zoyer updates the ERP system and links the payments to remittance advice, enabling suppliers to easily reconcile payments.??

Visit www.zagglezoyer.com to schedule a demonstration