Vendor Normalization Follow
What Is Vendor Normalization in AutyFi?
Vendor Normalization in AutyFi is a feature that standardizes vendor data across all your franchise locations. This tool helps unify different variations of vendor names (e.g., "Google Ads," "Google PPC," etc.) into a single, consistent name. The result? Cleaner, more accurate financial reports, and easier vendor management.
How Does It Help?
Vendor Normalization ensures vendor data is consistent, clean, and actionable across all systems. By automating this process, you save time, improve the accuracy of your reports, and empower your team to make better business decisions based on reliable data.
Who Benefits from Vendor Normalization?
Franchise Owners
- Simplified Financial Oversight: Monitor vendor spending across all locations easily.
- Ensure Compliance: Track whether franchisees use approved vendors, which is vital for rebate agreements or exclusive vendor contracts.
Franchisees
- Better Financial Reporting: Standardized vendor data ensures accurate and clean expense reports.
- Time-saving: Eliminate the hassle of manually fixing vendor names—AutyFi automates the process.
CFOs & Accounting Teams
- Improved Data Integrity: Ensure accurate financial reporting with consistent vendor data.
- Negotiation Power: Analyze vendor spending to negotiate better supplier contracts and terms.
How to Use Vendor Normalization in AutyFi
Navigating to the Vendor Normalization Feature
- Login to AutyFi: Start at your dashboard and head to the Normalization tab on the left-side menu.
- Select Vendor Normalization: Click Vendor Normalization to view and manage your vendor data in the normalization option list.
- Match Vendors: You’ll see two lists:
- Left column: Vendor names pulled from QuickBooks or other connected systems.
- Right column: Your business's standardized vendor list.
Map Vendors: Link inconsistent vendor names on the left to your standardized versions on the right.
How to Fully Utilize Vendor Normalization
- Automatic Matching: AutyFi automatically matches common vendors. You can easily make manual corrections for unmatched ones.
- Vendor Analytics: After normalizing vendors, access the Vendor Analytics Report to view from the Report Center:
- Total spend per vendor
- Number of transactions
- Average transaction value
- Percentage of total costs attributed to each vendor
- Push Changes to QuickBooks: AutyFi automatically updates your QuickBooks with standardized vendor names, ensuring data consistency across platforms.
Why It’s Useful for Your Business
Managing vendor data across multiple locations can be challenging. AutyFi’s Vendor Normalization helps you:
- Improve Consistency: Keep vendor names uniform, preventing reporting errors.
- Gain Business Insights: Accurately track vendor spending, which can help you make informed decisions and negotiate better deals.
- Save Time: Automates the cleanup of messy vendor data across systems like QuickBooks.
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