From Purchase to Payment
Nexus is the definitive AP automation solution for your Real Estate business. Introduce efficiencies and controls from ordering to invoice processing to paying your suppliers, and give your team full visibility into the entire life-cycle of the interactions impacting your operations.
The Catalog module is your company’s single source for online electronic ordering of all products and services. This module provides a faster, more efficient purchasing method, while offering the visibility and control needed to manage spend. Effectively browse and search multiple supplier catalogs within your organization’s approved network and purchase with confidence using pre-negotiated prices. Catalog auto-populates a purchase order during checkout, triggering a customizable approval workflow for purchase order processing that fits your unique business requirements. Purchase orders can also be emailed or submitted electronically to suppliers. All purchasing data from the Catalog syncs seamlessly with NexusPayables eliminating double data entry.
Catalog provides Real Estate companies with the ability to:
- Secure the best pricing by searching for items across multiple suppliers
- Streamline ordering by giving users access only to their designated suppliers
- Place orders faster by saving “favorites”, utilizing a supplier’s existing shopping cart (“Punchout”), and automatically creating POs from checkout
- Gain purchasing oversight with detailed reporting of items purchased, including non-compliant purchases
Purchase Orders (POs)
The PO module enables organizations to better control spending through the approval of purchase requisitions or purchase orders (POs) prior to expenditure. While POs can represent a fundamental shift in how businesses handle procurement, they can lead to significant improvements in spend control and cash flow planning. Your organization likely already has a purchase approval process in place, whether agreement is reached via internal spreadsheets or email exchanges. Purchase orders simply systematize and streamline these interactions. NexusPayables makes it possible to effortlessly integrate this step into your operations.
With POs, your company can first confirm available funds and then update budgets prior to an invoice hitting the general ledger. POs are dynamically routed through the approval process and all approved PO data (GL code, vendor, entity, notes, approval tracking, etc.) is then instantly converted (or “flipped”) into an invoice. This removes the need for duplicate data entry and facilitates straight-through processing into NexusPayables.
POs allow Real Estate organizations to:
- Forecast cash flow and control spend before incurring liability
- Speed PO processing by routing POs for approval via configurable workflows
- Reduce processing time by submitting POs electronically
- Eliminate double data entry with POs that seamlessly convert into invoices and auto-populate data such as vendor, price, quantity, line amount, and items ordered
- Approve invoices and pay suppliers faster with auto-approval based on threshold rules
Mobile PO Processing
Nexus OnTheGo puts the power of your AP Automation Solution right in the palm of your hand, allowing you to manage your accounts payable from anywhere at any time. This mobile app connects to your NexusPayables application, providing quick access to mission critical accounts payable data. It’s designed to provide an intuitive experience for managing invoices, purchase orders, lists, and receipts.
With Nexus OnTheGo, you can:
- Gain flexibility with the ability to create mobile purchase orders on the fly, either from scratch, a previous PO, a template, or an item list
- Conduct business anywhere, approving or rejecting purchase orders from the field and accessing any PO or vendor data you need
The Invoice module delivers comprehensive invoice management capabilities developed specifically for Real Estate. Streamline your entire invoicing process from receipt through approval, saving time and helping mitigate the potential risk of fraud and regulatory compliance violations.
With automated invoice management, your organization can:
- Provide flexibility to your suppliers by accepting and receiving invoices in multiple formats
- Speed up processing and validate data with two and three-way matching against POs and receipts
- Eliminate dual data entry with seamless invoice integration with Real Estate ERP and GL systems
- Gain clarity with invoices that can include multiple supporting images and related documents
- Mitigate fraud and ensure policy compliance by leveraging audit trails and configurable role rights, permissions, and workflows
When it comes to invoice submission, we know that buyers and suppliers have varying preferences. We designed our payables solution with the flexibility to support multiple invoice submission formats, which means we can work with your existing process or help you optimize your invoice receipt and indexing. Once invoices are uploaded into Nexus, images of these documents are available for reporting and can be integrated back into any GL or accounting system. Supported submission formats include e-mail, electronic submission via our supplier portal (NexusConnect), electronic invoice data receipt (E-Invoice), and self-scanning. If you prefer to outsource all invoice receipt and processing, we also offer our BPO Services Bureau option.
Supplier Portal – Nexus allows suppliers to easily submit electronic invoices via a secure website. Suppliers can then view real time invoice status and payment information, which dramatically reduces the time your AP Department spends responding to supplier calls and emails. The Supplier Portal is free of charge for your suppliers.
E-Invoice – Invoice Data Receipt – Electronic submission is the most efficient and cost-effective way to receive invoices from suppliers. E-Invoice makes it easy for large organizations to receive and process electronic invoices, and eliminates the need for paper handling and processing. This is typically attractive to larger suppliers that have the technical capabilities to provide E-Invoice submission.
Self Scan – In-House Scanning – Self-scanning allows your organization to digitize paper invoices that arrive at your offices. Invoices can be scanned and indexed into Nexus where they’re then automatically routed for PO matching and approval.
BPO – Invoice Receipt and Processing Service Bureau – BPO allows you to outsource your entire supplier invoice mail receipt, scanning, and indexing function to Nexus. BPO is a full-service, SSAE 16 Type II certified processing center that acts as your accounts payable (AP) mailroom. Our team receives invoices on your behalf via email and/or a dedicated lockbox. We utilize Optical Character Recognition (OCR) to scan these invoices and then index them into Nexus for you.
The robust workflow engine in Nexus lays the foundation for strong control of your accounts payable. Powerful and highly configurable invoice workflow capabilities allow you to accelerate approval processes and decision-making; eliminate manual activities and tasks; and help ensure compliance, control, and accountability. Workflows can follow linear or concurrent approval and exceptions resolution paths, and provide the flexibility you require by mixing and matching properties, rules, and roles for an almost infinite number of configurations. Configuring workflows doesn’t require time-consuming training, costly professional services, or custom-coding so anyone familiar with your business requirements can quickly and easily establish workflows in Nexus.
Invoice approval workflows in Nexus allow Real Estate organizations to:
- Gain full control by routing invoices to match your exact specifications, using data points that can include entity, vendor, user, role, dollar amount, GL code, over-budget amount, job code, and contract
- Save time for your AP Team with automated approval and exceptions routing
- Eliminate bottlenecks by allowing multiple individuals to simultaneously review invoices
- Reduce delays and potential late fees with on-the-fly workload balancing, automated reminders to approvers, and escalation of unapproved invoices
- Mitigate risk and simplify audits with detailed logs and dynamic management of permissions and roles
- Accelerate payments with our OnTheGo app, which allows you to approve invoices anywhere, anytime using a mobile device
- Scale business by accommodating higher invoice volumes without needing to add additional staff
Mobile Invoice Processing
Nexus OnTheGo puts the power of your AP Automation Solution right in the palm of your hand, allowing you to manage your accounts payable from anywhere at any time. This mobile app connects to your Nexus application, providing quick access to mission critical accounts payable data. It’s designed to provide an intuitive experience for managing invoices, purchase orders, lists, and receipts.
With Nexus OnTheGo, you can:
- Conduct business anywhere, approving or rejecting invoices from the field and accessing any PO or vendor data you need
- Expedite invoice approvals and payments, keeping your suppliers happy
An Integrated Payments Solution
Paying invoices is arguably the most important step in the payables process. Despite this fact, payments remain one of the most time and cost intensive elements of P2P. This is attributable to Real Estate’s reliance upon paper checks. Automating payments – this crucial final component – can give rise to many operational and financial benefits for both you and your suppliers.
Nexus provides an integrated payments solution within NexusConnect, our Real Estate specific supplier network. NexusConnect allows you to receive electronic invoices, send payments, and view real time payment data. All supplier enrollment and payment data flows seamlessly through your GL and NexusPayables systems. We also offer multiple payment methods that generate revenue, give you flexibility, and are attractive to a wide range of suppliers.
Payment methods include:
- Virtual Credit Card: secure, one-time use virtual card number
- ACH: direct payment between your bank account and the bank account of your supplier
- Outsourced check: paper checks that are printed and mailed by Nexus
Nexus allows you to outsource 100% of your AP payments, eliminate costly, inefficient manual processes, strengthen supplier relationships, and generate revenue.
With NexusConnect and Payments, Real Estate Organizations can:
- Drive operational efficiencies by eliminating paper checks and simplifying bank reconciliations
- Reduce supplier inquiries with real time payment status reporting
- Resolve unsettled supplier transactions with automatic escalations
- Strengthen supplier relationships by allowing them to better manage cash flow, receive payments faster, and access enhanced remittance data
- Improve your bottom line by eliminating manual processes and generating revenue from electronic payment methods
Our robust, out of the box reporting options are built upon our expansive Real Estate industry knowledge. Reports in Nexus provide real time access to purchasing and spend data across your organization and allow you to monitor purchasing trends, approval times, accruals, and budgets to make informed purchasing decisions. If your business calls for organizing and displaying information in a unique way, our flexible Self-Service Reporting Tool will allow you to easily design your own custom reports using drag and drop functionality to select fields and organize columns.
Make AP reporting easier for all users across your organization:
- Property Managers will have access to property purchasing and invoice details to practice better spend control
- Regional Managers will have access to spend across their portfolio and can easily monitor user and purchasing activity
- Accounts Payable staff will be able to easily create CAM reports, audit reports, GL accrual reports, and more
- IT/Admin staff will have access to reports on system and user configurations and can monitor system changes
- All stakeholders will be able to easily retrieve invoice images through our bulk PDF extraction process to quickly create complete reporting packages
Our Reporting Module Enables Real Estate companies to:
- Provide clarity to stakeholders with reports on activity by supplier, property, GL account, date range, and more
- Gain operational visibility with our Self-Service Reporting Tool, which allows you to view and sort data exactly as you need it
- Eliminate the inefficient process of making copies or printing invoice images separately by including invoice images as part of your reports, simplifying construction draw reports, CAM packages, and audit requests
- Monitor user activity through created by user or approved by user filters
- Ensure timely invoice approval by monitoring who has items in their queue for approval
Types of Reports
Nexus offers standard system reports to help you maintain a tight rein on your cash flow, accounts payable, and purchasing. These include:
Cash Management Reports – Quickly and easily measure monthly accruals and track the days outstanding and aging of unpaid invoices. These reports help ensure your cash management success.
Key Performance Indicator Reports – Readily monitor the stage of approval of a particular PO or invoice. Access metrics such as the elapsed time from scanning an invoice, transferring it to your general ledger system, and making payments. This information enables management to take steps to optimize team performance by identifying and quantifying previously hidden bottlenecks.
Purchase Order, Receipt, and Invoice Activity Reports – Monitor and analyze all purchasing and invoice activities at the transaction level and view specific details of how POs and invoices are being allocated. You can also view POs and invoices by status, creator, and several other variables.
Vendor Activity Reports – Negotiate discounts with vendors based on spend history, generate details of vendor insurance certificates, and track which vendors require a 1099 with this series of reports.
Security Reports – Enhance internal controls with these reports. For example, the Active User Report displays individual user activity such as last access date. Other reports show the role rights of your user groups, what workflow rules are set up in the system, and how invoices have been reclassified after payment.
Custom Reports – Create your own reports using our Self-service Reporting Tool if you cannot find a standard report that suits your needs. This tool employs easy drag and drop features to select fields and organize columns to satisfy your requirements. These reports can be saved and shared with different users.
The One-Stop-Shop for You and Your Suppliers
We understand that supplier management remains a challenge for Real Estate companies. You must maintain and coordinate with a vast and complex network of suppliers. Your AP team must also field time-consuming, cumbersome requests regarding the status of invoices and payments, as suppliers lack this visibility. While there’s an opportunity to streamline supplier exchanges through online collaboration portals, efforts to enroll suppliers have traditionally failed either because clients are unable to allocate a resource to focus on doing so or suppliers don’t understand the benefits of these portals.
NexusConnect addresses these challenges – this intuitive online portal enables buyers and suppliers to electronically submit and track invoices, send and receive payments, and upload and review compliance documents. Both parties can interface with an entire network of business partners within one portal and, with just a few clicks, link to one another to send or receive POs, invoices or payments. Our Real Estate focus allows us to attract a large population of suppliers and adds a viral element to the network. In fact, you’ll find that many of your suppliers are likely already utilizing NexusConnect.
NexusConnect is the One Stop Shop for You and Your Suppliers
- One place for electronic invoicing, compliance, and payments
- One platform for easy supplier enrollment
- One account profile with access to multiple suppliers
- One community built for Real Estate
With NexusConnect, your organization can:
- Go paperless and eliminate time consuming manual processes with electronic PO, invoicing, and payment capabilities
- Increase supplier visibility with on demand access to invoice and payment status and detailed payment remittance information
- Generate revenue with attractive electronic payment options
- Organize information by gathering and storing compliance documentation in one place
NexusConnect offers suppliers information, insight and interconnectivity at no cost to them.
Supplier Adoption Toolkit
The First Step Towards Better Buyer-Supplier Collaboration
We’ll provide you with a proven playbook and best practices to encourage your suppliers to adopt NexusConnect. This is a consultative program driven by your goals and needs as a customer.
- Plug and play solution to communicate the compounding value of NexusConnect to your suppliers
- Accelerated supplier onboarding with exclusive email templates and call scripts
- Identification and prioritization of key suppliers to target for enrollment
- Regular Nexus check-ins to review insights and learnings from supplier rollout campaign
- Intuitive portal experience to facilitate supplier self-enrollment
- Post-onboarding supplier support provided by Nexus via email and 800 number