Question
The Bookkeeping Dashboard provides a centralized place to manage vendor information, which is crucial for businesses of all sizes. It allows defining the vendor name, category, product, and contact information. This is particularly useful for companies that deal with a large number of suppliers and use numerous SaaS applications. While it's not specified how global companies like Apple or Google manage their vendor information, they likely use a similar centralized system, possibly with more advanced features due to their scale and resources.
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On the Vendors tab, define the vendor name, vendor category, vendor product, contact name and contact information of all the vendors you do business with. Based on research from the Hackett Group, the average company has 3,000 suppliers per $1 billion in spend, and major companies can easily have hundreds of thousands of suppliers. These aren't just physical goods. Another report found that the average company uses between 40 and 60 SaaS applications, while enterprise businesses could have up to 364 apps. Even companies with fewer than 50 employees use an average of 16 SaaS apps. So no matter your size, it's crucial to have a database to manage all your vendor information in one place.
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