Today Sigma Sourcing announces an upgrade to the vendor payment processing module of its software-as-a- service hospitality procurement system. Following weeks of beta testing, Sigma now officially offers its clients the ability to accurately track every penny paid to and balances outstanding with vendors on every project. With this release, our clients receive exact accounting details such as sales tax paid, use tax accrued, freight, handling and overage charges incurred on every project. This eliminates the need for data to be tracked outside the Sigma Sourcing procurement software system, which means every balance reported for a vendor is the actual balance with that vendor.
FF&E purchasing companies can use Sigma Sourcing’s system to process invoices that have freight, overage or sales tax only. The system also includes the capability to process vendor credits that brings every balance to zero. If a PO is adjusted via the change order system, the purchaser can now process negative balances. The system also calculates additional sales tax on extra charges, assessed by vendors, which were not entered on the PO.
"With Sigma Sourcing, no ‘i’ goes undotted or ‘t’ uncrossed. All additional values are reflected in the balance on the Accounts Payable Report, allowing our clients to fully zero-out each and every project," says Sigma President and Founding Software Engineer Ben Gripka. "This newest enhancement to the Sigma Sourcing procurement software platform gives our clients a competitive edge when it comes to closing out projects."