Startup Idea: Automated Vendor Onboarding for Accounting System

Startup idea to streamline the vendor onboarding process in a major grocery retail chain's accounting system. Develop a secure, external-facing platform that enables vendors to carry out their own accounting setup, including data entry and bank info submission, by integrating it with the current Oracle PeopleSoft system. This will require a verification process to ensure authenticity of the vendor.

I work in the accounting department for a major grocery retail chain. We are currently having issues with onboarding new vendors into our accounting system. The process is very long and tedious and there is a lot of paperwork that has to be filled out and reviewed by my team, lots of back and forth between the vendors, the buyers, and our team.

There is also a lot of data entry, this is very time consuming and I believe there should be a way to automate this data entry process of entering new vendors into our system to set them up for EFT/ACH/Check payment.

Because the current system is internal facing ONLY, our vendors are not able to enter in their own bank info. So vendors have to fill out paperwork, and our internal teams takes care of the accounting setup.

It would be a huge process improvement if the accounting setup could be carried out by the vendor themselves, on a secure server, on an external facing platform version of our current system, Oracle PeopleSoft.

If vendor's could go through some sort of verification process, in which they verify they are the actual vendor, then they can enter their own bank info into our system. No need for it to be done internally any longer.