By default, Canopy comes pre-configured with two standards:
- Compliance Standard
- ERP Only Standard
The ERP Only Standard allows suppliers to be onboarded quickly, just collecting the information necessary to set them up on ERP and pay them.
In this article you will learn:
Key components of the ERP Only Standard
When to use the ERP Only Standard
Key components of the ERP Only Standard
The ERP Only Standard collects all the information necessary to pay a supplier. This means it collects only the key company details, relevant contact information, banking information and tax details.
The ERP Only Standard includes all the relevant settings to set the supplier up on ERP, including classification, payment terms, operating entities and currencies.
Because the ERP Only Standard is only interested in the information required for payment, it does not provide an assessment of supplier compliance.
The supplier will undergo a risk assessment against each risk type defined in Canopy, which will identify the potential risks the supplier poses to the business. However, the supplier will not be asked to provide any information to mitigate the risk.
When to use the ERP Only Standard
The ERP Only Standard is designed to onboard the supplier quickly for the purposes of payment. Best practice reserves the use of this Standard for two common use cases:
- One-off suppliers that do not meet a sufficiently high payment threshold, and
- Suppliers who need to be onboarded quickly, whereby you as the customer are prepared to accept the risk of non-assessment