streamlining-vendor-onboarding-and-invoice-approval-for-sportskeeda-with-refrens

Table of Contents

Introduction

Managing multiple vendors efficiently is critical for any large-scale operation. SportsKeeda, a leading digital sports media platform, collaborates with a diverse pool of freelancers and vendors—from content writers and editors to video creators.

However, as their vendor network grew, so did the inefficiencies. Their manual vendor management system led to delays, miscommunication, and compliance risks. The Operations team struggled with onboarding, while the Finance team faced ongoing challenges with vendor verification and invoice approvals.

To overcome these bottlenecks, SportsKeeda partnered with Refrens to implement an automated vendor management system. The result? Faster onboarding, streamlined invoice processing, real-time tracking, and seamless compliance management.

The Challenges: Where SportsKeeda Struggled

Before integrating Refrens, SportsKeeda encountered several roadblocks in vendor management:

1. Vendor Onboarding Was Slow and Inefficient

Vendors were onboarded through endless email chains, causing delays and confusion. There was no structured system to collect, approve, and store vendor details, making tracking and approvals highly inefficient.

2. Manual Vendor Verification Led to Frequent Delays

The Finance team had to manually verify PAN and bank details via emails – leading to frequent errors, missing data, and repeated follow-ups. This slowed down the entire process and delayed approvals.

3. Invoice Submissions Were a Mess

Vendors submitted invoices in different formats, leading to confusion, manual data corrections, and extended processing times. Missing details required constant back-and-forth communication, further delaying approvals.

4. Lack of a Clear Approval Workflow

Operations and Finance teams worked in silos, leading to miscommunication, approval delays, and bottlenecks in invoice processing. There was no structured process to track approvals.

5. Compliance Risks Due to Last-Minute Invoice Submissions

TDS filings had a strict 7th-of-the-month deadline, but vendors often submitted invoices at the last minute. This left little time for Finance to process and file tax documents, increasing the risk of non-compliance and penalties.

6. No Real-Time Visibility into Payments

Payments were manually tracked in spreadsheets, making it difficult to monitor pending and approved invoices. As a result, vendors frequently followed up for payment updates, creating unnecessary workloads for the Finance team.

The Solution: How Refrens Transformed the Process

To eliminate these inefficiencies, Refrens introduced a fully automated vendor onboarding and invoicing system, addressing each of SportsKeeda’s challenges.

1. Structured Vendor Onboarding & Approval Pipelines

➡️ Before: Onboarding vendors required multiple email exchanges, leading to delays.

✅ After: SportsKeeda now has customized onboarding forms, allowing vendors to submit their details in a structured way. These forms are linked to automated approval pipelines, ensuring that every vendor progresses through a systematic approval process without delays.

2. 1-Click Vendor Verification for KYC & Banking Details

➡️ Before: Finance manually verified PAN and bank details, encountering frequent delays.

✅ After: Refrens integrates directly with PAN and bank verification APIs, enabling 1-click KYC verification.

PAN validity, bank details, and account holder information are automatically fetched & verified – eliminating manual work.
Match Score System helps Finance validate if the provided PAN & Bank details align with official records.

3. Standardized Invoice Submissions With Pre-Filled Fields

➡️ Before: Vendors submitted invoices in different formats, leading to frequent errors.

✅ After: SportsKeeda now uses pre-filled Request for Invoice (RFI) links, ensuring that vendors submit standardized invoices with pre-approved & pre-filled billing details.

4. Multi-Stage Invoice Approval Workflow

➡️ Before: Approvals were scattered across teams, causing miscommunication and delays.

✅ After: A multi-stage approval pipeline now ensures smooth collaboration between Operations and Finance.

Ops verifies the work completed.
Finance validates invoice details and approves payouts.
Invoices are automatically categorized as Approved/Rejected.

5. Improved Compliance

➡️ Before: Vendors submitted invoices at the last minute, causing TDS filing issues.

✅ After: Automated workflows & invoice approvals ensure that invoices are submitted well before the filing deadlines.

6. Real-time Payment Tracking

➡️ Before: Finance manually tracked payments in spreadsheets, leading to delays and vendor follow-ups.

✅ After: A real-time payment dashboard provides the finance team with full visibility over pending, approved, and paid invoices.

Business Impact

🎯 70% Faster Vendor Onboarding with structured forms and approval pipelines.
🎯 99% Faster Vendor Verifications with 1-click Pan & Bank verifications.
🎯 100% Standardized Invoice Submissions, reducing manual errors and processing time.
🎯 60% Faster Invoice Approvals, ensuring seamless collaboration between Ops and Finance.
🎯 Full Transparency & Tracking, improving operational efficiency and reducing follow-ups.
🎯 Seamless Regulatory Compliance, eliminating last-minute TDS filing rush and risks.

Conclusion: A Smarter, Faster, and More Reliable Vendor System

By integrating Refrens, SportsKeeda transformed its vendor management system—shifting from a manual, time-consuming process to a fully automated and highly efficient system.

With automated onboarding, seamless approvals, and real-time tracking, vendor relationships are now more structured, transparent, and scalable.