The procure to pay process, which is fully digitized and automated, makes it very easy to manage procurement, approvals, compliance, payments and suppliers. In short, procure to pay is the process of integrating purchasing systems and accounts payable systems in order to work more efficiently. Procure to pay exists within the procurement management process and actually contains four major phases, namely: selecting goods and services, enforcing compliance and order, receiving and reconciling, invoicing and payment. To strengthen compliance and control between suppliers, contracts, regulations, buyers and, for example, creditors, you can digitize your procurement process with procure to pay solutions.
How does procure to pay work?
Procure-to-pay process is the coordinated and integrated action taken to meet a need for goods or services in a timely manner and at a reasonable cost. It includes a number of sequential phases ranging from needs identification to invoice approval and supplier payment. Steps in a procure-to-pay cycle must be performed in a strict order. The steps are as follows:
Benefits procure to pay
Procure-to-pay systems are designed to give organizations control and visibility across the entire transaction lifecycle, providing complete visibility into cash flow and financial liabilities. Most companies using these systems are looking to centralize their purchasing department, or to set up a shared services organization for the same purpose.
Optimise your procure to pay process
Our procure-to-pay (P2P) services will help organise your entire ordering process more efficiently, from order to payment. Reduce manual and paper work, as well as maverick buying. Trim down your supplier catalogue up to 80% and lower your TCO. Get a grip on your procure-to-pay process. Need advice? Contact us for the best procure to pay advice! Also for Source to pay we can give you advice.
Previous Post: 5 reasons why you should be renting a house in Aruba