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With a digitalized and automated procure-to-pay process, you can easily manage buying, approvals, compliance, payments, and suppliers on a global basis.
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Procure-to-pay process overview
Procure-to-pay is the process of integrating purchasing and accounts payable systems to create greater efficiencies. It exists within the larger procurement management process and involves four key stages:
- Selecting goods and services
- Enforcing compliance and order
- Receiving and reconciliation
- Invoicing and payment
Procure-to-pay management solutions create approval flows that ensure negotiated savings actually reach your bottom line.
Why is procure-to-pay important?
Digitalizing your procurement process with procure-to-pay software solutions can strengthen compliance and control among vendors, contracts, regulations, buyers, and accounts payable.
Because it helps organizations buy from preferred suppliers at negotiated prices without the manual paperwork and spreadsheet headaches, process automation with procure-to-pay software can:
- Actively control and improve global spend
- Consolidate most manual commerce processes to reduce errors
- Streamline catalog maintenance, saving time and freeing up resources
- Rapidly enable the approval of new suppliers
- Drive savings to the bottom line to maximize the value of sourcing negotiations
Gain valuable insights into essential procurement processes
Digitalizing procure-to-pay processes with today’s software solutions can improve procurement management and establish control over global spending. It delivers quick ROI through catalog and contract compliance and can identify areas of current and potential concern for further process optimization.
Procure-to-pay software is the key to better compliance and spending control
Stay flexible and achieve procurement goals with scalable software that can be dialed up or down as you need different resources at different times. Procure-to-pay software can provide:
- Simple and elegant shopping experiences
- Efficient and effective integration with ERP systems
- Improved speed, usability, and performance of the procure-to-pay process
- Control over purchasing, including complex business services
- Flexible global processes, budget checking, and approvals with dynamic purchasing units
- Supplier, process, payment, budget, and approval management for operations anywhere in the world
- Best practices integrated within the context of the task at hand
- Seamless receipt and reconciliation processes
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How does procure-to-pay software work?
Procure-to-pay (P2P) software helps make business-to-business buying smoother and faster by integrating with your enterprise resource planning (ERP) and financial systems. When you’re ready to purchase goods or services, the software guides you through the selection process with an intuitive user interface that helps ensure that your choices align with company policies. Once you place an order, the software automatically creates purchase orders and sends them for approval using customizable workflows. Upon approval, the system sends the purchase order to the supplier. The supplier can flip the purchaser order into order confirmations, shipment notification, receipts, and invoices.
After the order is placed, the system helps track delivery and handle receipts. Finally, procure-to-pay software can check invoices for accuracy by matching the delivery against the original purchase order and invoice before any payments are processed.
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