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Procure-to-pay refers to the entire process that starts with procuring goods or services from a supplier and ends with payments being made to the vendor. The steps along the way include selecting the appropriate goods or services for purchase, ensuring compliance with company policies and legal requirements, receipt of the product or service, and finally, generating an invoice and making payments.
Historically, the entire procure-to-pay workflow relied on slow-moving manual processes and a great deal of paperwork; however, widespread modernisation has led to the creation of digital procure-to-pay solutions. Modern procure-to-pay solutions aim to automate and streamline the entire process using contemporary technology to support the procure-to-pay workflow. These solutions integrate with an organisation’s accounts payable system and support the entire P2P workflow, right from requisitioning goods and services to making payments to vendors and suppliers. A competent integrated procure to pay solution will allow vendors to submit electronic invoices rather than paper ones, ensure that invoices are legitimate to prevent invoice fraud, gather the necessary approvals from the accounts payable department, match purchase orders to invoices, and more.
Employing a digital procure-to-pay solution is a great way to speed up the entire process while also ensuring accuracy and usability. Benefits include more control over purchases, regular budget checks, budget management, smooth and seamless approval management, quick receipt and reconciliation processes, flexibility, assured compliance with established policies and laws, and more. Integrated procure-to-pay solutions also help to consolidate spend data. This data can then be analysed and used to craft appropriate spend management strategies. Procure-to-pay software solutions are also easy to scale up or down as required and can be efficiently integrated into a business’s existing ERP systems. Organisations that adopt modern process-to-pay solutions can expect to see greatly reduced P2P cycle times due to the elimination of time-consuming manual and paper-based processes.
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