Procure-to-pay (P2P) should be a smooth and reliable process of purchasing goods and services required by a business from point of order to payment. Too often, paper and manual processes slow things down. In accounts payable alone, paper has to be collected, categorized, sorted, scanned, copied, routed, processed, stored, and later retrieved … at great expense and with potential errors. In a manually operated AP department, it’s no wonder that an average of 62 percent of total costs are due to labor!
However, when Procurement and Accounts Payable departments use a cloud based procure-to-pay platform, they can collaborate to receive invoices, track purchase orders, acquire approvals, manage billing and receipt of goods, and make payments. The result is a smooth procure-to-pay cycle with a strategic, long-term return on investment.
How does Procure-to-Pay Work?
Automate your entire procure-to-pay process with ease, speed, and reduction in expense. The elements of the procure-to-pay cycle flow in a single, efficient stream:
When you start with a streamlined purchase order approvals process, you get faster PO-invoice discrepancy resolution and better end-to-end control of purchases. With a fully automated procure-to-pay process, you have control that reaches all the way through to payments. One of the many positive results is loyal suppliers, thanks to smart, punctual payments.