Procure-to-Pay

Cut the cost and waste out of your procure-to-pay cycle.

The more you automate your financial processes, the more time and money you save.

You get fast, simple, and hassle-free accounts payable automation, streamlining your entire procure to-pay cycle for easier purchasing, faster processing of supplier invoices, and reliable payments.

What is Procure-to-Pay?

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.

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The benefits

You succeed when you have strong relationships with your customers and a clear view of cash flow. When you automate the procure-to-pay process with Corcentric, you get both, plus much more. More and more businesses are recognizing the intrinsic value in procure-to-pay software. The Remittance Coalition found that 92 percent of businesses are interested in increasing the volume of payments that they make electronically.

The revenue-driving, cost-saving results of automating the procure-to-pay process include:

  • Time and cost savings from eliminating manual tasks
  • Accelerated processes by removing bottlenecks
  • Greater control of outgoing cash flow
  • Improved visibility of suppliers
  • Clear audit trail for SOX compliance and internal audits
  • Analytical transparency from easy-to-read dashboards
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