What Procure-to-Pay software can do for your organization
Automate the P2P process and integrate procurement teams with accounts payable to simplify buying, approvals, payments, compliance, and supplier management. Our P2P solution achieves frictionless purchasing, compliant spend, and streamlined payments.
Streamline Spend Management and Approvals with P2P Software
Implementing a procurement solution can optimize spend management, streamline your approval workflow, centralize contract management, strengthen supplier relationships, and improve business processes across purchasing. Because our Procure-to-Pay software is cloud-based, our solution is accessible at virtually any time from practically anywhere. Its built-in security means your team can utilize it safely without worrying about losing sensitive data.
An integrated Procure-to-Pay solution
“Procurement” is the name for both a department as well as the critical functionality needed to successfully run the department. It can also be called procure-to-pay, P2P, and purchase-to-pay.
This procurement process includes a number of constituent components that, when optimized and automated with our purchase-to-pay software, lets companies control spend, achieve purchasing compliance, and better manage the complete P2P continuum.
Our procure-to-pay solutions are uniquely aligned with the business processes of purchasing – from buying to invoicing to payments.
Procure-to-Pay accelerates the procurement cycle
Together, these procure-to-pay components comprise the entire purchasing process that procurement teams use to buy materials, products, and/or services required for manufacturing and conducting business. In short, P2P is a set of solutions businesses can use to control spend in the organization as far downstream as managing payment transactions.
P2P Optimization Made Easy: Integrated, Compliant, and Secure
Our P2P software solutions also seamlessly integrate data across procurement, sourcing, accounts payable, and other systems, like your ERP system. This creates a frictionless workflow process starting with supplier information to purchase requisition, purchase order, order receiving/fulfillment, invoicing, and payment. The workflow also provides robust security and complies with e-invoicing and privacy mandates.
Essentially, it creates more efficiencies across the procure-to-pay lifecycle and allows end-users full visibility into all the data they need to make important purchasing decisions. In that way, it’s both streamlined software for the procurement team as well as a management solution.
Catalog Management
Centralize catalogs and items into one simple interface
P2P catalog management integrates the internal/external catalog search experience to keep purchasing on-contract and on budget.
Purchasing or Requisitioning
The easier the purchasing experience, the more compliant your spend
Automate the purchase requisition/buying process and workflows with P2P software to create efficiency, accuracy, and compliance.
Purchase Order Management
Save time and money by streamlining procure-to-pay purchase orders (POs)
Going paperless with an automated purchase order process generates significant cost savings and reduces processing times.
E-Invoicing
Reduce cost, time, and errors inherent in manual paper-based processes
E-invoicing reduces AP workload, results in faster approvals, and increases profits. Corcentric’s P2P e-Invoicing Compliance solution offers a single source of integration and support for your compliance needs.
Invoice Management
Accelerate invoice processing productivity and payment
Automating P2P invoice processing improves visibility across the workflow, increases control and accuracy, ensures compliance, and eliminates manual process risk.
Payments and Financing
Digitize P2P payments to optimize your cash flow
Integrating e-payments into P2P means fast digital transfer of payments in real time from your systems directly into your suppliers.
Digital Procurement Transformation
Make your procure-to-pay more agile, responsive and resilient
Optimize P2P processes at each stage of P2P and the supply chain to eliminate inefficiency and maximize results.
Procure-to-Pay Transformation Services
Leverage your procure-to-pay automation software with experienced procurement professionals
Getting the most from P2P technology can benefit from expert procurement practitioners providing value-added process management.
Since 1996, Corcentric has provided customers a competitive advantage with the expertise of our team and advanced capabilities— and consistently earning industry recognition for it.
Streamline, automate, and optimize your procure-to-pay process
- Lower cost and improve working capital by ensuring that users are purchasing the right products and services from reliable suppliers at the best price.
- Streamline governance to improve buyer and supplier user satisfaction with P2P solutions.
- Enable business to become an agile organization that can grow and adapt as the business evolves.
- Minimize risks by ensuring compliance with organization and industry mandates.
- Integrate procurement contract ecosystem for monitoring performance, compliance, and risk mitigation.
- Comply with new European Union tax regulations thanks to Factor-X hybrid e-invoice formatting.
Procure-to-Pay FAQs
A good working model of the procurement (or purchasing) “lifecycle” starts with catalog management before moving on to purchase requests, contracts, request-for-quotes (RFQ), purchase orders (PO), goods receipt, e-invoicing, accounts payable (AP) workflow, and payments. In cases where RFQs have already been resolved and contracts enacted, P2P may begin with a requisition that generates a PO.
P2P is a process that starts with Procurement and encompasses the steps from the point where a request is made, an RFQ is posted, and a purchase order (PO) is issued, all the way to the invoice being paid. AP’s role in the P2P process begins when the invoice is received from the supplier. P2P requires collaboration between Procurement and AP to ensure accurate payments are made.
Our procure-to-pay software automates and optimizes all of the components within the P2P cycle, starting with catalog management and the requisition process, through purchasing (including electronic purchase orders), PO management, e-invoicing, invoice management, e-payments, and more. In addition, our Procure-to-Pay Transformation and Digital Procurement Transformation consulting services teams can work with you every step of the way to ensure your team is prepared to optimize your entire supply chain.
E-procurement refers to the software used to enable the purchase of goods and services electronically regardless of communication method, such as AS2, or data format, such as EDI or XML. E-procurement can also refer to the entire first half of the P2P cycle and can include catalog management and contract management. It does not include invoice approval and payments, the other half of the P2P cycle. That is handled by the AP department.
Procure-to-pay refers to the buyer-side procurement and accounts payable (AP) processes, from procurement issuing a PO all the way to AP verifying the invoice and issuing payment. Order-to-Cash is the supplier-side accounts receivable (AR) processes which start with PO receipt and includes shipment of product, invoicing the buyer, and receiving payment.
Companies that transform from paper-based P2P to digital P2P processes drive efficiencies and improve visibility, thus driving down costs, improving compliance, and enabling better decisions.
There is no difference; these are simply different terms describing the same process. P2P also falls into this description.
Factur-X is a type of hybrid invoice that can be read by both people and machines. They are most often presented as a PDF file with an embedded XML data file. As a result of new EU tax regulations, it will soon be compulsory for companies of all sizes to supply EU-compliant, Factur-X, e-invoices.
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