Purchase to Pay
The purchase to pay process, also known as procure to pay, is the process that covers all activities from purchase requisition to payment to the vendor, including all supporting documents. The process consists of many elements which are all important, such as sourcing, contracts, purchasing, goods receipt, invoicing, invoice processing and analytics. The purchase to pay process involves many different people from various departments, which makes the process time consuming and error prone.
The benefits of purchase to pay automation
Effective purchase to pay automation can improve your bottom line significantly and can help you to gain more control over your cash flow. A purchase to pay solution will help you to improve compliance and encourage collaboration (and integration) within the various departments. You will be able to control your spend and gain full spend visibility, while invoice processing is more efficient due to higher PO matching rates. A purchase to pay solution enables better communication with your vendors, including contract negotiations.
The possibilities and advantages are endless. A few examples..
Highest possible first time match of vendor invoices due to purchase order compliance where invoices are processed and paid automatically in time so that you can capture payment discounts.
Lower processing costs
Reduce your processing costs through process optimization and waste reduction. Simple and less handlings costs, eliminate double work, less reminders and no searching for information.
Spend under management
Get you spend under management to gain control. Getting your spend under management gives better supplier relationships, better cash flow forecasting and increased purchase order compliance.