Procure-to-Pay solutions use a scan-and-capture service, supplier portal and/or a multi-enterprise network to enable suppliers to submit invoices electronically. ![]() They incorporate control, verification, validation and document management activities, thereby allowing companies to exercise greater control over their purchases and improve their efficiency.įrom a technological point of view, Gartner defines Procure-to-Pay as follows: "As its name implies, a Procure-to-Pay (or Purchase-to-Pay) system is a fully integrated solution designed to support an end-to-end process that begins with goods and services requisitioning and ends with ready-to-pay files for upload into an accounts payable system. Procure-to-Pay solutions involve presenting suppliers' products to users (by means of Punch-Out catalogues, e-catalogues and APIs) and then digitising, automating and enhancing the procurement and financial processes identified above. What do Procure-to-Pay solutions involve? ![]() The following activities can be found between these two stages: The Procure-to-Pay process generally ranges from looking up products through to updating the accounts payable. The term Procure-to-Pay, also known as Purchase-to-Pay or P2P, covers three main processes in the procurement lifecycle: requisitioning, purchasing and payment. Steps in a procure-to-pay cycle need to be executed in a strict order. It involves a number of sequential stages, ranging from need identification to invoice approval and vendor payment. Procure-to-pay process is the coordinated and integrated action taken to fulfill a requirement for goods or services in a timely manner at a reasonable price. In simple terms, the Procure-to-Pay process is how an organization purchases the raw materials and services needed to do business. « Back to Glossary Index What is Procure-To-Pay Process?- Definition
0 Comments
Leave a Reply. |