These processes (such as purchasing, accounts payable and travel and entertainment) are typically highly manual with few controls and no end-to-end process. Making payments efficiently, cost effectively and accurately are pivotal to every well-managed finance function. For this purpose we need to control the corporate spending. Manual purchasing processes are time consuming and often lead to supplier account problems, over budget spending and an ever growing number of suppliers.
Purchase Management System
Our Purchase Management automation delivers the following workflow process:
- The creation of a request to buy (requisition)
- A formal purchase approval process with configurable workflow
- Real time budgeting at requested generation and purchase order approval
- Automatic purchase order generation
- Optional receipting of goods and services
- Purchase invoice capture with automated matching to PO and receipting
- Electronic approval plus automatic posting to the ledgers
- Capturing Request for payment and checking the same with payment terms mentioned in the PO
- Capturing release of payments
Purchase automation ensures that every purchasing transactionâ€™s current status is instantly visible to all involved, removing the endless paper trail which is particularly beneficial for multi-location businesses.