Procure-to-pay
Procurement and Payment Management
The Procure-to-Pay (P2P) process integrates purchasing and payment activities in a streamlined system. It begins with procurement, where goods or services are requested, ordered, and received. Following this, the invoicing, validation, and approval processes occur, leading to the final payment to suppliers. Automation and digitization in P2P ensure smoother, error-free transactions, facilitating global management of purchases, payments, approvals, and supplier interactions for enhanced operational efficiency and transparency.
Stages involved in the process are:
Selecting goods and services
Enforcing compliance and order
Receiving and reconciliation
Invoicing and payment
Our proficiency to strengthen your process
Step 1 Need identified
The need for a product or service is identified by the organization.
Step 2 Request handling
A formal request is made for the goods or services to be procured.
Step 3 Purchase order issued
After approval, a purchase order is issued to the supplier based on the purchase requisition by relevant management.
Step 4 Goods receipt
The supplier delivers the requested goods or services and the relevant goods or services receipt is created.
Step 5 Invoice received
The supplier’s invoice is submitted and entered into the processing system to proceed.
Step 6 Invoice processing
Invoices cross-checked with POs and receiving docs; PO-less invoices reviewed for approval.
Step 7 Accounts payable
Approved invoices are passed to accounts payable who release the final payment.