What is procure-to-pay (p2p)?
Procure-to-pay process overview
Procure-to-pay is the process of integrating purchasing and accounts payable systems to create greater efficiencies. It exists within the larger procurement management process and involves four key stages:
- Selecting goods and services
- Enforcing compliance and order
- Receiving and reconciliation
- Invoicing and payment
Procure-to-pay management solutions create approval flows that ensure negotiated savings actually reach your bottom line.
Why is procure-to-pay important?
digitalising your procurement process with procure-to-pay software solutions can strengthen compliance and control among vendors, contracts, regulations, buyers, and accounts payable.
Because it helps organisations buy from preferred suppliers at negotiated prices without the manual paperwork and spreadsheet headaches, process automation with procure-to-pay software can:
- Actively control and improve global spend
- Consolidate most manual commerce processes to reduce errors
- Streamline catalogue maintenance, saving time and freeing up resources
- Rapidly enable the approval of new suppliers
- Drive savings to the bottom line to maximise the value of sourcing negotiations
Gain valuable insights into essential procurement processes
digitalising procure-to-pay processes with today's software solutions can improve procurement management and establish control over global spending. It delivers quick ROI through catalogue and contract compliance and can identify areas of current and potential concern for further process optimisation.
Procure-to-pay software is the key to better compliance and spending control
Stay flexible and achieve procurement goals with scalable software that can be dialed up or down as you need different resources at different times. Procure-to-pay software can provide:
- Simple and elegant shopping experiences
- Efficient and effective integration with ERP systems
- Improved speed, usability, and performance of the procure-to-pay process
- Control over purchasing, including complex business services
- Flexible global processes, budget checking, and approvals with dynamic purchasing units
- Supplier, process, payment, budget, and approval management for operations anywhere in the world
- Best practices integrated within the context of the task at hand
- Seamless receipt and reconciliation processes
Make the case for change
Explore the five questions every CPO should be asking.
Get started with procure-to-pay
Manage all spend processes and ensure negotiated savings reach the bottom line.
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