The Procure-to-Pay (P2P) is an end-to-end process starting with requisitioning goods and services and ending with making payments for them.
The 7 Steps Procure-to-Pay process involves:
- Raising the Purchase Order
- Vendor confirmation of Purchase Order
- Advanced Shipment Notice
- Receipt of Goods
- Submitting Documents to Finance
- Vendor sending Invoice to Customer
- Final Payment to Supplier
This apparently simple process can be complex due to legacy systems, and errors from manual entries, leading to unnecessary costs. Implementing an Procure-to-Pay cycle can provide an opportunity to bring efficiency to the process and save costs.
With Tangentia’s EDI, Automation, and Ecommerce services, we can provide a complete streamlined Procure-to-Pay process for the Global enterprise.
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