Use modern Procure-to-Pay (P2P) software
to prioritize value creation and cost savings

P2P can provide insights in real time, reduce cycle time and improve cash flow.
It can also improve the entry rate of new employees and make it easy to implement best practices.

The P2P process works well for goods and services that are already optimally sourced, and whose vendors have master data files in the buyer’s procurement system. P2P generally has the following process flow:

  • Demand: An individual inside or outside the procurement team recognizes the need for goods or services and begins the process of obtaining them.
  • Requisition: A purchase requisition is created and routed for review and approval. Ideally, the ordering party uses an eProcurement solution to select from a pre-approved set of vendors and specific goods and services that adhere to best pricing and terms for that specific need.
  • Purchase Order (PO): The purchase requisition is used to create a purchase order, which is sent for review and approval. Upon approval, the purchase order is sent to the corresponding vendor, becoming a legal contract once accepted.
  • Goods and Services Received: For goods, orders are reviewed and, ideally, receiving paperwork is automatically cross-matched to the corresponding PO. Any exceptions generate returns, refunds, or additional documentation as required by circumstances.
  • Invoicing: The vendor’s invoice is received and checked against the purchase order and receiving paperwork. Exceptions are noted and processed as events warrant. Properly reconciled invoices are routed for payment.
  • Payment: The accounts payable (AP) team issues payment and updates the accounting records to reflect the transfer of payment in exchange for goods/services.

But in cases where a need is recognized, but a company doesn’t have a satisfactory source for the particular goods and services required, leveraging the Source-to-Pay (S2P) process can help. See our S2P Kanban template.

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