Purchasing To Payment: An Executive Guide To A Comprehensive Order-To-Cash Saas Solution
PURCHASE TO PAYMENT
todays increasingly competitive global marketplace requires organizations to be agile and cost-conscious while ensuring accurate accounting. Achieving these goals is challenging without comprehensive suite of finance software applications. Fortunately, enterprise software providers offer comprehensive SaaS solutions for order-to-cash processes that help organizations manage purchasing effectively and efficiently.
This guide looks to explain how comprehensive purchase to payment (P2P) solution simplifies the manual process of ordering, receiving, paying for, and managing expenditure. It will provide an executive-level overview of this modernized order-to-cash automation technology and the associated benefits.
Overview
Operating in digital economy calls for organizations to innovate and modernize their processes, including purchasing and payments. comprehensive P2P software solution automates the order-to-cash process end-to-end, helping to reduce expenses and prevent costly errors while also providing greater visibility into an organizations finances. Additionally, with an integrated system, users are able to track requisitions as they make their way through the system and access analytics for valuable insights into spending habits.
Purchase To Payment: What Is It?
A modern P2P solution streamlines the traditional purchasing process from order to cash utilizing set of integrated applications. The software automates the requisition, procurement and payment process as follows:
Requisitioning: An organizations requisitioners submit their requests into the system, attaching relevant documents and other details. The system notifies the relevant parties and gives them the ability to approve or reject the request.
Procurement: Once requisition is approved, the system creates purchase order and assigns it to an authorized purchaser. It then triggers the entire procurement process, including sourcing, supplier selection, negotiation, and order management.
Payment: Once supplier is approved and goods/services are received, the system then creates an invoice and triggers automated payment.
Benefits
A comprehensive P2P solution offers various benefits to the organization:
?Reduced costs: By automating the manual process of ordering, receiving, paying for, and managing expenditure, organizations save time, money and resources.
?Greater efficiency: Automated workflows drive more efficient processes, help to reduce errors, increase visibility, and keep track of documents.
?Improved visibility: Organizations gain comprehensive view of their financial state and can access real-time insights into the supplier network and compliance status.
?Increased control: The system has built-in role-based access controls that give administrators complete control over the entire process.
Conclusion
Organizations that leverage modernized order-to-cash automation technology such as comprehensive P2P solution significantly reduce costs related to ordering, receiving, approving and paying for goods and services. Moreover, with greater visibility into finances and full control of the process, they can make better-informed decisions to foster continued growth.
