Products > Procure To Pay (P2P) > Procure to Pay Software
Procure to Pay Software
Improve efficiency and financial control by automating purchasing and payment processes.
Oversee relationships, contracts, and performance of external suppliers for goods or services to ensure:
Supplier Relations: Manage vendor relationships to ensure quality, reliability, and compliance with contractual obligations.
Cost Management: Negotiate pricing, terms, and conditions to optimize cost-effectiveness and value.
Risk Mitigation: Identify and mitigate risks associated with vendor dependencies and supply chain disruptions.
Vendor Management
Generate, manage, and send bills or invoices to customers for products or services using technology-based systems for:
Revenue Collection: Facilitate the collection of payments from customers for goods or services provided.
Financial Management: Track and record transactions, ensuring accurate financial reporting.
Customer Relationship: Provide transparency and clarity in financial transactions, enhancing customer trust.
Billing & Invoicing
Use software and tools to guarantee adherence to industry regulations, legal standards, and internal policies and to ensure:
Regulatory Adherence: Ensure that the organization complies with relevant laws and regulations.
Risk Management: Identify, monitor, and mitigate compliance risks.
Audit Preparation: Facilitate the creation and maintenance of documentation required for audits.
Compliance Management
Manage contracts from creation through execution, renewal, and termination to provide:
Visibility: Provide transparency into contract status and obligations.
Compliance: Ensure adherence to contract terms and regulatory requirements.
Efficiency: Automate workflows to streamline contract management.
Contract Lifecycle Management
Generate and distribute financial statements and reports to stakeholders, regulators, or internal teams to provide:
Transparency: Provide accurate and timely financial information.
Compliance: Meet regulatory requirements and standards.
Decision Making: Support informed decision-making based on financial data and trends.
Financial Reporting
Provide a visual interface that consolidates key metrics, data points, and performance indicators relevant to a user's role for:
Purpose:
Data Visualization: Present complex information in a digestible format.
Decision Making: Facilitate real-time insights and informed decisions.
Monitoring: Track performance against goals and benchmarks.
Activity Dashboard
Send automated messages about important events, changes, or issues within a system to:
Inform Users: Keep users updated on relevant events or actions required.
Enhance Security: Warn about potential security threats or breaches.
Maintain Performance: Notify about performance issues or system failures.
Alerts & Notifications
Manage and oversee the approval of requests, changes, or actions within a technology infrastructure in order to:
Ensure Compliance: Make sure that all actions meet organizational policies and regulatory standards.
Maintain Quality: Ensure that changes or actions are reviewed and meet quality standards before implementation.
Enhance Security: Prevent unauthorized or potentially harmful changes by requiring approval.
Approval Process Control
Handle invoices, including receipt, verification, approval, and payment, either automatically or manually for improved:
Efficiency: Speed up invoice processing cycles and reduce manual errors.
Accuracy: Ensure invoices are processed correctly and on time.
Cost Savings: Minimize late fees and improve cash flow management.
Invoice Processing
Oversee the acquisition of goods, services, or resources required for business operations or projects for:
Cost Efficiency: Negotiate competitive pricing and terms to reduce procurement costs.
Supply Chain Management: Ensure timely delivery and availability of necessary resources.
Vendor Relations: Manage relationships with suppliers and vendors to ensure quality and reliability.
Procurement Management
Purchase Order Management
Create, approve, track, and manage purchase orders for improved:
Procurement Control: Control and track procurement activities to ensure compliance with budget and procurement policies.
Inventory Management: Update inventory levels based on incoming orders and deliveries.
Supplier Relations: Manage relationships with suppliers through timely order processing and fulfillment.
Capture, process, and make information available immediately or near-instantly for analysis or decision-making utilizing:
Timeliness: Enable quick responses and actions based on current information and trends.
Accuracy: Provide up-to-date and accurate insights into business operations or market conditions.
Operational Efficiency: Support real-time monitoring, reporting, and management of critical processes.
Real-Time Data
Manage suppliers, contracts, and performance for optimized:
Supplier Selection: Identify and select suppliers based on criteria such as quality, cost, and reliability.
Performance Evaluation: Track and evaluate supplier performance against agreed-upon metrics and SLAs.
Risk Mitigation: Manage supplier risks and ensure continuity of supply through effective supplier relationships.
Supplier Management
Design, automate, and optimize business processes and workflows for improved:
Process Automation: Automate repetitive tasks and activities to reduce manual effort and human error.
Task Prioritization: Assign and prioritize tasks based on deadlines, dependencies, and resource availability.
Visibility: Provide transparency into workflow progress and bottlenecks to facilitate continuous improvement and decision-making.