![]() Īccording to the Aberdeen Group, despite the availability of technology which can dramatically reduce the mountains of paperwork and inefficiencies plaguing accounts payable, few companies have addressed AP transformation like other processes essential to the business. Electronic capture records all the transactions making it easy to track them. There are steps to follow to complete the full process, this ensures there are reduced errors and frauds. ![]() Most of the companies using these systems look for a centralization of their procurement department, or to set up a shared services organization for the same purpose. Procure-to-pay systems are designed to provide organizations with control and visibility over the entire life-cycle of a transaction, providing full insight into cash-flow and financial commitments. Also, notions of production planning and forecasting are excluded from this definition since it relates to the supply chain management. Unlike source-to-pay systems, procure-to-pay systems do not include the function of sourcing. ![]() Some of the largest players of the software industry agree on a common definition of procure-to-pay, linking the procurement process and financial department. The P2P systems enable the integration of the purchasing department with the accounts payable (AP) department. Procure-to-pay (also known as Purchase to Pay (P2P)) is a term used in the software industry to designate a specific subdivision of the procurement process. ![]()
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