Posted in Procurement Automation

How Purchase Order and Purchase Requisition Templates Help Your Business Succeed

Purchase orders (PO) and purchase requisitions are extremely common documents that practically every business uses. They help businesses control costs, ensure that employees cannot bypass business standards and that the business gets the best possible deal. Problems are easier to track down. If the vendor delivers the wrong items, the signed copy of the purchase order proves what the business actually ordered.

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Posted in Procurement Automation

How to create a purchase order process that meets real business requirements

Purchase order and invoice processing are basic functions every organization performs as part of its day-to-day operations. Employees in the finance department handle POs, get them signed, send them out to vendors and process related invoices on a routine basis.

These processes can often have complex business requirements:

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Posted in Procurement Automation

How to optimize purchase order processing. Hint – Stop using Excel!

Organizations of every stripe – small businesses, schools & colleges, and even some large companies – continue to email Excel sheets to approve purchase requests and issue a purchase order. While that’s better than paper, Excel still has numerous disadvantages particularly in today’s mobile-centric, data-driven world. You need a fully digital solution.

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Posted in Procurement Automation

A Guide to Efficient Procurement Management

Digital procurement management

Let’s face it – even though procurement management is an essential part of successful businesses, it’s one of the most disorganized activities at many organizations.

More often than not, inefficient manual processes are the root cause of these challenges. These messy and wasteful processes causes delays, errors, and workarounds that result in much larger downstream issues such as:

  • Mismanaged supplier relationships
  • Delayed projects
  • Unnecessary legal costs
  • Overworked employees
  • Lagging stock price.
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Posted in Procurement Automation

Top 5 Priorities for Procurement in a 21st Century Business

Changing priorities for procurement

Procurement is a core operational function of any business. Without the ability to obtain the necessary materials, a business cannot manufacture its products.

Traditionally, procurement’s most important goal was to lower costs. However, the pace of modern business has accelerated dramatically. Today’s businesses also operate on a global landscape sourcing materials and selling products across the world. That’s forced procurement to become a digital, measurable function aligned with overall corporate priorities.

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Posted in Procurement Automation

Procurement vs Purchasing: What are the differences?

Procurement vs Purchasing vs Supply Chain Management – business people tend to use these terms interchangeably. While they are related and are all part of a company’s finance or accounting function, there are differences.

Let’s understand each one and the differences between them in more detail.

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Posted in Procurement Automation

Purchase Orders vs Purchase Requisitions – How Are They Different?

Purchase requisitions and purchase orders (“POs”) are both key documents in an efficient procurement process for any business. They allow teams to plan purchases adequately, plan budgets, and provide proof of spending in case of financial audits.

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Posted in Procurement Automation

Purchase Orders vs Invoices – What You Need to Know

People often confuse purchase orders (also known as POs) and invoices or use them interchangeably. In fact, they are two different documents that each serve their own purpose. Both are key elements of the procurement process for any business.

But what’s the difference between the two – and when would you use a PO vs an invoice?

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