A well-designed P2P process ensures efficient and transparent processing from ordering to payment. It ensures compliance, cost control and strengthens supplier relationships through timely payments and clear communication. A user-friendly ordering process streamlines purchases, enhances compliance and minimizes errors.
In addition, an effective P2P process optimizes working capital management and improves cash flow, providing more liquidity for growth and innovation.
What is Purchase-to-Pay?
Purchase-to-pay, also known as Procure-to-Pay, is the integrated process that includes the steps from initiating an order request to final payment to suppliers. This process is designed to streamline purchasing and payment activities within an organization, ensuring efficiency, accuracy, and transparency.
In a good P2P process, there are:
... Your manual tasks are minimized because orders and invoice processes are automatically linked.
... You have full transparency about all transactions and compliance with contracts, internal policies and external regulations. Without effective Purchase-to-Pay, the usefulness of contracts is lost.
... The supplier relationships are well managed, which ensures reliable collaborations and optimal conditions.
This allows you, as an organization, to prepare for the challenges that are currently at play. By freeing up time through automations and transparency in the invoice flow, there is more time to determine the role of the purchasing function in the new sustainability legislation (CSRD/CSDDD). And with clear financial insight, you can devise strategic measures regarding the new VAT legislation VAT in the Digital Age (ViDA)
Do you want to respond quickly to regulations or opportunities? In this case, you need more than people with the right knowledge. You also need the tooling and processes that provide them with information with which they can apply their knowledge. We are happy to help your organization with that.
