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An Introduction to P2P and Spend Management

As teams embrace hybrid working and prices increase many companies are looking for ways to streamline their AP and purchasing processes.  Fortunately, there are lots of great tools already out there. You may even be already using one!  Whether you're looking to get onboard or to ensure you're making the most of your existing software we're here to help. To that end we're planning a Procure to Pay (P2P) series.  We'll start with some FAQs for those looking to automate their AP process then dig into the actual implementation process, how to prepare your team for the transition, and then into the exciting new tools available such as bill pay and vendor credentialing.  If this sounds like your cup of tea, please bookmark this page and check back regularly as this will be a multi-part series.

Fundamentally it's the business process of buying and receiving goods or services and then paying for them. Seems simple but think about how many purchases your business makes each day or week or year.  This all adds up quickly. That's why just about every ERP system out there provides a suite of Procure to Pay services and software to automate this process.  Also called eProcurement systems, these products usually contain a combination of the following modules and allow you to design a suite to fit your company's needs.

What is P2P (Procure to Pay)?

What is Spend Management?

Spend management is the process businesses use to monitor, control, and analyze these costs.  As companies implement eProcurement systems with high level reporting and performance tracking, the process of buying goods becomes not just a day-to-day task operational task but a strategic one. Companies that implement spend management successfully plan both their purchasing policies as well as spending controls.

How will implementing a P2P or eProcurement system benefit my Company?

To learn more about these benefits please follow us on LinkedIn or Twitter.  Part 2 in this series will be out shortly.

 

  • Vendor Credentialing

  • Integrated Vendor Catalogs

  • Purchase Orders and Receiving

  • Invoice Management (Scanning, coding, and approval workflows.  Often integrated or outsourced)

  • Automated and Outsourced Vendor Payments

  • Supplier Portals

 

  • Saved time and costs

  • Improved visibility and control

  • Reduced fraud risk

  • Speedier and simplified auditing 

  • Reduced mistakes

Benefits include:

Accountant