A P2P system is a fully integrated and automated end-to-end business process, which starts with suppliers, continues with ordering and receiving, and ends with payment. The process begins with suppliers who offer products and services at negotiated and contracted prices. A business then initiates the automated shopping and ordering process for food, operating supplies and equipment (OS&E), services, and furniture, fixtures and equipment (FF&E). The generation of purchase orders, approvals, receiving, invoicing and payment are processed in the system, which ends with approved to pay invoice vouchers that are integrated into an accounts payable or ERP system.
The value is determined by asking the question: how big is the compliance gap between your current business performance and your desired business performance? Based on your company’s answer to this question will help determine the ROI, which is estimated to be 5% to 20%.
Improving business processes by streamlining and centralizing purchasing, accounting and inventory (and other modules available) not only saves money, but increases efficiency, visibility, control and compliance. Having on demand, real-time data, pricing and reporting enables better and more strategic decision making. A cloud-based solution ensures employees and management can access information anytime, anywhere.
Do you need help making a business case to incorporate procure-to-pay software? Email us for details!