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Supplier related
Demand & requisition
Sourcing
Purchasing
Delivery & logistics
Product & inventory
Invoice & payment
For teams
For industries
Workflows
SRM ROADMAP
e-PO
Compliance management
for ordering goods & services
for ordering goods & services
Approval
management
management
Communication
management
management
Delivery, inspection,
acceptance & return management
acceptance & return management
Warehousing
& inventory
& inventory
Settlement
enforces the specification of the following during PO creation and detects their deviations during PO execution:
- Terms and conditions of the order
- The list of which items will be purchased
- The quantity of each item
- The price of each item
- The delivery date for each item (or for the entire PO)
- The delivery location for each item (or for the entire PO)
PO approval is the flow of actions required from different stakeholders to validate a PO and bring it into effect. The process checks and balances to ensure the organizations:
- Spends within a budget limitation
- Complies with company spending policies
For any purchase order to be a legally binding contract, it must pass the approval process.
PO helps manage the orders and expectations surrounding a transaction. When a clear workflow is established, all parties will understand what happens at each step. This helps teams better communicate and clear up any misunderstandings along the way.
PO supports planning, organizing and managing the delivery and acceptance of goods and services. It also supports the inspection, storage, return and any movement of goods. This is a crucial aspect of any goods and services acquisition, as it affects the cost, quality and safety of the production or work.
PO allows you to take control of your inventory levels, minimize out-of-stocks, and sync warehouse stock levels with purchasing tasks. Whether you're a small business or an enterprise-level corporation, ensure efficient inventory control and smooth procurement processes.
Once an invoice is received from the supplier, will start the three-way matching process of the following to ensure the supplier has fulfilled their contractual obligation according to the details of the purchase order:
will start the three-way matching process of the following to ensure the supplier has fulfilled their contractual obligation according to the details of the purchase order:
- Purchase order
- Order receipts and/or packing slips
- Invoice
Once the series of checks are completed and the invoice is in fact payable, will generate a payment request to send to your payment system. After the payment is paid, will mark the invoice status as “already paid”.
will generate a payment request to send to your payment system. After the payment is paid, will mark the invoice status as “already paid”.
With purchase-order-based invoice verification, all the items of a purchase order can be settled together, regardless of whether an item has been received in several partial deliveries. Each goods receipt is settled separately. Invoices can be posted directly to G/L accounts or material accounts.
PO provides you the following additional functionality.
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Type & Rule Settings
– allows you to categorize your purchase according to your company’s purchasing categorization and set up the corresponding rules to ensure your company’s policies are properly enforced.
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Manual or Automatic Creation
– allows you to create your purchase order manually or automatically generate it from your purchase request.
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Payment Terms
– allows you to set up the payment terms in your purchase order so that subsequent invoices and payments can be automatically tracked.
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e-Signing & e-Chopping
– allows you to e-Sign and/or e-Chop your purchase order.
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e-Send to Supplier
– allows you to send the purchase order electronically to your supplier.
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e-Confirmation from Supplier
– notifies your supplier of the new purchase order and allows it to confirm the order and then notifies you.
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Delivery Planning and Confirmation
– allows you and your supplier to set up a delivery plan, make changes and confirm the (final) plan.
-
Rate Supplier Performance
– allows you to rate the supplier’s performance according to its ability to fulfill the order.
Benefits
Discount
Eliminate Mistakes
Handle Unexpected
Legal Protection
PO can help you to automatically combine different orders for the benefit of negotiating better discounts with suppliers based on the bigger volume of goods or services purchased. By committing to larger orders, your organization can secure lower prices and better terms from suppliers.
PO provides a record of exactly what you ordered and at what price to clearly communicate all the details of a purchase. Having documentation like this protects you from any mix-up when ordering, such as someone misinterpreting an order placed the phone.
Your team can reference PO any time there’s a disagreement about what was or should have been ordered. Having this documentation gives you an important tool for fixing goof-ups that happen within your organization as well as problems that come up between you and your suppliers.
PO can act as an early warning system for unanticipated expenses since there is a record of any expense as soon as the need for it arises.
PO brings upcoming expenses to light earlier. This helps with budgeting, planning, and communication between departments.
PO can act as a legal document. Having a written agreement regarding the prices and quantity of items in your order protects both you and the seller.
PO protects you by giving you a legal, enforceable record of exactly what you ordered. It also guards your company against unexpected price increases. If you receive the wrong quantity or type of items, or if you’re charged the wrong amount, you can go back to the purchase order to help resolve the issue.
Control Spending
Track Spending
Understand Suppliers
Improve Inventory
PO lets you control who is allowed to make purchases. By choosing who can access PO, you can prevent unauthorized people from placing orders without clearance.
Setting up automatically enforced policies in PO is a big step toward curtailing maverick spend. PO can also limit which product is purchased from which suppliers to make sure employees are placing orders from preferred suppliers.
With PO keeping all your purchasing information in one easy-to-search place, it’s simple to track where the money is going. In addition, PO updates information in real-time so you can always see exactly what purchases have been made.
Setting up PO gives you the tools needed to keep track of your suppliers. You will be able to easily store and sort information about suppliers, as well as set up policies about which items should be ordered from each supplier.
The documentation that PO provides also gives you insight into which suppliers are easy to work with and which ones are not. PO makes it easy to see if your suppliers fill orders accurately and on time or if they’re behind schedule and prone to mistakes.
Making a purchase is the first step in procuring inventory. And when you have PO, it helps with inventory management. PO allows you to inspect, accept and warehouse the products that you ordered and update the inventory counts.
