Maximize Savings: Smart PO Execution for Volume Discounts and Maverick Spend Control
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
8Manage 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)
8Manage 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.
8Manage 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.
8Manage 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.
8Manage 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, 8Manage 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, 8Manage will generate a payment request to
send to your payment system. After the payment is paid,
8Manage 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.
8Manage PO provides you the following additional functionality.
-
Type & Rule Settings
– 8Manage 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. -
Manual or Automatic Creation
– 8Manage allows you to create your purchase order manually or automatically generate it from your purchase request. -
Payment Terms
– 8Manage allows you to set up the payment terms in your purchase order so that subsequent invoices and payments can be automatically tracked. -
e-Signing & e-Chopping
– 8Manage allows you to e-Sign and/or e-Chop your purchase order. -
e-Send to Supplier
– 8Manage allows you to send the purchase order electronically to your supplier. -
e-Confirmation from Supplier
– 8Manage notifies your supplier of the new purchase order and allows it to confirm the order and then notifies you. -
Delivery Planning and Confirmation
– 8Manage allows you and your supplier to set up a delivery plan, make changes and confirm the (final) plan. -
Rate Supplier Performance
– 8Manage allows you to rate the supplier’s performance according to its ability to fulfill the order.
8Manage 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)
8Manage 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.
8Manage 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.
8Manage 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.
8Manage 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,
8Manage 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, 8Manage will
generate a payment request to send to your
payment system. After the payment is paid,
8Manage 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.
8Manage PO provides you the following
additional functionality.
-
Type & Rule Settings
– 8Manage 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. -
Manual or Automatic Creation
– 8Manage allows you to create your purchase order manually or automatically generate it from your purchase request. -
Payment Terms
– 8Manage allows you to set up the payment terms in your purchase order so that subsequent invoices and payments can be automatically tracked. -
e-Signing & e-Chopping
– 8Manage allows you to e-Sign and/or e-Chop your purchase order. -
e-Send to Supplier
– 8Manage allows you to send the purchase order electronically to your supplier. -
e-Confirmation from Supplier
– 8Manage notifies your supplier of the new purchase order and allows it to confirm the order and then notifies you. -
Delivery Planning and Confirmation
– 8Manage allows you and your supplier to set up a delivery plan, make changes and confirm the (final) plan. -
Rate Supplier Performance
– 8Manage allows you to rate the supplier’s performance according to its ability to fulfill the order.
Benefits
Discount
Eliminate Mistakes
Handle Unexpected
Legal Protection
8Manage 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.
8Manage 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 8Manage 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.
8Manage 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.
8Manage PO brings upcoming expenses to light
earlier. This
helps with budgeting, planning, and communication
between
departments.
8Manage 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.
8Manage 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.
8Manage 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.
8Manage 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 8Manage 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.
8Manage 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.
8Manage PO brings upcoming expenses to light
earlier. This helps with budgeting, planning,
and communication between departments.
8Manage 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.
8Manage 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
8Manage PO lets you control who is allowed to make
purchases.
By choosing who can access 8Manage PO, you can
prevent
unauthorized people from placing orders without
clearance.
Setting up automatically enforced policies in
8Manage PO is a
big step toward curtailing maverick spend. 8Manage
PO can also
limit which product is purchased from which
suppliers to make
sure employees are placing orders from preferred
suppliers.
With 8Manage PO keeping all your purchasing information in one easy-to-search place, it’s simple to track where the money is going. In addition, 8Manage PO updates information in real-time so you can always see exactly what purchases have been made.
Setting up 8Manage 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 8Manage PO provides also
gives you
insight into which suppliers are easy to work with
and which
ones are not. 8Manage 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 8Manage PO, it helps with inventory management. 8Manage PO allows you to inspect, accept and warehouse the products that you ordered and update the inventory counts.
8Manage PO lets you control who is allowed to
make purchases. By choosing who can access
8Manage PO, you can prevent unauthorized people
from placing orders without clearance.
Setting up automatically enforced policies in
8Manage PO is a big step toward curtailing
maverick spend. 8Manage PO can also limit which
product is purchased from which suppliers to
make sure employees are placing orders from
preferred suppliers.
With 8Manage PO keeping all your purchasing information in one easy-to-search place, it’s simple to track where the money is going. In addition, 8Manage PO updates information in real-time so you can always see exactly what purchases have been made.
Setting up 8Manage 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 8Manage PO provides also
gives you insight into which suppliers are easy
to work with and which ones are not. 8Manage 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 8Manage PO, it helps with inventory management. 8Manage PO allows you to inspect, accept and warehouse the products that you ordered and update the inventory counts.
