What is Procure to Pay Software?



The term 4D Procure to Pay Software is not very familiar to many people because it is a term invented by the software industry to encompass the gamut of processes and activities involved in buying raw materials, goods and services.

This Procure to Pay Software flow includes raising requisitions, approving steps, Placing orders, receiving invoice and goods, receiving supplier performance and compliance.
If you look at the process in detail there are many complex activities happening behind the scene. A procure to pay software simplifies these activities and helps companies to reduce cost, save time, etc.,
Procure to Pay Process

A typical procure-to-pay process includes many steps:
  1. Requisition - Need for materials or services is identified and a requisition is created.
  2. Vendor selection - This might include a request for proposals (RFP) unless a preferred supplier has already been identified.
  3. Purchase order - Once the vendor has been selected, a purchase order (PO) is sent, requesting a quantity of goods or services at a defined price. Business rules may define which personnel can approve purchase orders, depending on their value.
  4. Goods received - When the materials are received, they are booked into the system and marked against the purchase order.
  5. Invoice received - The supplier sends an invoice (typically by post or email). This is entered into the procure to pay system and logged against the purchase order and goods received.
  6. Approval - Once the invoice is matched against the PO, it will be reviewed by the appropriate stakeholder to ensure it complies with company policies and is within agreed limits.
  7. Payment - The invoice can now be queued for payment.

As you can see, this end-to-end process includes many stakeholders, both internal and external. Without a single software solution to manage all of this, it is impossible for organisations to know if they are spending the right amount with the right suppliers.

4D Procure-to-Pay software by Hourglass IT Solutions helps corporate of any size to manage their requisition, purchase order, inventory, receiving & quality control process as well as supplier invoicing, supplier payments and petty cash processes efficiently. It helps companies streamline the procure-to-pay process, save a lot of time, ensure audit requirement is captured and reduce processing errors. The software is also cost effective and easy to use.

4D Procure-to-Pay software is a cloud based software which means that it can be accessed from anywhere at any time.

The procure-to-pay software also comes with an APP for ease of use in creating and processing purchasing, supplier invoice and payment transactions.

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4d Procure-to-Pay software is an easy to use application with the following functionalities: Requisition process with amount based approval Purchasing process with auto-creation of PO from approved Requisition Receipting and inventory module for effective control of inventory of items Supplier invoice with amount based approval  Payment process with amount based approval Petty Cash module for effective control and Petty cash expenses Budget module with funds check option to ensure expenses are within budget Accounting entries for integration with accounting system.  The 4d Procure to Pay Software application is loaded with functionalities and easy to use for users. The application also comes with Mobile APP for important functions so that the different functions can be performed using the mobile APP. Free Demo for Following Services online billing software attendance software best invoice software More Services: Web Design Compa...
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