What are the documents used in the procurement process?
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Keeping track of purchasing activities through manual means is an ordeal - it’s resource-intensive, error-prone, time-consuming, and does not have a guaranteed success rate. So, the most efficient solution to utilize here is the use of Purchase Order software.
Tracking purchasing activities should begin right at the creation of Purchase Requisitions and include approval statuses and the information about opened POs. The software facilitates this at every step of the procure-to-pay cycle. You’ll be able to convert PRs to POs with just a few clicks, and the resulting orders will automatically be sent to the preset approvers. POs will be organized per their approval status as well, and you’ll be able to see which ones need revisiting.
Purchase Order software will also store data from your opened POs and utilize it for three-way-matching later on. Invoice automation will handle the next part of purchasing, and you’ll have a detailed audit trail to fall back upon. Advanced procurement automation solutions, such as Kissflow Procurement Cloud, offer PO and invoice automation as a part of their features.
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