Paper based purchase orders do more harm than help. What businesses don’t realize is that stacking up purchase order forms, filling them out, and waiting weeks or even months to get an approval, only to send it through fax or FedEx, just compounds the cost. Sticking to manual methods will ultimately deplete the resources that could be spent on organizational growth.
Without any obvious signs, growing loads of purchase order forms can make organizations waste money and time on unneeded purchases and storage space. And, let’s not forget the security risks and compliance issues that spike up when you rely too much on manual POs.
Becoming a paperless, digital company is a pipe dream for several organizations. But it doesn’t have to stay that way. Today, shifting to a paper-free environment is as easy as installing a mobile app. Unlike legacy ERP systems, online purchase order software is now readily available to businesses of all sizes keeping the transition as smooth as possible.
What is an online purchase order?
Online purchase order (PO) is digital forms that outline the purchasing terms and conditions that are agreed upon by both the vendor and the buyer. Organizations can either convert a purchase requisition into a PO or create a purchase order online directly. With an online purchase order, organizations can cut administrative costs, shorten the purchase order cycle, and minimize human error.
Benefits of using online purchase order
Organizations can reap innumerable benefits by using online purchase order. Here are five benefits of moving to an online purchase order system:
Audit trails and conditional visibility ensure accurate processing of purchase orders
360° visibility keeps a PO visible throughout the process, ensuring process transparency
Online purchase orders eliminate the administrative overhead associated with paper forms
Based on their business needs, organizations can scale up or down an online purchase order system
Rule-based processing make sure that online POs stay consistent and policy compliant
Kissflow Procurement Cloud is more than a PO tool–it’s a complete procurement software, which means that data flows seamlessly between the core procurement functions. Vendor management, PO processing, purchase requisitions and more–they are all connected contextually.
Features your online purchase order software needs to offer
An online purchase order software that is worth its salt must have these features:
1. Centralized cloud storage
Retrieve any purchase order–current or archived–whenever you need it
2. Paperless PO processing
Execute and manage all PO documentation effectively without a single printout
3. Smart alerts and reminders
Keep stakeholders up-to-date on PO status with timely automated alerts and instant notifications
4. Approvals on-the-go
Track and approve purchase orders from anywhere, anytime, on any device
5. Fluid forms
Customizable form fields help you capture purchase order-related information
6. Dynamic routing
Use a rule-based conditional approach to route purchase order approvals
7. Role-Based Access
Keep confidential purchasing information secure with user-specific, conditional permissions
8. Auto 3-way Matching
Perform two- or three-way auto PO matching with related invoices and requisitions easily
9. Real-time Reporting
Spot process bottlenecks and delays using actionable insights obtained from visual-rich reports
Kissflow Procurement Cloud: A great way to create purchase orders online
Creating a paperless purchase order system has been on the business agenda for quite some time. What was once just a faraway dream, is now an everyday reality with cost-effective purchase order tools like Kissflow Procurement Cloud. An online purchase order helps organizations meet the new demands of today’s competitive business world and drive growth.
With Kissflow, you can execute online purchase orders and so much more. It covers the entire procure-to-pay cycle, in fact.
Planning to make purchase orders online? Try the Kissflow Procurement Cloud demo today, and see for yourself how it can transform your purchase order management.