Procure-to-pay Solution
A procure-to-pay (or purchase-to-pay) system is an integrated digital solution that supports procurement—the practice of obtaining goods and services for business purposes. These systems simplify buying products and services and uploading ready-to-pay files into an accounts payable system. A procure-to-pay platform typically uses a service called "scan and capture," in addition to a supplier portal and/or a multi-enterprise network to manage invoices electronically and collect funds from clients. Organizations using this tool can process invoices that don't match or return faulty or unsold goods to suppliers.
What Small and Midsize Businesses Need to Know About Procure-to-pay Solution
An SMB might benefit from a procure-to-pay tool when sourcing goods and services for its business or negotiating contracts with suppliers, manufacturers, and service providers. These systems automate many of the tasks associated with procurement so users can allocate time and resources to other business tasks.
Related terms
- Tokenization
- ROIT (Return on Information Technology)
- SAC (Subscriber Acquisition Cost)
- Energy Trading and Risk Management (ETRM)
- Chief Revenue Officer (CRO)
- Core Banking System
- Record to Report (R2R)
- Fintech
- Financial Management System (FMS)
- Business Capability Modeling
- Capital Allocation
- Compound Annual Growth Rate (CAGR)
- Net Present Value
- Hedge Fund
- Gateway
- Selling General and Administrative (SG&A) Expenses
- ROE (Return on Equity)
- Financial Planning and Analysis (FP&A)
- Dollar-Cost Averaging (DCA)
- Procure-to-pay Solution
