Procure To Pay Process: What Is It Like, And How Should It Aid Your Company?

Many businesses deal with a "procure to pay" process

, and as the business grows, it can become increasingly complex, leaving you with a headache. The "procure to pay" process includes all the components present from ordering your raw materials, to paying for them at a later date. Firms and agencies exist to help you handle the "procure to pay" process, with services that cover the entire spectrum of processes, including the little details that often get overlooked or ignored when dealing with bigger issues. These minor details often result in lost money. A "procure to pay" process agent can help you organize these details and streamline the entire process, leaving you with increased profits.

From Procuring...

The "procure" part of the system addresses the ordering of your raw materials that you need for your business. This includes the creation and verification of contracts that present how the business with your supplier will be conducted, including price and shipping times. A "procure to pay" process specialist can be hired to look through your contract very carefully and ensure that your suppliers are abiding by the contract, in that you are paying the agreed prices and receiving your shipments on time.

An Advance Shipping Notice is sent before your supplies are, which is then used to make sure you have the order on file, either written in contracts or an ordering form. Once you receive your shipment, you also get an invoice, which a "procure to pay" process specialist can compare to your account to ensure that you are paying the correct amount. An agent can also use a variety of data acquisition processes to look for the best deals for your supplies, saving you lots of money in the long run.

Aside from the "procure to pay" process, a personalized risk assessment is also a good way to further lower your wasted money. An agent carefully scrutinizes your entire system, and then offers advice on how to make it run smoother and more efficiently. Finding where your money is being wasted helps increase your profits, and can help you run a better business.

... To The Paying

You will notice a drastic improvement in your company after hiring a "procure to pay" process professional. The invoices that you receive with your shipment hold many clues as to where your money is going, and a "procure to pay" process professional can help read them. He can run an accounts payable audit, which collects all your financial information and looks for out of place expenses and unpaid accounts receivable bills. With a "procure to pay" process agent, you can see if you're being charged more than you should, or if you aren't receiving rebates or discounts for your shipments.

by: Ben Pate.

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