subject: Learning About The Typical Methods Of The Procure To Pay Process [print this page] The procure to pay process grows as a business does, and often times becomes neglected. As a very important part of your business, you want to be sure that your procure to pay process is smooth and efficient, without being subject to error or waste. The procure to pay process includes all the processes present from the time you order your raw materials to when they get paid for. As a very long, complex process, the procure to pay system can become overwhelming without the help of a professional. A procure to pay process specialist offers a huge variety of services that can help you walk away with increased profits at the end of the day. The smaller issues that are encountered in the procure to pay process can ultimately add up to take a toll on your bank account, and investing in a professional is a safe and cost-effective way to protect your money.
Taking You Through Procuring...
The ordering and details of the ordering process make up the "procure" part of the process. This half includes both creating and signing contracts that specify how your business with a supplier will be conducted. An agent can be hired to carefully examine these contracts, making sure that your supplier is complying with the terms of agreement as well as charging you the mutually agreed price. 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.
By investing in a personalized risk assessment, you can discover any current or potential flaws in your procure to pay process. An agent can offer advice on how to make the system run smoother, resulting in less room for error, leading to less lost money, concluding in more profit for your 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.
