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Streamlined Procure to Pay Process Guide

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Rishikesh
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13 views2 pages

Streamlined Procure to Pay Process Guide

Uploaded by

Rishikesh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

An Organization is run by processes and systems it establishes & not by its people.

Procure to Pay Process [P2P Process]


The purchase order (PO) process is a key part of a business's operational
activities. It involves the following steps:
I. Identify the need – By Various Departments
II. Approval – Respective Dept will prepare a Requisition & will get it
approved by the authorized person.
III. Create a purchase requisition -
IV. Send out requests for quotation (RFQ)
V. Analyze and select a vendor
VI. Negotiate contract and create a PO
VII. Send PO to supplier
VIII. Receive goods or services
IX. Receive and check invoice
X. Authorize invoice and pay the vendor
XI. Record keeping

A PO is a legal document that authorizes a purchase of goods or services. A


purchase order (PO) is an official document, created by the buyer, which
authorizes a purchase transaction for goods or services from a supplier.
They formalize the purchase process and allow us to track progress. They are
legally binding when accepted by the supplier. They are a key part of auditing
the transactions.
An Organization is run by processes and systems it establishes & not by its people.

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