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"Guide to Successful Purchase-to-Pay"

6 Critical Components of a Successful Purchase-to-Pay Initiative

6 Critical Components of a Successful Purchase-to-Pay Initiative

White Paper: Basware

Growing a business in today’s constantly changing business environment requires CFOs to get more from the Purchase to Pay cycle that governs so much of the cash that moves through the business.

Networked Purchase-to-Pay solutions combine cloud-based business networks with automated accounts payable, procurement and payments capabilities to make access to financial services much easier for buyers and sellers.

This whitepaper details the six critical components which must be considered by the businesses for ensuring the success of a  Purchase to Pay initiative.

Businesses should look for the following six critical components when evaluating P2P solutions:

  • Accounts payable automation: Process improvement remains the top concern in accounts payable departments

  • e-procurement: Facilitates the purchase of goods and services through approved sources using an online shopping cart.

  • e-invoicing: e-invoicing accelerate invoice cycle times to avoid late payment.

  • e-orders: Networked Purchase to Pay solutions facilitate the electronic exchange of purchase orders, confirmations, and changes to orders between buyers and sellers.

  • Global electronic payment: Migrating to electronic payments is the top automation priority of controllers surveyed by IOFM.

  • Dynamic discounting: Buyer-funded financing that helps suppliers improve control and visibility over their cash flow

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What is

What is accounting ?

In financial transactions of business— the systematic recording, reporting, and analysis are termed as accounting. It is a system that is used to measure business activities, process information and help aid in making relevant business-related decisions. Usually, accounting is referred to as the ‘language of business’, hence the better the understanding of language— better are the decisions made. The basic accounting terms include terms like revenues, liabilities, assets, expenses, balance sheet

What is Purchase Order ?

Purchase Order (PO) is a document generated by a buyer of specific goods or services to validate a particular purchase transaction. When the PO is accepted by the seller, it creates a contract binding both the seller and the buyer. The order includes details about the quantity, description, discounts, prices, payment terms, date of shipment or performance, other terms and conditions related to the goods or services that are subject to purchase.

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