Procure-to-Pay System: The Process & 2024 Software List

Procure-to-pay (P2P) involves the entire process from sourcing and purchasing products to paying invoices and tracking spending. By integrating purchasing and payments, P2P systems help businesses avoid issues like surprise invoices, going over budget, and disorganized communications.

At ProcureDesk, our end-to-end P2P solution is designed to help small and midsize businesses save time, eliminate manual processing, and monitor cash flow in real time.

6 Steps in the Procure-to-Pay Process

1. Employee Submits Purchase Request: Employees identify a need, shop for products, and submit a purchase requisition to the procurement team. P2P software automates this step, keeping requests organized and streamlining approvals.
2. Procurement Approves Orders: Once the request is approved, a purchase order (PO) is created and sent to the vendor. P2P systems can automate PO creation and order placement.
3. Order Tracking & Receipt: Orders are tracked to ensure timely delivery and quality. P2P software provides automated tracking and receipt logging.
4. Invoice Matching: The accounting team matches invoices with POs and receipts before issuing payment. P2P systems automate this three-way matching to save time.
5. Payment Issuance: Approved invoices are processed for payment. P2P software can push invoice data to accounting systems, reducing manual entry.

Addressing Spend Control Challenges

Traditional P2P processes often lack real-time spend monitoring, leading to budget overruns. ProcureDesk centralizes data, allowing stakeholders to monitor budgets and control spending proactively.

ProcureDesk: Automating P2P and Spend Control

ProcureDesk simplifies the P2P process by automating key steps, facilitating communication, and providing real-time visibility into spending. Our platform offers features like automated purchase requisitions, real-time order tracking, three-way invoice matching, and spend dashboards, helping businesses manage procurement and AP workflows efficiently.

Other P2P Software Options

In addition to ProcureDesk, consider other P2P solutions like Procurify, Planergy, Order.co, Spendflo, and Coupa. Each offers unique features and capabilities to suit different business needs.

To learn more about how ProcureDesk can streamline your procure-to-pay process, book a free demo with our team today.