A Guide to The Best Purchase to Pay Solution

1. A Guide to The Best Purchase to Pay Solution Despite the innovative methods being cheaper and more efficient, we were not shocked much when a report said 80 percent of companies are still sticking to the old, manual methods for their purchases. People resist accepting digital ways to work. Why? They like to stay connected to the traditional working methods as they find themselves fitting well into the system they truly are connected to. Right? Wrong!

2. No sentimental drama works in the world of competition and business. They just are not sure about the security associated with the digital methods of payment and purchases. Also, by nature, we are shy of entertaining innovative systems to an already working organization. Quite stable it is already, we think. But when we say you are doing injustice to your organization, this is what we mean. Keeping it devoid of a smart, cost-effective, time- efficient, and easy-to-use system. Say no to avoiding. Because, a purchase to pay solution can take the maximum burden off of your heads, like •Buy products or services •Making sure the suppliers are genuine •Ensuring the quality •Preventing frauds and scams •Outing efforts to initiate every step •Knocking the doors of different departments for approval And much more. You will have to do literally less than ten percent of it because a procure to pay system like Medius will do it all for you. Steps That an Effective Purchase to Pay Solution Uses A procurement solution should be smooth and transparent so that you stay satisfied and free of unnecessary concerns. Here is how it works. Buyer Sets a Need First and foremost, a buyer established the requirements and specifications for goods or services they want to buy. The procurement leaders then make TOR (terms of reference) and SOW (statement of works) by drawing out the key features the products should have.

3. A Requisition is Created A requester from the procurement team then submits a requisition after all the requirements are finalized. Before this, the pricing and terms are approved and validated by the buyer again. Requisition is Approved Here, based upon the budget, specifications, and demands of the products, the requisition is approved or rejected to be submitted again after making corrections. If approved, the budget authorization is granted. A Purchase Order is Created In this step, from the requisition that is approved, a purchase order is drawn and provided to the supplier. The Suppliers Start Working on the PO The suppliers receive the purchase order and start preparing it to be delivered on the set time and the decided terms. In case the supplier finds a problem with the purchase order, they can start negotiations or simply reject it too, leaving an option for other suppliers. Delivery and Goods Receipt The supplier delivers the products to the buyer and they go through a detailed examination from the buyer to check whether they are up to the mark or not. The buyer can tally the services delivered with that of the terms in the contract. Once approved, a goods receipt is issued.

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