These processes (such as purchasing, accounts payable and travel and entertainment) are typically highly manual, with few controls and no end-to-end process view. Making payments efficiently cost-effectively and surely is pivotal to every well-managed finance function. For this purpose, we need to control corporate spending. Manual purchasing processes are slow, time consuming and often lead to supplier account problems, over-budget spending and an ever-growing number of suppliers.
TIFAOS Purchase management automation delivers the following workflow process:
- The creation of a request to buy (requisition)
- A formal purchase approval process with configurable workflow
- Real-time budget checking at requisition generation and purchase order approval
- Automatic purchase order generation
- Optional receipting of goods and services
- Purchase invoice capture with automated matching to PO and receipting
- Electronic approval plus automatic posting to the ledgers
- Capturing Request for payment and checking the same with payment terms mentioned in the PO
- Capturing release of payments
Purchase automation ensures that every purchasing transaction’s current status is instantly visible to all involved removing the endless paper chase, which is particularly beneficial for multi-location businesses.
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