Purchase Management

Purchasing processes

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:

  1. The creation of a request to buy (requisition)
  2. A formal purchase approval process with configurable workflow
  3. Real-time budget checking at requisition generation and purchase order approval
  4. Automatic purchase order generation
  5. Optional receipting of goods and services
  6. Purchase invoice capture with automated matching to PO and receipting
  7. Electronic approval plus automatic posting to the ledgers
  8. Capturing Request for payment and checking the same with payment terms mentioned in the PO
  9. 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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