Procure-to-pay is the method of integrating purchasing and accounts payable systems to create greater efficiencies. It involves four key stages:
1. Selection of Goods and Services
2. Enforcing Compliance and Order
3. Receiving and Reconciliation
4. Invoicing and Payment
Procure-to-Pay software can:
Control and improve global spend actively
Consolidate most manual commerce processes to reduce errors.
Streamline catalog maintenance, saving time and freeing up resources
Enable the approval of new suppliers.