From Purchase To Payment Without Problems

The Purchase to Pay (P2P) process helps businesses efficiently and effectively manage the procurement of goods and services – from governed procurement from authorised suppliers through to receipting and making payment. It is part of the Source to Pay process that also includes the processes and activities associated with selecting and onboarding suppliers.

Businesses tend to place more focus on Quote to Cash over Purchase to Pay (P2P) because of the direct link to sales and revenue. However, P2P can indirectly and severely affect business performances.  It is an essential component of managing spend and delivering any sales promises efficiently and profitably through suppliers, finance and delivery operations. We find those businesses that neglect P2P soon find it can be a serious source of headaches, business inefficiency and poor customer experiences.

Too many finance organizations are blowing their budgets to pay armies of people to do low-level work inefficiently.

CFO

3 to 4%

Organisations waste 3 to 4% of total spend on excessive transaction costs, inefficiency and non-compliance. – McKinsey

77% ...

of buyers are conducting more detailed ROI analysis, across more suppliers before making a purchase decision – Business2Community

56%...

of businesses experienced cash flow forecasting problems due to AP issues. 63% had received duplicated invoices, of which 33% had actually paid them. – AP Association

Up to £50 per invoice

The cost of processing an invoice in the UK averages between £4 and £25, and in some cases even up to £50, per individual invoice – Gartner

The Purchase To Pay Process

The Purchase to Pay process links finance to the rest of the business. It broadly includes the following stages:

 

The Purchase to Pay process

1. Identify need

Business Requirement, ROI, Budget

2. Supplier Selection

RFP, RFQ, RFI & due diligence

3. Initiate contract

Terms, pricing and SLAs

4. Setup Supplier

Validation & supplier setup process for Master data

5. Purchase Order(PO)

Internal Requisition, Create and send Purchase Order based on contract

6. Recieve

Receive Goods or Services

7. Invoice

Receive Invoice from supplier

8. Payment

Pay supplier

9. Reconciliation

General Ledger and Bank Accounts

Signs that your Purchase to Pay (P2P) needs modernising

Purchase to Pay (P2P) challenges and requirements will vary significantly from business to business.

Click here to view the key signs that your Purchase to Pay (P2P) needs modernising.

How We Can Help Transform Purchase To Pay

ProcessFlows specialise in bespoke & custom Purchase to Pay solutions and service. Whilst we don’t offer ERPs or CRMs, we make them and your operational processes work by integrating with these systems and doing the bits they don’t do well. Here some of the ways we can help transform your purchase to pay:

Digitise & Automate Purchase to Pay
Digitally capture, manage & automate key tasks & workflows that your ERP or CRM doesn’t do well.

Single Point of Control of your Invoices, Receipts etc  
Efficient centralised management & control of your Invoices, Receipts and even POs if you don’t have this

Purchase to Pay Tasks As A Service
Focus on your core by outsourcing Purchase to Pay processing tasks you cant do or the entire process

And More….
From intelligent Data Capture, Content Management, Digital signatures to Dashboards or Process Intelligence

To find out more about our approach to Purchase to Pay transformation, click here.

Benefits of transforming your P2P process

Transforming, digitising and automating your P2P operations will deliver the benefits below.

  • Most efficient payment – not too early not too late. Penalties or loss of early payment discount
  • Stronger supplier relationships & possibly additional commercial discounts
  • Less time spent on rectifying errors & admin – more time on activities to grow business
  • Easy reconciliation of internal systems with payments and banks accounts
  • Reduce the operational costs as well as overheads associated with manual processes
  • Lower procurement operating costs and cost per invoice – direct and indirect
  • Stronger governance around procurement – “source the right goods or services for the best price”
  • Fewer surprises & greater payables& cashflow visibility, management & control
  • Less risks and costs to delivery operations dependent on supply
  • Handle seasonal or end of month peaks in activity without extra cost or issues

Why ProcessFlows for Purchase to Pay transformation?

We have a 33 year track record of success & expertise in data capture, digital processes, service desks and automation for finance and purchase to pay

Accredited end to end professional services and support expertise include Business Process Analysts, Solutions Architects and Project Managers, through to Implementation Engineers, Software developers, Service desk operations, Multi-tiered Support and service delivery managers.

A robust approach to transformation based on partnership and supporting every step of the journey from creating a vision and plan through to project managed development, implementation, transition as well as continuous improvement and support.

We are independent and partner with the leading process management & automation technologies providers on the market– such as Kofax, ReadSoft, Opentext, Microsoft and Hyland. We also have our own Hybrid Automation & services platform

For these reasons and more, ProcessFlows should be your trusted partner to support your business transformation.
Find out more by clicking here.

Our Customers

From global enterprises and government departments, to local small businesses, here are some of our customers that have partnered with us, using Process Automation to transform their business with digital and automated operations. Click the logos to download the Case Studies.

To read all of our success stories, visit our Case Studies page.

Request a No Obligation Consultation

What’s your Purchase to Pay challenge and vision? – we offer Free of Charge data and process consultations to help you optimise, digitise and automate your Purchase to Pay operations and build your case for change. To find out more or to book a consultation, please call +44 (0)1962 835053, email enquiries@processflows.co.uk, or fill in the form below.

Thank you for your interest, we look forward to working with you.

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