Corporate vs. Business Credit Card: What is the Difference?

Here’s the difference between a vague and a specific petty cash policy:

Vague: Petty cash can be used for any business-related expenses as needed upon approval.

Specific: Petty cash is used for small, incidental business expenses, such as office supplies, minor equipment purchases (up to $100), business-related meals and entertainment (up to $25 per occurrence), and travel expenses (e.g., tolls, parking fees).

Companies often set vague policies or leave them to employee understanding; after all, having petty cash is about flexibility and saving time. The entire petty cash system sits on the foundation of trust, where a missed receipt isn’t considered a big deal. 

However, as the business grows, these missing documents, owing to a lack of structure, cause monetary setbacks and disrupt operations. The finance team pursues the employees for receipts, and the employees struggle to get them submitted on time and the budget goes off the charts. 

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What is a Petty Cash Policy?

A petty cash policy is a set of guidelines that govern the management and usage of small amounts of cash for nominal business expenses. It outlines the purpose, authorized expenses, and recordkeeping and replenishment procedures for the petty cash fund.

Suppose an employee wants to purchase office supplies. With proper documentation and approval, a policy in place can restrict the use of cash for office supplies and minor expenses up to $50 only. After all, petty cash should be used only when absolutely necessary, for all other larger purchases it is better to use corporate purchasing cards.

Hence, structured petty cash policies and procedures help the business track and control all expenses with proper recordkeeping, enhancing accountability and petty cash management.

4-Step Process to Set Petty Cash Policy and Procedures

Before you set up policies and procedures, assess the need for petty cash and the types of expenses you will cover. This study will become the foundation for your guidelines and provide an estimated figure for petty cash funds.

For example, a transport business’s petty cash expenses include fuel for vehicles, tolls, minor vehicle repairs, and possibly small office supplies for administrative needs. However, a property investment company’s petty cash expenses include office stationery, postage, property maintenance supplies, and likely local travel expenses for property visits or inspections.

Hence, the nature of petty cash expenses will vary based on your business’s specific needs and operations.

Once these fundamentals are clear, you can set your petty cash policies and procedures by following the steps mentioned below.

1. Get Inputs From the Finance Team

Collaborate with the finance team to discuss current processes and challenges. Understand the gaps in existing systems and get feedback for potential improvements and best practices.

For instance, if the finance team struggles with frequent delays in providing employees with adequate cash on time for urgent expenses, you can establish guidelines that they can follow for such instances. 

Another common instance is that the finance team struggles with frequent delays in employee reimbursement due to unclear approval processes. You can establish a streamlined approval hierarchy in the policy. It involves specifying designated approvers and setting clear timelines for reimbursement requests, ensuring timely resolution.

Additionally, discuss compliance requirements to create a framework that ensures legal and regulatory standards adherence. This can include provisions such as documenting receipts and carefully reporting cash transactions above a certain threshold to comply with company reporting & auditability requirements. 

2. Define Procedures

Create a comprehensive document outlining the workflow of petty cash transactions, including authorizations and documentation.

Define the approval process, specifying who needs to approve different transaction amounts. For instance, your approval policy could look like this:

The routine office supplies purchases under $20 require immediate department supervisor approval, larger expenditures for equipment up to $100 need approval from the finance manager, and any expenses exceeding $100 require executive-level authorization.

Similarly, create a standardized process and template for documenting each transaction, including separate fields for date, amount, purpose, and signatures. Additionally, you could add guidelines, such as submission of a receipt within a week. These measures further help you strengthen the structure and avoid any hassle.

3. Specify Controls

Once all the fundamental procedures are defined, you set the rules for operating your petty cash system to ensure proper control. Here are some examples:

“If the petty cash fund balance falls below 20% of the initial amount, the designated custodian is responsible for submitting a replenishment request to the finance department. The replenishment should be completed within two business days to ensure the continuous availability of the petty cash fund for essential business needs.”

“Authorized petty cash transactions for office supplies are limited to $25 per occurrence, while minor miscellaneous expenses are limited to $15. Any transactions exceeding these limits require prior approval as per the designated approval process outlined in this policy.”

“To ensure transparency and accountability in the management of petty cash funds, a policy of custodian rotation will be implemented. Every quarter, a new employee will be assigned the responsibility of a petty cash custodian. The outgoing person must provide a comprehensive handover to the incoming custodian to maintain continuity and accuracy in fund management.”

4. Communicate and Review 

Share the new petty cash policy with relevant stakeholders and conduct training sessions for employees involved in petty cash transactions. 

To assess the effectiveness, establish a monthly audit schedule, in addition to petty cash reconciliation, where the designated team member will verify the log, review the completeness and accuracy of documentation, confirm that the approval process has been followed, etc. 

The audit will help you identify potential loopholes, allowing you to modify the policy and procedure for effective petty cash management. 

In addition to these audits, implement a tracking system, such as a spreadsheet or an expense management platform, to monitor expenses. While the spreadsheet is a cost-effective solution, a dedicated automation platform will make tracking petty cash in real time easier with complete visibility. Moreover, you will have many more controls and features to oversee your petty cash without spending hours maintaining logs and Excel spreadsheets.

Template for Setting Petty Cash Guidelines

Modify this template and include specific petty cash guidelines to suit your business needs:

Petty Cash Policy and Procedures

1. Purpose

The purpose of this document is to provide clear guidelines for the establishment, management, and usage of the petty cash fund within [Company Name]. The petty cash fund is intended for minor, day-to-day business expenses, facilitating the quick and efficient processing of small transactions.

2. Custodian

The finance department will manage the petty cash fund, with [Designated Employee] serving as the petty cash custodian. The custodian is responsible for secure cash handling, accurate record-keeping, and compliance with company policies.

3. Petty Cash Fund Amount

The initial petty cash fund is set at [Enter Amount], subject to review annually or as business needs dictate. Any adjustments to the fund require approval from [Finance Manager/Authorized Approver].

4. Replenishment

When the petty cash fund balance drops to [Enter Minimum Amount], the custodian must submit a replenishment request to [Finance Manager/Authorized Approver]. These requests should include original receipts and a summary of expenditures.

5. Authorized Petty Cash Expenses

The following types of expenses are authorized for petty cash disbursement:

• Office supplies (e.g., pens, notepads)
• Small equipment purchases (under [Enter Amount])
• Minor business-related meals and entertainment
• Travel expenses (e.g., tolls, parking fees) 

6. Unauthorized Expenses

Petty cash funds should not be used for personal expenses, cash advances, or any expenditures unrelated to official business activities. Any unauthorized expenses must be reimbursed by the individual responsible.

7. Recordkeeping

The custodian will maintain a dedicated petty cash log. Each entry should include:

• Date of transaction
• Vendor or payee
• Description of the expense
• Amount
• Receipt verification

8. Receipts

Original receipts for all petty cash transactions must be submitted promptly. Receipts should be attached to the petty cash log and clearly show the date, amount, and nature of the expense.

9. Auditing

The finance department will periodically conduct surprise audits on the petty cash fund to ensure compliance. The custodian is responsible for facilitating the audit process and addressing any discrepancies.

10. Reporting

A monthly summary of petty cash transactions, including the remaining balance and any discrepancies, will be provided to the finance manager. Any significant issues or concerns should be reported immediately.

11. Policy Review

This policy will be reviewed annually by [Finance Manager/Authorized Approver] to assess its effectiveness and relevance. The petty cash custodian can recommend adjustments or issue an official request.

Approval:

[Signature] [Date]

[Name, Title]

[Finance Manager or Authorized Approver]

[Company Name] 

Implementing a Foolproof Petty Cash System

To establish a dependable petty cash system, collaborate and automate. Stay in close connection with the finance team to gather feedback and insights. Use solutions like spend management software to automate the petty cash system and get real-time visibility. They provide more structure to your petty cash management and simplify workflows for employees.

In one of our posts, we have covered more about petty cash management and how you can automate it. It will help you understand the nuances and efficiently manage your petty cash.

Not every expense in the company requires you to issue a check. Payments like petrol, supplies, stamps, etc., are paid via cash. For these business transactions, either the employees take cash in advance or put in a request for reimbursement. This mechanism requires you to set some cash aside and employ a person for receipt management and reporting. The cash is referred to as petty cash. 

What Is the Meaning of Petty Cash?

Petty cash refers to a small amount of money that businesses keep readily available for handling minor payments and expenses that are too small to be processed through regular accounting procedures. It is often kept on hand and is reimbursed periodically.

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What are Petty Cash Examples?

Petty cash includes small miscellaneous expenses, such as:

• Office supplies
• Gifts
• Client lunch
• Refreshments
• Postage
• Medicine and first aid
• Minor repairs
• Transportation

What Is the Process of Petty Cash Disbursement?

The first step in petty cash disbursement is to define policies and procedures. This includes specifying:

• The purpose of the fund
• The maximum cash amount 
• The types of expenses the fund can cover
• The process for replenishing the fund

The next step is to appoint a petty cash custodian. They are responsible for handling the petty cash fund. 

Then, you set up the fund by transferring the initial sum of money into a safe or locker. This amount should be sufficient to cover minor expenses for a defined period. 

When employees make small purchases, they request funds from the custodian. After the purchase, they return with a petty cash voucher, receipt, and cash balance. 

The custodian reviews the receipts and provides reimbursement. They maintain detailed records of every transaction, including the date, purpose, recipient, amount, and a brief description of the expense. This record-keeping method ensures transparency and accountability.

After that, the custodian reconciles the petty cash fund at regular intervals. They add up the safe's cash balance and the receipts' value. The total should match the original amount in the fund. 

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What are the Two Types of Petty Cash?

To manage petty cash, the custodian relies on either of the petty cash book systems:

1. Imprest Petty Cash Book

An imprest petty cash system involves maintaining a fixed amount of money in the petty cash fund at all times. 

For instance, you set up a fund of $100. When the fund gets down to $20, the custodian requests reimbursement and replenishes the fund to $100.

2. Columnar or Analytical Petty Cash Book

A columnar or analytical petty cash book is a detailed and structured method of recording petty cash transactions. It categorizes expenses into different general ledger codes for better tracking.

For instance, you create separate columns, such as "office supplies," "refreshments," "meals," etc. Whenever a transaction occurs, the custodian records it in the appropriate column and specifies its purpose.

What are the Challenges of Petty Cash?

While the process of petty cash seems linear and simple, it has many intricacies in practice. 

Imagine the custodian getting hundreds or thousands of requests and receipts every day. So, maintaining a petty cash system is easier in a smaller business with limited expenses and reporting needs. However, for larger enterprises, relying on manual vouchers and physical safes/lockers causes a lot of chaos. 

1. Vulnerability to Theft and Misuse 

Unlike an automated system, a manual petty cash system lacks controls and security measures.

For example, if the custodian is not vigilant, employees can use the cash for personal expenses. Similarly, if the custodian gets stuck between multiple requests and receipts, it leads to oversight.

Moreover, the physical nature of cash in a petty cash box makes it an easier target for theft. Since there's no immediate digital record, anybody can steal money, which goes unnoticed for a while. This lack of transparency and a digital audit trail makes it difficult to identify funds misuse.

2. Poor Receipt Management 

Receipts are the document of proof for the expense. With the traditional approach, custodians have to chase employees for receipts. This results in incomplete or unaccounted-for submissions. 

Moreover, relying on the manual petty cash process makes it harder. The custodians have to manage countless receipts daily, making reconciliation tedious. Hence, you end up with misplaced, duplicate, or even damaged receipts. 

A common example of this issue is when a custodian receives multiple receipts and with an analytical petty cash book to maintain. It takes them hours to reconcile, report, and ensure accurate categorization. 

The worst is when it's time to report, and locating these receipts takes hours.

3. Chaotic Approval Workflow  

In smaller companies, getting approval for expenses is easy. But, in large enterprises, even small expenses can prompt approvals from various departments and stakeholders. This makes the approval workflow complicated and time-consuming. This delays the fund release, disrupting the workflow and reimbursement process.   

For example, imagine an employee who wants to buy a subscription for less than $300. In a big company, it will prompt approval from the manager, IT, finance, and legal departments.  

All this back-and-forth slows things down a lot.

4. Internal Resentment

In big companies, there's tension between the finance team and other departments.  This issue occurs when employees can't access the funds and have to wait for approval. Such a delay disrupts the work or delays the reimbursement.

For instance, an employee needs to buy a subscription for work. But the delay in approval impacted the deadline and client relationship. This creates problems and stress between the finance team and other departments.

5. Branch-Level Petty Cash Management

Large enterprises use separate petty cash systems for departments at the branch level. This means that each department has its own petty cash fund to manage.

Managing small amounts of cash at individual branches is tricky. Employees misuse/steal the money as there's not much oversight. There is no visibility on how money is being spent. Maintaining funds for multiple branches becomes a headache. Also, departments find it challenging to request more funds.  

Reconciliation becomes challenging as the finance teams have to chase branches for complete information. This leaves a lot of loopholes for employees and branch custodians to misuse petty cash.

6. Tedious Reconciliation Process

Reconciliation ensures that the petty cash fund's balance matches the sum of all expenses. 

Manually, reconciliation in large enterprises takes weeks and is prone to errors. Moreover, when adding up expenses, the process is prone to manual errors, which are hard to identify and correct.

For instance, the custodian overlooks a receipt. This mismatch between the recorded expenses and the actual cash on hand can take him weeks to spot errors. 

7. Low Visibility Over Expenses

Traditional petty cash systems lack real-time data. At any given point of time, the custodian is unaware of the fund's current status. This lack of visibility delays financial decision-making. For instance, it can take weeks before the custodian realizes that the petty cash fund is running low. This can lead to temporary cash shortages for essential expenses.

The absence of a clear record makes it slower to notice problems and reconcile the cash. Moreover, transactions and expenses are recorded on paper, which leads to further errors. For example, when an employee uses petty cash to buy office supplies, there will be a delay until the expense is recorded.

Similarly, when many employees spend money simultaneously, tracking them in real-time is tough. This lack of transparency allows employees to misuse petty cash for personal expenses.

How to Manage Petty Cash Effectively With Pluto? 

To overcome the challenges described previously, you can not rely on any automation tool. Instead, you need a product that is tailored to your specific needs. While many tools can assist you in digitizing petty cash management, Pluto goes the extra mile.

With Pluto, you no longer need to maintain a physical safe or countless vouchers and receipts. Pluto records every transaction in real time and gives you visibility at each step. From receipt to reimbursement, you manage everything with complete control and clarity.

Unlimited Corporate Cards

Pluto enables you to issue unlimited corporate cards, simplifying petty cash management. It eliminates the need for physical lockers or safes, promoting smoother cash flow. The availability of unlimited cards allows you to replace shared credit cards. This enables the use of cards for even small petty cash expenses. 

Finance teams get full control and visibility over each petty cash expense in real time.

Employees can either swipe the cards for a seamless process or withdraw cash from ATMs. Every expense made with the corporate card triggers an approval workflow. It prompts employees to add receipts and managers to approve expenses. They can then add the receipts simply via WhatsApp and get reimbursed without any delays.

With all the data consolidated on a single platform, reconciliation becomes easier. This simplified process eliminates the need for a dedicated custodian to manage petty cash.

Not only do you get more control, but you save money with visibility at each step.  

Budget Control

Pluto allows you to specify limits for corporate cards issued. This ensures employees stay within budget. 

When the spending exceeds, employees can request more funds. The budget expands on the manager's approval in seconds, allowing for necessary spending.

Administrators can also issue zero balance cards. These cards with zero balances prompt an approval request for each expense. This approach ensures budget control without causing any delays or resentment.

Easy Receipt Management 

Pluto simplifies receipt management thanks to its seamless WhatsApp integration. 

Your employees can upload receipts via WhatsApp, which are recorded in real-time. The custodians no longer need to run after employees for the receipts.

However, Pluto does more than just store receipts. It extracts vital information through OCR, including vendor names, amounts, and GLs. As a result, your accounting team spends less time on manual tasks like creating logs.

Approval Workflow  

Normally, getting approval for expenses can involve a lot of back and forth. But with Pluto, you can set up custom approval processes to make the process smoother. 

When an employee uploads receipts, Pluto automatically starts the approval workflow. It notifies the custodian and managers to approve the expense, removing the friction.

The reimbursement process accelerates without any compromise on efficiency.

Further, Pluto uses OCR to detect duplicate receipts to avoid dual payments and fraud. This makes it easier to double-check expenses and approve the legitimate ones. 

Digital Expense Report  

Pluto offers digital expense reports that compile data from all the receipts. 

The report simplifies the task for your finance teams to see how each branch/department is spending. It enables them to make adjustments to policies and procedures as needed.

For instance, a company has small office supply purchases spread across various departments. Pluto's real-time visibility and report help to locate these costs. As a result, finance teams can reconsider and promote bulk purchases for cost savings. 

With Pluto, the custodian gets complete visibility into the expenses and the available funds at all times.

Close Books 10X Faster  

Pluto simplifies the process of closing books. 

Since employees can submit receipts directly through WhatsApp, custodians don’t need to chase employees for receipt submissions. This enables you to close the book 10X faster by accelerating the reconciliation process.  

Pluto records all transactions in a centralized digital platform. This streamlines audit logs and eliminates the need to maintain physical records.

With its OCR-based receipt retrieval, finding specific receipts and information becomes more effortless. This simplifies the reconciliation process, making the entire book-closing process faster. 

Replace Petty Cash With Corporate Cards

Small expenses and cash transactions can not be removed. However, finding an expense management tool can make petty cash management simpler. 

Stop relying on manual traditional processes to manage petty cash. Choose Pluto to replace your tedious petty cash books and vouchers with corporate cards. 

Sign up today to digitize your petty cash for complete visibility and control.

The standard procurement process is tiresome and confusing. 

You have multiple purchase requests from multiple departments. You wait weeks for approvals, and then a few more, before you can vet and negotiate with vendors. Finally, when the goods are delivered, you must assess their quality and ensure you got what you had ordered. 

All this is done with constant pressure to speed up the process and ensure procurement cost savings. It is not scalable, and it has many loopholes. Eventually, you end up with supply chain bottlenecks, increasing procurement costs. 

Such a chaotic process impacts all three core components of procurement—people, process, and paperwork. Goods are delayed, processes are tiresome, and paperwork is incomplete and scattered.

But, with automation in place, you can centralize the entire supply chain and get more visibility and control. Employees will have a dedicated platform for raising requests, the process will be streamlined, and paperwork will be consolidated on a unified dashboard. 

In this post, we will cover how you can automate your procurement process without impacting your supply chain because any mismanagement directly translates into a broken supply chain. 

What is Automation in Procurement?

Procurement automation is the process of adopting software to digitize and centralize your procurement process. Instead of relying on forms for purchase requests, emails/Slacks for approvals, or accounting software for accounts payable, you move your procurement process onto a single platform that automates all these processes. 

You just have to set the policy and workflows, and the software manages the chaotic parts while adhering to company policies. And since these software integrate with your existing accounting software and ERPs, you need not change your procurement process much. You can choose which elements you want to automate and get the flexibility to adapt to your business needs. 

Top 4 Procurement Processes to Automate

1. Purchase Requests

Purchase requests involve employees raising requests for the purchase of goods or services. They specify the goods required, and the procurement team ensures that all stakeholders give their approvals to the requests. The larger the expense, the more stakeholders involved. Plus, this becomes complex for larger firms when there are intricate hierarchies. 

By automating this process, all the requests are consolidated and the approval process is accelerated. For instance, Pluto facilitates trigger-based custom approval workflows to notify stakeholders and get approvals without disruptions. This ensures compliance with procurement policies and complete visibility into spending. 

2. Purchase Orders

Purchase orders involve creating and approving legal documents that outline the details of a purchase, including quantity, price, and delivery terms. However, this process becomes chaotic when vendor lists are scattered across platforms and you don't have proper systems for consolidating all purchase requests and orders.

Automating purchase orders consolidates all the purchase orders in a single platform. It enables multiple functions, such as converting purchase requests into purchase orders as soon as they get approved, maintaining a preferred vendors list, offering punchout systems to create purchase orders faster, etc. As a result, you enhance the accuracy of the purchase order and improve supplier management. 

3. Goods Received Note (GRN) Matching

GRN matching involves verifying that the goods received match the details specified in the purchase order and confirming their acceptance. Any mismanagement at this stage negatively impacts inventory, leaving you with poor quality or unnecessary goods. Moreover, doing this manually takes time and leaves room for errors.

Automating GRN matching consolidates purchase orders and bills on a single platform for easy two-way and three-way matching. 

For instance, Pluto captures the receipts and matches them to the purchase orders for accuracy, expediting the reconciliation process. You get complete visibility into the products that don’t match the purchase order. As a result, the verification process fastens with minimal discrepancies.

4. Accounts payable

Accounts payable involves managing and paying invoices for goods and services received, ensuring timely and accurate financial transactions. Manually, this process takes weeks before the invoice gets approved. In other cases, teams end up paying the invoice twice, leading to the issue of double payments. In the end, procurement teams lose visibility into where the money is going, making cost optimization difficult. 

Automating accounts payable streamlines invoice processing to reduce errors and enhance overall financial efficiency. For instance, Pluto integrates with your accounting software and payment gateways to automate payments. As soon as the invoices are approved, you get a dedicated dashboard for awaiting payments. With a single click, you make payments while ensuring data consolidation without any delays.

Top 3 Challenges in Procurement Automation 

While procurement automation can enhance your procurement process, here are some challenges that need your attention:

1. Resistance

Employees resist adopting automated processes due to fear of job displacement or reluctance to change established workflows. This happens because they don't understand the real benefits of technology and how it can assist them in their jobs. As a result, the adoption process slows down, hinders efficiency, and leads to a lack of cooperation from key stakeholders.

To overcome this, provide training and education on the benefits of procurement automation. Involve employees in decision-making and showcase successful case studies to alleviate concerns. This will set clear expectations and also help specify the requirements of the software. 

2. Implementation Cost

The upfront costs associated with implementing automation tools and systems for procurement processes are substantial. This includes costs from purchasing software and hardware and the expenses associated with system integration, training, and potential disruptions during implementation. Thus, it becomes difficult to get stakeholders on board and get approval despite long-term benefits.

To overcome this, conduct a thorough cost-benefit analysis and share the results with stakeholders. Discuss the operational efficiency of procurement automation and consider phased implementation to spread costs. Also, explore scalable solutions, so you don't have to keep reassessing and re-investing in the automation solution.

3. Security 

Security concerns about the privacy of sensitive procurement data arise with adopting automated systems, especially due to large amounts of vendor, payment, and employee data. This makes it susceptible to cybersecurity threats, raising concerns regarding data breaches or unauthorized access.

To overcome this, look for certified software ensuring data protection regulations compliance. For instance, Pluto is PCI DSS Level 1 certified, which is bank-grade security. You can also conduct regular audits and encrypt sensitive information for added protection.

Automate Procurement Process With Pluto

You can tackle these procurement automation challenges and others, too, such as flexibility, technical issues, and supply chain complexity, by choosing the right automation partner. A solution that caters to your need to provide visibility, control, flexibility, and ease without disrupting your supply chain. 

Here are some ways that Pluto can support your procurement automation to streamline the 3Ps of a procure to pay software—people, process, and paperwork::

1. Approval Workflows

You get a no-code trigger-based approval workflow engine that helps you set exact approval hierarchies to get approvals without any disruptions. You add if-then rules and set a precise and intricate workflow. 

Thus, when an employee raises a purchase request, instead of chasing stakeholders, this system notifies all of them to review and approve the requests. Also, if queries and any clarification are required, all the conversation takes place in Pluto itself, giving you complete documentation and visibility. 

2. Vendor Management 

You get a unified platform to consolidate all your vendors with integrations to your accounting software and ERPs. You can sync and manage all the vendors for faster purchase order creation. You can add the list of items and simplify the purchase order and GRN matching process.

3. Receipt Management 

You get a dedicated dashboard to manage all your receipts. Pluto captures the invoices from emails and WhatsApp and uses optical character recognition (OCR) technology to extract key information. As a result, GRN matching becomes easy as you have all the vendor, purchase order, and invoice details in one place. Also, with all the details consolidated, you accelerate the reconciliation process by documenting all the key information on a single platform. 

4. Payment Processing

You get direct integrations with your accounting software and payment gateways, making payment processing easy. Since Pluto already supports the approval process and GRN matching, you don’t end up paying for faulty goods. Also, you get all the information on a single platform with its current status and other key information, so you avoid double payments. 

5. Reconciliation

You close books 10X faster with Pluto. With OCR technology, you need not manually add general ledger and tax codes. And since all the accounting software is synced, the information remains consistent throughout the system, making reconciling easier. Also, if any discrepancies arise, you have complete visibility into each AED you spend with Pluto.

Simplify Procurement Automation

Your procurement team doesn’t need multiple procurement automation software for each process. You will end up with multiple platforms, struggling to integrate them, and spending hours trying to work the pieces together instead of getting flexibility. 

Pluto streamlines the process while facilitating integrations with your existing accounting software, ERPs, and payment gateways. You get a layer of automation that sits on top of current processes to meet your needs. Hence, you get a solution that fixes all the loopholes instead of disrupting your current processes. 

We explored the top 6 procurement software solutions for modern businesses on our blog, and recommend checking the options and picking one that offers functionality without disrupting your workflow.