Top 9 Procure-to-Pay Software for Enterprises
You want a procure-to-pay (P2P) software that automates your procurement process and addresses issues like lack of visibility, double payments, and delayed approvals. However, since such a tool has multiple users at different hierarchies and a complex workflow, you often end up with a more complex process if you don’t choose the right software.
With ad-hoc processes, many issues pop-up: employees wait weeks for approvals, procurement teams have no real-time visibility over purchase requests and don’t know how to prioritize, finance teams get minimal control over expenses, and the entire process is chaotic. Hence, choosing the right procure-to-pay solution requires a focus on ease of use and flexibility.
In this post, we will share the best procure-to-pay software for businesses in the UAE. We will discuss how P2P software helps with procurement management and which tools are worth considering.
What is Procure-to-Pay Software?
Instead of having your procurement processes and data scattered across emails, Jira, different task management tools, and custom ERPs, you bring it onto a single platform.
By moving from your legacy tools to an automated P2P software, you can:
- automate approval workflows, making the purchase request (PR) process easier and faster. Flexible approval workflows enable all stakeholders to approve requests with a trigger-based flow.
- integrate with ERPs to maintain a preferred vendor list and manage order items. While most P2P software supports record-keeping only, some allow the conversion of PRs to purchase orders (PO) automatically after approval.
- match the goods received note (GRN) to enable two-way or three-way matching and ensure proper inventory and timely vendor payments.
- process payments with multiple payment options to avoid delays and foster vendor relationships. It also helps avoid double payments, underpayment, or overpayment.
- reconcile data faster via integrations with accounting software, enabling more visibility and control. Accounting teams get the right documents, and finance teams get visibility over expenses.
Since legacy ERPs aren’t enough to manage your entire procurement process, adding P2P software makes purchasing and payments easier.
Top 9 Procure-to-Pay Software
Here is a procure-to-pay software list for companies in the UAE:
Pluto is an all-in-one procure-to-pay solution to transform your procurement and AP processes. It sits on top of your ERP as a layer to manage the multiple stages of the procurement process. From automating PRs to setting multi-layer approval workflows and managing vendors, it is the ultimate solution to transform a chaotic procurement process into a faster and more efficient one.
- Features fully customizable workflows for raising PR and POs, requiring no technical expertise
- Offers a flexible approval engine capable of managing intricate hierarchies
- Enables multi-layer invoice approvals with policies to align with your company's structure
- Ability to upload invoices easily via WhatsApp images, eliminating the need to search for invoice details. Also facilitates invoice capture via emails directly to speed up the receipt capture process
- A centralized dashboard to gather bills in one place and track the status to avoid double payments
- Vendor-specific corporate cards to control budgets and detect irrelevant expenses
- Supports local and international wire transfers to make payments
- OCR technology minimizes manual data entry by creating and populating bills from invoices
- Supports ERP integration to synchronize your vendors, POs, and bills and integrates with accounting software, such as Oracle, NetSuite, Zoho, Quickbooks, Wafeq, Xero, etc.
- Integrates with payment gateways and accounting software for seamless payments and reconciliation (a feature not available in other solutions)
- Raises alerts for upcoming payments and enables scheduling payments in advance and automate invoices
- Provides a complete audit trail of the process to ensure visibility at each step
- Shows real-time analytics to facilitate deep insights for supporting budget control
- More financial control with vendor-specific corporate cards
- Better Forex rates than most local banks
- Multiple integration options including Netsuite, Dynamics and more
- Slightly longer on-boarding due to unlimited corporate purchasing card offering
- Directly integrates with all other major ERPs except Tally
Order.co is a procure-to-pay platform that provides you access to over 15,000+ vendors in addition to your preferred vendors. It acts as an online marketplace like Amazon or eBay to help you procure items for your business. You add items to the cart, and it enables a rule-based approval system for POs with complete control and visibility.
- Provides a custom, pre-approved Order.co catalog, including your current vendors and a vast network of 15,000+ vendors
- Supports purchases from multiple vendors regardless of their ordering methods (API, website, email)
- Sources the best prices for your needs to automatically generate POs and set up recurring orders to save time and reduce manual errors
- Offers real-time budgeting and reporting insights by the user, location, cost center, or vendor
- Simplifies payment processing by consolidating all orders from multiple vendors into one monthly invoice
Dependent upon locations and usage; contact email@example.com for pricing information
- Customizable product lists for ordering
- Easy-to-create customizable workflows
- Ability to categorize purchases and run reports
- Set up is confusing and requires customer support help
- Can not order from multiple vendors at the same time
Yooz optimizes the procurement process by focusing on invoice management. It is suitable for mid-size companies of all sectors wanting to automate procurement with a cloud-based procure-to-pay solution. It uses artificial intelligence (AI) and machine learning (ML) technologies to enhance security and control in their account payable automation software.
- Enables online, real-time management of supplier relationships, improving communication and collaboration
- Provides mobile access for invoice approval and communication
- Maintains regulation-compliant traceability, ensuring adherence to relevant laws and standards
- Automates real-time general ledger (GL) coding and PO matching
- Captures all types of documents through various channels, such as email, drag and drop, mobile, scan, and secure file transfer protocol (SFTP)
- Integrates with accounting software and ERPs
- Allows users to approve and pay invoices in batches, offering multiple payment options, such as virtual credit card, ACH, e-check, and paper check
- Offers a range of services, including consulting, configuration, training, and user support
Free trial for up to 15 days followed by a "pay-as-you-use" model. Also offers “gold edition” subscription pricing (based on the volume of documents) for an unlimited number of users and 4 hours of complimentary service
- Integrates with Sage Intacct
- Ability to tag people in the comments and email them directly from the invoice
- Numerous criteria available for setting up the approval workflows
- Doesn’t offer payment services in the UAE, so you need to carry out payments on a different platform
- Doesn't have integrations with major vendors as a form of punchout
- Time-consuming to download and export files
- Hard for vendors to send the invoices through Yooz
Kissflow simplifies and enhances procurement processes while ensuring transparency and compliance. It helps users automate the entire process without requiring technical expertise or coding experience. It comes with 50+ ready-to-use applications, enabling unlimited automation applications.
- Offers fluid forms to enable easy capturing, approval, and tracking of PRs
- Allows users to register and maintain vendors with access to multilingual catalogs
- Integration with accounting systems, ERPs, and finance systems like Quickbooks, SAP, and Microsoft Dynamics
- Accelerates the invoice approval process with timely alerts and automated checks. Connect invoices to contracts, POs, and service entry sheets in a single dashboard
- Customizable reports to visualize data using charts, filters, and heatmaps
- Ability to define and manage budget restrictions with dynamic rules throughout the entire procure-to-pay lifecycle
- Customized approval workflows to ensure transparency with rule-based approval processes
- Smart alerts that provide real-time updates on the status of POs and invoices to keep stakeholders informed
Starts at $2499/month (billed annually). Pricing varies based on transaction volume and number of users
- Intuitive interface with a relatively short learning curve
- Does not support payment flows in the UAE
- Cost of its license is high (particularly for SMBs)
- Can not handle intricate processes that require a high degree of customization or involve multiple conditional branches
- Customization options are limited, including specific integrations, advanced business rules, or more sophisticated automation capabilities
Coupa is a cloud-based automation platform to manage procurement processes. It facilitates supply chain optimization by providing visibility and control. It brings consumer shopping ease to the procurement process. With a focus on user adoption, it provides an intuitive shopping experience for employees, making it easier to adhere to pre-approved spending guidelines.
- Simplifies procurement by allowing organizations to track pre-approved spending and get real-time visibility into POs and order lifecycle
- Maximizes pre-approved spend to offer complete visibility over the purchase-to-pay processes
- Promotes user adoption at all levels with an easy-to-use interface, creating value for both employees and vendors
- Provides a centralized platform within Coupa Procure, allowing easy comparison of items across multiple vendors
- Offers real-time budget management with budget meters, allowing organizations to assess budget sufficiency before committing to spending
- Employs AI and machine learning to detect errors and fraud across business spend
- Enables quick notifications of disruptions and allows vendors to confirm availability, minimizing unplanned downtime
- Provides real-time visibility into inventory availability, helping organizations reduce redundant and wasteful spending
- Several categories and filters in the analytics section to streamline data
- Chat option enables approver and claimant to discuss issues with receipts
- Enables setting up of customized approval chains and including additional new approvers
- Lots of unnecessary notifications, making it difficult to select the ones that need action or comment
- Low receipt searchability, making retrieval time-consuming
- Inconsistent syncing of remit-to address from NetSuite
- Complex to implement and not intuitive, forcing admins to spend more time resolving employees' queries
- Slow customer service
Esker is a cloud-based automation procurement software. It helps you optimize procurement processes and collaborate strategically with your vendors. With the ability to integrate across various company departments, it simplifies user adoption while facilitating visibility and control.
- Facilitates approval mechanism and GRN matching for each PR and invoice
- Offers real-time analytics, enabling you to maintain tighter budget controls
- Gives access to products from preferred vendors, aligning purchases with company procurement policies
- Provides a self-service portal, facilitating supplier onboarding, catalog management, and invoice status access
- Customizable dashboards to manage daily tasks, monitor productivity, and identify issues and opportunities as they arise
- Enables you to customize the interface with your company's corporate identity, enhancing the supplier's ability to identify and engage with your organization seamlessly
Contact sales for pricing
- Contains filtered views to allow for focused priorities
- Auto-sends payment reminders
- Gets expensive with each customization implemented
- Doesn’t allow unused/old customer accounts to be deleted
- Integration with accounting software isn't seamless
- Approval workflow requires a manual trigger to start
PayEm offers a procure-to-pay solution, covering everything in one place to replace your traditional procurement process. With a core focus on processing PR, it simplifies the creation of POs with custom forms and approval workflows. It facilitates collaboration between procurement and finance teams to enhance visibility and control.
- Offers custom request forms equipped with conditional logic to ensure a user-friendly experience
- Provides fully customizable automated approval workflows based on factors like amounts, subsidiaries, and stakeholders
- Integrates with communication platforms like Slack and email, allowing request tracking and approvals
- Consolidates all the requests and approvals, simplifying discussions, document sharing, and creating an audit log
- Enables real-time updates and clear overviews of request statuses, minimizing the need for follow-up inquiries
- Offers OCR technology for invoice processing
- Syncs with your ERP and enables exporting reconciled transactions and uploading them to your ERP
- Automates vendor management with payment scheduling, funds transferring, and limits setting for each vendor
- Multiple virtual credit cards for different vendors
- Supports global transactions
- Some vendors don't accept PayEm cards
- High transaction clearing time
- Limits the user to either a virtual or physical card at one time
Pipefy is an automation procure-to-pay tool to manage end-to-end procurement processes, from PR to paying vendors, to create a frictionless experience. It aims to break silos between teams to simplify purchase and AP.
- Allows you to create and customize workflows, from purchase requisition to supplier management
- Provides secure portals where records and documents can be organized, ensuring that all information is easily accessible, especially during audits
- Ensures compliance with custom forms that include required fields to accelerate POs
- Enables access to real-time insights to help you forecast ideal quantities and vendors for requisitions
- Evaluates your processes, delivering reliable data to enable strategic and data-driven decisions
- Integrates with your existing ERPs and accounting systems, such as NetSuite, Oracle E-business Suite, QuickBooks, Sage Intacct, etc.
- Enables deadline alerts, approval flows, and information exchange to prevent late fees and cashing in on early payment discounts
- Offers a customizable dashboard to streamline vendor registration, updates, onboarding, and contract management
Offers three packages starting with a free option for smaller teams, and a subsequent model that costs $20 per month per user and $34 per month per user. Also, offers an enterprise plan with custom pricing
- Offers templates for organizing processes
- Complex sign-up process
- Workflows aren’t flexible with difficulty with respect to adding new users and making changes
- Difficult to import data and search in the database for information
Procurify speeds up the procurement process, enhances internal communication, and reduces financial risks. It is an easy-to-implement tool that saves time for finance and operations teams. From catalog management to custom user controls, it helps to track the procurement process in real time.
- Tailors POs to match your internal processes and vendor expectations
- Creates, tracks, and maintains an audit trail of all procurement transactions for transparency and compliance
- Enhances financial controls by enabling PO-based purchasing
- Ensures that requested items are approved against budgets before procurement
- Syncs PO with your accounting system or ERP, whether via API, CSV, flat file, or direct integration
- Integrates with trusted vendors through punchout catalogs to streamline the ordering process
- Enables blanket PO, which involve making multiple purchases against a single PO, even when details of future purchases may be unknown
- Provides PO workflows to save on shipping costs, unlock vendor discounts, and reduce paperwork
Starts at $2000/month with a custom pricing tier
- Easy-to-make amendments in the original PO
- Enables ordering from multiple websites for resources, including Amazon
- Makes it easy to upload documents to support expense and order reports
- Doesn’t offer payment services in UAE, so you will need to carry out payments on a different platform
- Doesn’t cater to the UAE market, and does not support UAE-specific workflows such as VAT management
- Cannot edit orders once they are approved
- Cannot see the order history for a catalog item without running a report
- Physical inventory has to be tracked outside Procurify
Which Procure-to-Pay Software Should You Pick?
Don’t choose a platform that offers the maximum functionality. Instead, choose the one that is user-friendly and flexible.
Procurement is already a complex process that requires visibility by different stakeholders. Choosing a tool that offers visibility and accommodates complex business needs will help you transform your chaotic procure-to-pay process.
If you want to get started, book a demo, and our team will help you identify the bottlenecks and make the entire process simpler and manageable.
Disclaimer: The comparisons and rankings of procure to pay software competitors in this article are based primarily on reviews found online. While we strive to provide accurate and up-to-date information, these reviews are subjective and reflect the opinions of the users who posted them. The information presented is intended for general informational purposes and should not be considered as a definitive guide for choosing a software provider. We encourage readers to conduct their own research and consider their specific needs before making a decision.
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Purchase Order Automation: Transforming Business Transactions for the Better
The sales team needs a new SaaS product for cold calling, but the approval is due. It has been weeks, and neither the finance nor the legal team has reverted. The sales team keeps following up, and the procurement team is stuck in the loop of approvals, only to spend some more weeks negotiating with the right vendor later.
This is a common scenario in most companies where teams follow a fixed standard operating procedure, and procuring basic items takes months. All this, combined with multiple tools, complicates procurement further. One tool to raise requests, one for approvals, one to manage vendors, and so on.
In this blog post, we will discuss how to automate purchase orders and simplify the procurement process. Instead of relying on hundreds of procurement automation software, we will look at how you can automate with minimal effort.
What is Purchase Order Automation?
Purchase order automation is the process of automating and removing all the manual tasks associated with creating purchase orders.
This is what the traditional procurement process looks like in most companies:
- Employees fill out forms to raise purchase requests, but have a long wait before they receive a response.
- The procurement team struggles to manage hundreds of purchase requests and seek approvals from different departments.
- The finance team is disliked by both employees and the procurement team because they focus on cost-saving and resource optimization.
As a result, there is continuous internal resentment.
Automating parts of this process lifts the weight off of each of them. Instead of relying on forms and different task management tools, you invest in centralized software to manage requests, set approval workflows, and maintain vendor databases.
How to Automate Purchase Orders
Here is a simple four-step method to automate your purchase orders:
1. Find the Right Automation Software
We have explored the top procurement automation software previously, which will help you evaluate the alternatives available. To pick the right one, look for the following features:
- Ease of use- To simplify adoption and reduce training time
- Flexible workflows- To adapt to complex organizational hierarchies
- Integration- To connect and sync with existing accounting systems and ERPs
- Reporting- To support data-driven decision-making and enhanced transparency
- Real-time visibility- To track expenses and identify thefts and fraud
- Scalability- To accommodate increased transactions and users without performance issues
2. Integrate With Your Accounting Software and ERPs
Connect your existing accounting software and ERPs to procurement automation software to sync vendors and transactions across multiple software platforms.
As a result, it becomes easier to maintain vendor databases and reconcile accounts. You can streamline purchase orders and eliminate chances of errors. You get real-time visibility into the status of orders, ensuring that relevant stakeholders are informed at every stage.
3. Set Up Policy and Approval Workflow
Create and enforce guidelines, rules, and approval hierarchies for purchase orders that align with organizational policies. This includes the following steps:
- Outlining the approval workflow to follow the organizational hierarchy
- Setting spending limits to control the amounts allocated in a single purchase order
- Syncing and defining the preferred vendor's list
- Specifying user permissions, access levels, and actions based on roles within the procurement process
- Activating alerts for relevant stakeholders about the status of purchase orders, pending approvals, or other critical updates
This step will enhance security, communication, and transparency throughout the procurement workflow.
4. Implement Automation
Finally, once you complete the setup, you will be able to automate the following parts of purchase orders:
a. Approval Workflows
You can set up trigger-based approval workflows without requiring any technical expertise. From approving purchase requests to clearing payments, you can set up a proper hierarchy with all the required stakeholders.
So whether a purchase demands approval from three managers or three departments, you can accommodate the complexities without any delays.
b. Vendor Database
Instead of importing/exporting or manually maintaining vendor data in your procurement software, you can integrate the software into your existing accounting system and ERPs for a convenient two-way sync.
You can also create a list of items for each vendor, making two-way and three-way matching easier.
Be it from email or WhatsApp, you no longer need to upload receipts and information in your system manually. The software captures the receipts and other key details via OCR, eliminating redundant record-keeping.
Additionally, you can bulk upload the invoices to add all the information in a centralized platform and sync across accounting systems. This simplifies reconciliation and provides complete visibility into each expense.
d. Expense Categorization
You no longer need to manually add tax and general ledger (GL) codes to any expense. Based on the key information extracted via OCR, the software categorizes the expenses. Plus, this syncs across platforms, accelerating reconciliation.
e. Goods Received Note (GRN) Matching
With OCR and receipt information retrieval, two-way and three-way matching becomes easy. The stakeholders can side-by-side compare the purchase order, invoice, and items listed. This significantly reduces the time spent on GRN matching and consolidates all the information on a unified platform.
f. Audit Trails
You get away with the need to maintain thousands of receipts and documents and get all the key information on a unified platform. From purchase requests to stakeholders involved and order status, you get complete visibility into each order.
This audit trail becomes a blessing during the audit season when you only need 30 seconds to retrieve a specific receipt or document.
How Automating Purchase Orders Makes Procurement Easier
While automation comes with multiple benefits, one reason to try it out would be gaining control and visibility.
You go from not knowing what the teams need, where the money is going, which department spends the most, or why these reports don’t make any sense to getting clarity on every aspect of procurement, not just purchase orders.
Here are five more benefits of automating purchase orders:
1. Reduce Error and Manual Tasks
You minimize the risk of human errors that come from manual data entry. For instance, a manual typo in the quantity ordered leads to complications and delays. Similarly, a mistake in categorization can cause legal issues. Automation ensures accuracy by eliminating such human errors.
2. Faster Reconciliation
You get real-time data synced across your accounting systems, easing the reconciliation process. The finance team can quickly match records, such as invoices and receipts, without delays and discrepancies. Further, this eases the process of GRN matching, helping you close books much faster with accuracy.
3. Streamlined Approvals
You accelerate the approval process for purchase orders even with complex hierarchies. Instead of waiting for physical signatures or manual confirmations, you get trigger-based approval workflows. As a result, you can set up a proper notification system to send purchase order requests to designated approvers, speeding up the entire approval chain.
4. Compliance Support
You can enhance compliance with organizational policies and regulatory standards. For instance, the system can flag a purchase order exceeding predefined spending limits, ensuring compliance with budget constraints. This helps prevent unauthorized purchases or deviations from established guidelines.
You can scale procurement easily to meet the evolving needs of the business. As the organization grows, the automated system handles increased transaction volumes without affecting or increasing the manual effort.
Your Search for a Purchase Order Automation Tool Ends Here
Stop looking for different automation tools for each step in your procurement process. You don’t need an individual solution for purchase requests, purchase orders, and processing payments. You can automate it all on a single platform and ensure accuracy and consistency among your accounting systems.
At Pluto, our main aim is to stop the chaos and make procurement easier for three core stakeholders—spenders (employees), savers (finance teams), and sourcers (procurement teams). We streamline the entire process on a centralized platform and give you more visibility and control at each stage. And whether you want to automate one step or digitize your entire procurement process, Pluto gives you the flexibility to meet your needs.
Refer to our dedicated post on procurement automation to understand how a single procurement platform can sync with your accounting systems and automate the procurement process on a centralized platform.
Procure-to-Pay Process: What it is, Benefits, and Steps Involved
The procure-to-pay process doesn’t mean the procurement process. It is a subset of procurement that integrates purchasing and accounts payable.
Traditionally, the procurement process is scattered across the business, and the procurement team needs help to gain visibility or control. The employees purchase from different vendors, the approval process is chaotic and delayed, the stakeholders are stuck in email threads to review the expenses, and the procurement team struggles to get an overview of the organization’s needs.
Procuring the best goods and services becomes problematic since the team is left with open information loops. As a result, it spends more time optimizing the procurement cost and improving the bottom line.
What is the Procure-to-Pay Process?
The procure-to-pay process streamlines the scattered procurement parts to combine purchases and payments. Instead of a process spread across different software, the procurement process shifts to a centralized platform.
The employees get a dedicated platform to raise purchase requests and obtain approvals. The platform notifies stakeholders, such as managers, legal teams, finance teams, IT teams, and other relevant decision-makers to review and approve the proposals. As a result, the procurement team seamlessly moves to the vendor evaluation and negotiation stage without worrying about approvals or delays. The finance team efficiently handles accounts payable since the purchase and payment process is integrated.
So, while earlier, the purchases were handled solely by the procurement team and payments solely by the finance teams, the procure-to-pay process gives both teams an overview of the process from start to finish. In this post, we will discuss how this procure-to-pay process helps you optimize your procurement function and improve your bottom line.
Why Do You Need a Procure-to-Pay Process?
The procure-to-pay process is not just for your finance team or procurement team. It helps the entire organization to gain resources efficiently. Here are eight ways that demonstrate how moving to a streamlined process benefits you:
All the relevant stakeholders get visibility into the process and the status. Be it the employee, managers, finance team, legal team, IT team, or procurement team — each one can track the progress without delving into multiple email threads. Additionally, teams get insights that help procurement teams optimize costs with data-driven decision-making.
2. Compliance and Control
You can implement advanced controls, such as customized approval workflows and spending budgets, without micromanaging the teams. You can successfully enforce internal control over financial reporting without creating unnecessary team resentment.
So, for instance, if any expenses or purchases beyond $50,000 require additional approval from the legal and IT team, you can easily configure those controls within the approval workflow.
3. Streamline Workflows
The traditional process demands the employees to go from one office to another or spend days on email and Slack conversations before the managers give the green signal. At times, approval of a critical stakeholder is missed, causing delays and disrupting the workflow.
With the procure-to-pay process, you can create custom workflows depending on the purchase category, department, amount, etc. This accelerates workflow, and all the relevant stakeholders get notified right away.
4. Centralized Management
The procure-to-pay process integrates purchases and payments to bring all the critical information on a single dashboard. As a result, any discrepancies in the procurement process are identified in minutes. The entire procedure accelerates the real-time visibility of each stage.
A centralized management system makes collecting and storing documents easy; additionally, since it integrates purchases and payments, the information syncs across accounting systems and ERPs.
During the audit season, this becomes a blessing where the finance team doesn’t have to chase teams for complete records. Also, it becomes easier to store and lock all the transactions and share these records with external parties.
6. Risk Management
The procurement operation is prone to financial, operational, and reputational risks. With the procure-to-pay process, teams can efficiently manage the vendors, purchase requests, approvals, and payments on a centralized platform in real time. It reduces the risk of fraud, ensures policy compliance, and provides visibility into spending patterns without burdening any team.
You can easily see the inside out of your procurement process, whether you want to know how much the marketing team spends or which vendor costs you the most. It makes it more convenient to reduce procurement costs and optimize purchases to improve the bottom line. Also, as all the information is centralized, there are no gaps or missing loopholes, providing complete transparency of your expenses.
8. Invoice Management
The procure-to-pay process ensures that all the invoices are captured and extracted into a centralized platform. This facilitates two-way and three-way matching without causing delays. Moreover, the reconciliation process becomes easy as all the records are systematically recorded.
So, whether you receive an invoice via email, WhatsApp, or physical copy, you can easily add it to the system without risking losing an invoice.
What are the Stages in the Procure-to-Pay Process?
The traditional procurement process has over nine steps strewed across different platforms. These include identifying goods and services, purchase requests, vendor selection, negotiation, purchase orders, inspection of the goods received, three-way matching, approvals, and payment and reconciliation.
While the procure-to-pay process doesn’t alter these stages, it integrates them for a streamlined workflow. So, earlier, if the approvals took days or weeks, keeping employees and the procurement team on hold, now it only takes a few minutes or hours. You centralize the procurement process and save money and time.
Here are five key stages in the procure-to-pay process:
1. Purchase Request
Employees no longer need to travel from one office to another, seeking approvals manually from managers. The streamlined procure-to-pay process gives employees a centralized dashboard to raise requests and specify their needs. It helps the procurement team to understand what the employee needs as well as examine the purchase details. Moreover, the stakeholders can quickly approve or reject the requests from the dedicated platform.
Administrators add customized approval flows to enforce internal policies. They create trigger-based approval workflows based on the expense amount, category, and department to accommodate intricate hierarchies.
For instance, they have the option to create separate workflows for expenses below $5000 and those exceeding a certain budget. Similarly, they can add specific stakeholders to the custom workflows for minimum friction and delay.
2. Purchase Order
While the vendor evaluation, selection, and negotiation happen on dedicated ERPs, the procure-to-pay process enables you to bring all this information on a consolidated platform. You maintain a synced and consistent database to make purchases faster and more secure.
Pluto integrates with your ERPs and allows you to maintain a centralized vendor database. You can add the vendor directly to the platform and systematically record information. You can add a field in your approval workflow to determine whether the employees are purchasing from a vendor list or a new vendor.
A systematic list helps you consolidate expenses and optimize costs. Moreover, ordering becomes more accessible with a unified platform for raising and approving purchase requests and maintaining an ERP-synced vendor database.
3, Invoice Management
Traditionally, vendors send invoices to a dedicated email or an address. The employees send them for approval and payment. It takes days to clear the expenses. Additionally, the accounting team spends considerable time and energy on maintaining records.
The procure-to-pay strategy reduces this effort and streamlines the procedure. It captures and extracts the invoice from the emails and attaches to a dedicated purchase request and order. This helps the teams match the purchase order, invoice and goods received note (GRN) without juggling multiple platforms.
It pulls all the information with optical character recognition (OCR) technology, reducing manual data entry. Since this platform syncs with the accounting system, the accounting team spends minimal time on data entry.
4. Payment Processing
Processing payments becomes a task when the finance team has to chase employees for invoices and wait for approvals and verification. The procure-to-pay technique centralizes the entire process, giving real-time visibility and helping finance teams make timely payments.
Moreover, with Pluto, you can integrate your procurement software with the payment gateways to ease the payment process further. Also, you get better Forex rates than banks, helping you save more money. Overall, with the approvals and invoices streamlined, payment processing becomes easy.
Reconciliation is the hardest part, even when you perform the data entry and data sync monthly. You risk losing documentation and creating gaps in the records.
The procure-to-pay process consolidates the entire procurement cycle to bring all the critical information on a single platform. There are minimal gaps; records are up-to-date due to real-time tracking and recording.
With Pluto, you can integrate with platforms like MS Dynamics, Oracle Netsuite, QuickBooks, etc. So, with your ERPs and accounting software synced, you can easily record all the transactions digitally and securely.
Pluto further enables you to lock the transactions to avoid fraud once approved. Moreover, you can create view-only access for your records to simplify auditing for external parties.
Improve Your Bottom Line With the Right Procure-To-Pay Solution
Overall, the procure-to-pay process helps you automate your procurement process without changing your approach too much. You just need to find the right solution that assists your procurement process.
We discussed more about this in our procure-to-pay solutions post, where you will find what procure-to-pay software does and how to pick the right one.
How IT & Procurement Teams Should Evaluate Spend Management Products
In today's fast-paced business world, managing expenses can be a daunting task for IT and procurement teams.
To help you out, we compiled a list of features and functionalities that you should consider when picking your spend management platform.
Spoiler alert, Pluto has them all.
PCI DSS Level 1 Provider
One of the essential features that should be given high importance is the product's PCI DSS Level 1 compliance.
The Payment Card Industry Data Security Standard (PCI DSS) is a set of guidelines and security requirements designed to safeguard payment card data.
The standard was developed by major credit card companies, including Visa, Mastercard, American Express, Discover, and JCB, to ensure that all companies that handle payment card data maintain a secure environment. PCI DSS compliance helps to prevent fraud and data breaches, protecting both the company and its customers.
PCI DSS Level 1 is the highest level of certification a company can achieve for PCI compliance.
It requires companies to undergo a rigorous independent audit to ensure compliance with all 12 of the PCI DSS requirements, including network security, access control, and vulnerability management.
Achieving PCI DSS Level 1 certification demonstrates that a company has a comprehensive and effective security program in place to protect payment card data.
When evaluating corporate spend management products, IT and procurement teams should look for products that have achieved PCI DSS Level 1 compliance to ensure that the product meets the highest security standards.
This will help to ensure that the company's payment card data is adequately protected and that the company is meeting its compliance obligations. By prioritizing PCI DSS Level 1 compliance, IT and procurement teams can help to safeguard their company's reputation and financial well-being.
Being PCI DSS Level 1 compliant is essential for any organization that handles corporate card information, as it provides a high level of security and assurance that the organization is taking all necessary measures to protect its customers’ data.
Pluto Card is proud to be PCI DSS Level 1 compliant. This means that our customers can trust that we have taken all necessary measures to secure their data and protect it from unauthorized access.
We also partner with vendors who are held to the highest security standards, such as PCI or SOC2 compliance.
Passwordless login is a secure and convenient way for users to access their accounts without the need for a password. It is an effective way to protect against unwanted access to your account, as passwords can be easily compromised or stolen. By tying your Pluto access with a company email account provided by your organization ensures that when your employees lose access to their company email address they also lose access to Pluto.
At Pluto Card, we understand the importance of passwordless login, and we offer this feature to our customers. With our passwordless login feature, our customers can access their accounts quickly and securely, without the need for a password.
Activity Log And Audit Trails
Activity logs and audit trails are crucial for ensuring strict auditing everywhere. An activity log records all user activity within an application or system, while an audit trail provides a record of all changes made to data within the system.
Pluto Card offers a 7-year audit log, which means that our customers can track critical changes made to their data over a seven-year period.
Employees that are using our platform have only as much access as they need, and we have infrastructure redundancy built into Pluto, which means that all compute and data is run in multiple geographies.
Business continuity is paramount at Pluto - to this end, we ensure data redundancy with redundant backups in multiple geographies as well.
In addition, at Pluto, your application data is always encrypted in transit, and at rest.
Continuous Security Scans
Pluto also provides a continuous security scan, which tackles multiple dimensions, including code or dependency vulnerabilities, infrastructure, and public endpoint scans.
Our customers can be assured that we take security very seriously and are always on the lookout for any potential security threats.
In the event of a security incident, we have an immediate incident response plan in place and will notify impacted customers without undue delay of any unauthorized disclosure of customer data.
24x7 Customer Support and Dedicated Account Manager
In addition to these security features, Pluto Card also provides 24x7 customer support.
We understand that our customers need support around the clock, and we are always available to help with any questions or issues that may arise.
Data Infrastructure, Redundancy and E2E Encryption
We also provide infrastructure and data redundancy, which means that our customers’ data is highly available and secure, even in the event of a system failure or outage.
Data is always encrypted in transit, which means that it is always protected during transmission between servers or devices.
Finally, another crucial feature that IT and procurement teams should consider when evaluating corporate spend management products is data residency and retention policies.
Pluto Card offers an audit trail for changes to customer data, so we can track who did what.
Additionally, we have a data residency promise of 7 years, which means that we retain customer data for that period of time.
This can be important for compliance with regulatory requirements, such as tax or financial reporting.
In conclusion, when evaluating corporate spend management products for your enterprise, it’s essential to consider the security features that the product offers.
PCI DSS Level 1 Compliance, passwordless login, activity logs and audit trails, and data residency and retention policies are all critical features that can help ensure the security and integrity of your organization’s financial data.
Pluto Card offers all of these features, along with 24x7 customer support and infrastructure and data redundancy, making it an excellent choice for organizations looking for a secure and reliable corporate spend management solution.
For more information visit plutocard.io and book a demo.
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© Pluto Card is a Pluto Financial Services Inc. company 2024
The product and services mentioned on this webpage belong to Pluto Technologies Ltd (Pluto), a company incorporated under the laws of Dubai International Financial Centre (DIFC), Dubai holding commercial license number CL5294. Pluto is a financial technology provider and not a bank. Pluto provides certain facilities for the utilization of payment services through Nymcard Payment Services LLC under the applicable payment network and Bank Identification Number Sponsorship of Mashreq Bank PSC. This is pursuant to the license by Visa® Inc and is available for the residents of UAE subject to Terms and Conditions of use