What Is Procure-to-Pay (P2P)?
In procure-to-pay (P2P), products and services are requisitioned, purchased, acquired, invoiced, and paid. P2P entails all the steps involved in obtaining and paying for goods or services, as the name suggests.
Since P2P is such a crucial component of a prosperous business, there can be significant advantages to implementing a well-oiled P2P process. These advantages include decreasing the amount of manual data entry, preventing late fees (and occasionally even receiving early payment discounts), minimizing data errors and compliance problems, and lowering overall costs.
An excellent P2P platform will provide tools like workflow automation with invoice processing, routing, and approval, vendor portals, ERP integration, and more to assist you in streamlining your process. These solutions increase efficiency by removing the need for employees to concentrate on manual entry and management.
