Procure-to-pay (P2P) is a term that refers to a business process that covers the procuring of goods and payment of invoices, with an emphasis on automation and accountability. This begins with the creation of a purchasing request and ends with the approval, quality checking, payment and receipt of invoices. The accounts payable (AP) process is only one part of what is known as procure-to-pay. AP automation streamlines these steps and ensures a higher level of accuracy throughout every step of the workflow.
Accounts Payable and Procure-to-Pay (P2P) have a lot in common. They both automate paperwork processing between organizations and are essential to maintaining the operation of any company.
Invoicing and payments are a hassle. Your organization spends too much time on manual invoice review processes which can lead to errors in your cost centers and employee expenses.
Many organizations have sought out financial and accounting technology to help them streamline their core processes.
Procurement to pay automation with accounts payable systems ensures greater accuracy in invoice invoicing and fraud detection.
Leading organizations insist on having a P2P system because the efficiencies gained from an automated function help them manage their budget more easily.
Take control of your accounts payable process today by incorporating automation into your current workflow with TYASuite cloud-based procure-to-pay software.
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