Procurement and Invoice management
Procurement approval and execution control
Procurement management helps to carry out the entire process in a structured and faster manner. The fast approval of purchases according to the complex procedure set by the organization, taking into account the purchase type, amount, budget, etc. The entire process is monitored – statuses, participant actions, visibility rights, process branches. Separate process stages for clarifying the purchase item, organizing the competition, and controlling the procurement.
Management of incoming invoices
Digital invoice management includes: scanning of invoice data (OCR), invoice approval, and transfer to the accounting system. The system will assign invoices to cost centers and forward them for approval to managers or other relevant individuals. Invoices can be linked to purchases, contracts, or budget lines. You will easily track various actions, see deadlines, and manage access rights.
Contract and related document management
**Contract management includes**: centralized registration and classified storage of all contracts with Clients, Suppliers, Partners, and Service Providers within the organization. You will assign responsible employees for execution and control the deadlines. You will have a register of all changes, additions, acts, invoices, and other related documents associated with the contracts.
Benefits
- Convenient tools to easily and quickly trace audit information: changes, additions, approvals, distribution details, and other actions related to purchases and associated contracts.
- Faster and simpler procurement execution according to the organization's predefined procedures.
- The procurement process can involve participants who are geographically distant from one another. This is especially important in the context of modern business, where organizational units and owners are spread across the globe, and employees are mobile.
- The purchasing team has easy access to and therefore effectively uses the information needed to make decisions. This procurement management ensures that purchases are made quickly and productively.
- The approval and execution of invoices will take place according to the established procedure and will reach the accounting department on time.
- Participants in the procurement process will be informed in a timely manner about the decisions they need to make and the upcoming deadlines for procurement events. To err is human, and to forget is even more so, so the system reduces the influence of these very human characteristics on the procurement process.
- By integrating a procurement management solution with a business management system (Axapta, Navision, etc.), the purchasing process is combined with purchasing documents and purchasing financial transactions.
