Purchase to Pay Process
07 Apr Purchase to pay plumbing – the critical touch points between finance and procurement – part 2
This is the second part of a two piece article on the touch points between purchasing and finance. You can read part 1 herePurchase to pay plumbing manual – part 2
Knowing your end of the purchase to pay process is all well and good but, if you are at the purchasing end for example, which part of the payment end do you need to be joined up to? Here’s a few more of the purchase to pay touch points that should help get the P2P plumbing in place.
07 Apr Purchase to pay plumbing – the critical touch points between finance and procurement – Part 1
Have you ever installed the plumbing in a large office? Neither have I. And if I did I would hold out much hope of it not springing a leak or two. It's a complicated business and you would think twice about having your corporate plumbing installed by anyone other than a trained professional. It's a shame that most organisation don't apply the same rigour when it comes to installing P2P processes. It's a useful analogy. Installing only half of the purchase to pay process is like installing half of the plumbing. Turn the water on and it will be like a monsoon. Both ends of P2P need to be joined up - but knowing which purchasing component joins with which payment component isn't always obvious.20 Mar 3 reasons why AP automation projects fail and how avoid the mistakes
Posted at 19:11h
in Electronic Invoicing, Intelligent Data Capture, Purchase to Pay, Purchase to Pay Process, Purchasing Process
AP automation has got a bad name for itself in some quarters. You will often hear of projects that meant well but either failed to meet expectations or were abandoned completely. There are many reasons why projects fail such as poor change management or lack of sufficient resource but for AP automation projects, there are three particular issues that crop up again and again in failed or disappointing projects.
28 Nov EU Legislation to Tackle Late Payments
Posted at 11:48h
in Electronic Invoicing, Financial Supply Chain Management, P2P Europe, Purchase to Pay, Purchase to Pay Process, Working Capital Management
It's standard business practice. Chase customers for payment as soon as possible and pay your suppliers as late as possible. Cash is king and in some industries - retail being a prime example - cash flow is the pivot of profitability that can make the...
10 Nov The P2P Partnership
Purchase to Pay or P2P (Procure to Pay if you prefer) is a misnomer in most organizations. In reality, P2P is owned and managed either in the procurement organization - in which case it should more accurately be called P2 - or it’s owned in...
16 Oct Only When You Know How To Pay On Time Can You Pay Early
Posted at 11:16h
in Dynamic Discounting, Purchase to Pay, Purchase to Pay Process, The Rest, Working Capital Management
There's much talk about dynamic discounting and how it can yield significant returns on investment but dynamic discounting is absolutely not the first step in extracting value out of purchase to pay optimization - it is the final step.
Let's go back to basics and remember that P2P is not a core function of an organization. Rather, it supports the core functions such as sourcing and procurement, accounts payable and finance. Purchase to pay develops and installs synergy across the physical and financial supply chain and uses technology to support better ways of working to reduce the cost of doing business with suppliers.