The procure-to-pay process outlines how products or services are ordered, how they’re delivered, and how you pay for them.
Procure to pay process21
The term budget tracking refers to the process all businesses must engage in to track expenses. It involves the tracking of receipts, invoices, and other data to determine what the company is spending on various areas of the business, such as on the development of a project.
3-Way matching in the account payable process is the process of verifying invoices to ensure that you pay only for those products you requested, approved, and received from a seller or vendor.
A requisition order is a formal request made by staff to a departmental head in charge of finances, requesting to purchase goods and services outside an organization.
The term "procure to pay" refers to the process of requisitioning, purchasing, receiving, paying for, and accounting for products and services.
A procure-to-pay - or P2P - solution is a complete end-to-end tool that enables organizations to procure goods and services efficiently and effectively.