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Kissflow Procurement Cloud is ideal for companies that are either transitioning from manual procurement management tools, implementing a solution for the first time, or replacing disparate point solutions. With Kissflow, businesse...Read more
SutiProcure offers integrated applications for Procurement, Supplier Management, Strategic Sourcing, and Contract Management. It can be deployed either on-premise or web-based. ...Read more
Paramount WorkPlace is a procurement management solution that can be hosted either in the cloud or on-premise. The solution serves midsize and large businesses across industry verticals such as health care, entertainment, technolo...Read more
BusinessBid is a cloud-based end-to-end eProcurement solution designed to help small to midsize businesses automate the entire procurement lifecycle and achieve bottom-line savings. Key features include eSourcing, procure-to-pay, ...Read more
Sourcing Force is a comprehensive 360° Source-to-Pay solution helping mid-size and large companies streamline and automate their procurement processes all the way from Procure-to-Pay to Strategic Sourcing. Sourcing Force is fu...Read more
Accrualify Spend Management Platform is an accounts payable software that helps medium to large businesses manage purchase orders, vendors, budgeting and invoicing. The platform enables managers to configure approval workflows, co...Read more
SoftCo is a cloud-based and on-premise software that provides solutions in financial process automation. It is designed for midsize to large companies across all industry sectors. SoftCo Procure-to-Pay facilitates the creation o...Read more
Transcepta is the top AP automation solution to reduce AP costs, provide supply chain visibility, and control cash. The AI-based platform establishes a digital supplier connection, automatically matches PO-based invoices without h...Read more
ProcurePort is a unique, customizable eProcurement and eSourcing solution that allows users to view and manage the entire procurement process in one interface. It is available on-premise or web-based, and can be used on an iPad....Read more
Synertrade Accelerate is a cloud-based procurement solution with a focus on sourcing and procurement professionals for all industries. Key features include strategic sourcing, spend analytics, supplier management, procure-to-pay a...Read more
Aestiva places paperwork on-line like nobody else. Whether you need a state-of-the-art purchase order system, invoice processing, procure-to-pay, inventory, asset management, contract management, or expense report management, you...Read more
Team Procure is a procurement and auction solution, which enables businesses to manage orders, electronic auctions, bids, and more. Administrators can gain insights into purchased items based on project, department and category us...Read more
i2B Procure to Pay automates your procurement processes. We automate internal requisitioning and approval workflows, RFP, RFQ (external multi / single supplier requests), supplier onboarding, contract Management, supplier and Pu...Read more
Supply chain professionals involved in purchasing and procuring goods need to manage orders, documents, approvals, payment invoices, and more. These tasks can be tough to handle, as they require different systems to place orders, store documents and invoices, and process vendor payments.
Procure to pay software helps streamline procurement activities—from purchasing to vendor payments. It not only increases supply chain transparency but also integrates accounting capabilities such as accounts payable, billing, and invoicing into one system.
Procure to pay software allows the purchasing and accounts departments to use a centralized system—instead of separate solutions—to store and track procurement data.
Given the many options available on the market, deciding which software to choose can be confusing. In this buyers guide, we’ve provided all the information you need to make the right purchase decision for your procurement needs.
Here’s what we’ll cover:
Procure to pay software is a software application that facilitates end-to-end procurement of goods and services from manufacturers or suppliers. The main aim of a procure to pay tool is to integrate the purchasing and accounts payable functions so businesses have greater control over their purchases, deeper insights into their buying habits, and improved cash flow.
A procure to pay solution helps streamline and automate the purchasing process, which involves monitoring inventories, ordering goods or services, enforcing compliance with industry regulations, reconciling purchase orders, and managing bills and payments.
Vendor management in procure to pay software Tradogram (Source)
Most procure to pay software tools have the following features in common:
Procurement management |
Manage all the processes involved in acquiring the products, materials, goods, or services needed for efficient business operations. |
Track and store all vendor-related information such as contact details, services offered, and contract terms. Vendor management also involves vendor selection, contract negotiation, and dispute management. |
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Generate financial reports to assess supply chain performance. Financial reports provide insights into expenditure, purchase orders, accounts payable, and more. |
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Track noncompliance with industry standards, service policies, supplier code of conduct, etc. The feature also helps detect breaches and risks such as fraudulent costs and anomalous payments. |
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Contract lifecycle management |
Organize, track, and automate the entire contract management process, including contract creation, negotiation and approval, execution, renewal, and compliance with service policies. |
Integration management |
Integrate the software with existing applications, such as ERP software, accounting software, and human resources software. |
Track the movement of goods from purchase to sale to monitor existing inventory levels. The software helps with stock monitoring, inventory categorization, purchase order tracking, and automatic reorder point purchasing. |
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Organize, track, and monitor purchase orders, from the point of purchase through vendor payment and delivery. Get complete visibility into the procurement process—from order placement to delivery by the supplier. |
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Manage purchase orders and bills for the goods ordered from suppliers. Reconcile the bills with the purchase orders to check if the suppliers have correctly invoiced for the ordered items. |
Understanding the different types of buyers can help you make an informed purchase. Most procurement software buyers belong to one of the following categories:
Using a procurement solution has many benefits, including:
Here are some procure to pay software market trends that you should be aware of:
Note: The application screenshot selected in this article is an example to show a feature in context and is not intended as an endorsement or a recommendation. It has been obtained from sources believed to be reliable at the time of publication.