Procure to Pay (P2P) is the internal process of managing requisitions, receivables, and goods and services. It derives its name from the sequence of procurement and financial processes involved, from the first step of procuring a good or service to the final steps of paying the invoice.
The kitchen staff determines there's a need for more chicken cutlets. Your in-house procurement specialist researches vendors and produces a Request for Quote (RFQ). Once the RFQ is received, the specialist will select the preferred vendor and begin negotiations on the product based on price or quantity. Once everything is finalized, the vendor sends the product and invoice. The specialist then passes the invoice along to the finance department which then processes and pays the vendor for the goods or services.
A manual P2P process works great until you have hundreds of vendors and thousands of invoices across the myriad departments within your organization. These typical steps also lack overall contract controls, compliance management, business intelligence, inventory management, and vendor performance stats.
CedarCreek’s procure to pay system is uniquely designed to help the club Industry to maximize spend coverage. The platform and technology connect customers with their suppliers to improve efficiency, increase transparency, provide accountability, strengthen financial controls, resulting in significant business process improvements and cost savings.
If you are looking for a more smooth & efficient P2P process then call us today at 561.946.2770 or email us at firstname.lastname@example.org to see how we can help your club be the best it can be.