Hello friends, my name is Shannon Kalani. I will explain to you the procure-to-pay (p2p) cycle that is used in every business organization that uses an ERP system, also known as enterprise resource planning. The p2p cycle consists of different processes such as procure-to-pay, order-to-cash, and hire-to-fire. In this explanation, I will focus solely on the procure-to-pay process, which involves purchasing goods or services and making payments. Let's break down the process with a practical example to make it easier to understand. Imagine there is a hypermarket with various departments like clothing, electronics, and furniture. Each department aims to sell products to customers. As the inventory gets depleted, the departments will raise a requisition to the purchase department. This requisition form will provide details on the quantity, item description, and specific requirements. The purchase department then evaluates the requisition form and assesses the quantity and description needed. They also identify the available suppliers in their region. Contacting these suppliers, they request quotations for the required goods or services. After receiving quotations from different suppliers, the purchasing department conducts a quotation analysis. This process internally checks if the quotations meet the required specifications, such as quantity, quality, and price. If a quotation fits the criteria, the supplier associated with that quotation is selected to move forward. Once the quotation analysis is completed, the purchasing department selects one final supplier. A purchase order is then raised and issued to the selected vendor. This purchase order officially initiates the procurement process. Overall, the procure-to-pay cycle ensures that businesses can effectively manage their purchasing activities, maintain internal control systems, and accurately record transactions. It promotes efficiency and minimizes errors or mistakes throughout the procurement process.
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Purchase process flow chart PPT Form: What You Should Know
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