The purchase order form must be understood by any professional who works in procurement or supplier management. Obtaining the goods and services your business needs to continue operating is a lot more complicated than heading out to the store to purchase supplies. The entire procurement process is full of risk, from the possibility of incorrect shipments,…
It’s no secret that procurement is a complex process for most businesses. Employees must select the right products or services, and vendors, as well as ensure the necessary documentation is created and forwarded to the appropriate internal and external departments. Without the right systems in place, the entire process can become inefficient and waste valuable…
With B2B purchases online rising significantly in the last decade, purchase orders and the significance of the purchase order number is a key component to these transactions. While purchase orders seem like additional paperwork at first, any growing company knows that the details in a PO are critical to managing and completing the purchase. These…
The purchase vs. procurement distinction is a vital yet often poorly understood concept in business. It helps control corporate spending on the goods and services your business needs to maintain internal operations and or manufacture its product output. Inexperienced finance teams usually allow their employees to make purchases at will whenever the need, even if…
eProcurement refers to the digitizing and automating of some aspects of your procurement processes. This guide will explain the role of eProcurement in the overall procurement and purchasing cycle of an organization, as well as why you should consider adopting it for your own growing team. Businesses rely on the procurement process to grow their…
Businesses of all kinds must resort to paying its partners and vendors or suppliers. These expenses, no matter how simple or complicated, start to add up and need to be organized in a way that allows the process of making payments to be as efficient as possible. Without an official process in place, organizations can…
The idea of expenses being beneficial may seem odd at first, but expenses play an important role in accounting and taxation processes. Regardless of industry, every business will have income and expenses to report, and effective reporting can make all the difference when it comes to retaining profit. But, what is an expense really? Working…
The “Budget vs. Actual” distinction is vital to make if you want to manage the finances of your business accurately and strategically. We all set budgets in our daily lives to keep our spending in check, and the same is true on a larger scale for CFOs and other finance leaders. However, our plans don’t…
Purchasing software (also known as RFQ software) plays a huge role in streamlining complex purchasing processes, especially now that businesses are selling in more places and to more customers than ever before. Part of that process is the procurement of raw materials, professional services, and other goods needed to keep your manufacturing plants stocked up…
A blanket purchase order (BPO), also known as a standing purchase order, can be an extremely valuable type of PO to get familiar with. This guide will provide a comprehensive dive into the concept, as well as the general context and process around it. We’ll also include some best practices and other tips to issue…
Expense reimbursement refers to the practice of an organization paying back the expenses initially covered by employees. It’s actually required by law in some states, but the truth is that almost every organization should consider this process. Whether you’re an academic institution, a municipal government, or a for-profit business, employee expense reimbursement is a regular…
The procurement audit is a step in the procurement management cycle and an essential part of the purchasing process. When a business procures the resources it needs to complete its work and run smoothly, managing spending until the end is mandatory to prevent overspending and build trustworthy relationships with suppliers for future projects. Procurement management…
