• Creating a Successful Procurement Strategy

    A procurement strategy is essential to maintain a business’s operational success and properly manage spending. In today’s world, growing companies strive to build successful procurement strategies to help them achieve success and optimize their productivity. In order to stay on track with your company’s objectives, an effective procurement strategy offers a financial plan for managing your…

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  • Purchase Order Form: What Is It and Why It’s Important

    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,…

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  • Guided Buying: Expediting the Procurement Process

    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…

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  • What Is a PO Number?

    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…

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  • Purchasing vs. Procurement: The Real Differences

    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…

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  • eProcurement: Everything You Need to Know

    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…

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  • Notes Payable vs. Accounts Payable: How Are They Different?

    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…

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  • What Is an Expense?

    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…

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  • Budget Versus Actual: Understanding Budget Variances

    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…

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  • Purchasing Software: Your Guide to Improving the Purchasing Process

    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…

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  • Blanket Purchase Orders: Why and When to Use One

    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…

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  • Expense Reimbursement: Paying Back Employees

    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…

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