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…
Successful businesses understand that time is money. Regardless of the type of organization or service it provides, time efficiency is a huge driver of a business’s productivity. Where businesses tend to get stuck however, is very often in their purchasing process. Growing organizations in particular experience increasingly complex purchases, and without a fast-moving process in…
Of all the processes the finance team covers, the month end close process especially deserves your attention. If you work in an accounting department you know that financial statements certainly matter, but just as important is a consistent, up-to-date record so no invoices, receipts or other important documentation get left behind. Accounting teams should review…
Every business that deals with sourcing vendors and making purchases uses the process of indirect procurement in various ways. Depending on an organization’s size and complexity of purchases, the indirect procurement process can have strong consequences on a company’s spend management and total revenue. As the use of professional services and digital software tools has…
Whether you’re part of a purchasing team, a procurement department, or an employee making a purchase, odds are you’re following some kind of outlined requisition process. There’s no one correct way to initiate a requisition process, but having a working process in place is essential to making smooth, and smart, purchases in most companies. This…
For medium and large enterprises in particular, onboarding a new supplier or vendor or tends to be especially inefficient. Comprising numerous players and moving parts, the process is often characterized by delays and frustration. In this two-part series, we’ll look at the three central challenges to supplier or vendor onboarding, examine who these challenges impact,…
Procurement as a process is a little more complicated than just buying office supplies – since many organizations have entire teams dedicated to their procurement and purchasing activities. So what exactly does it encompass? We’re going to thoroughly explore this vital component of corporate strategy. From what the process entails, the many ways to approach…
Businesses both large and small operate on keeping order and organization. Ensuring they can see the full picture helps finance leaders analyze data accurately, make informed decisions, and budget accordingly. So when it comes to making purchases, getting the right approvals, and working with suppliers, a proper purchase order management system (PO system) should be…
A thriving business surely has a good handle on managing its spending. Being fully aware of company costs, budgeting and planning, and forecasting are each an important and vital part of ensuring the most strategic business decisions are made. It allows for the opportunity to scale and provides a solid foundation for future growth. Keeping…
The budget is a constant factor in any business setting. How do you ensure that you are buying enough quality goods and services for your manufacturing and internal operations to thrive while still keeping tabs on costs? We’re all familiar with making purchasing decisions in our daily lives, but the way entire companies do it…
Expense management is a topic not given the full attention it requires. Businesses looking to optimize operations, stick to budgets and save money, need to find ways to accurately keep track of what they’re spending. But it goes beyond that. Finding efficient ways to reduce expenses without compromising on quality is a multifaceted process that…
Overview TIER mobility, the emerging leader in sustainable urban transportation, is working to reshape city landscapes around the world by offering accessible and affordable mobility solutions. A fully climate-neutral company, TIER is committed to reducing all charging, product, operational, and transportation emissions for a more sustainable environment. Challenge Surpassing 500 employees in under three years,…
