What is the three-way match process? The practice of matching the goods received note to the supplier invoice and purchase order of a received purchase is an important match process that helps AP teams validate the order before payment is issued. As organizations grow and more purchases are made, it naturally becomes harder to keep…
Spend analysis isn’t just another corporate buzzword. It’s an essential process for managing business spend. It turns out that you have to spend money to make money, and you likely purchase raw materials and services from vendors to maintain internal operations and create the products you sell. Making these activities more efficient through proper data…
The way businesses approach cost control is changing drastically as the majority of industries continue to undergo digital transformations. Gone are the days when companies hyper-focus on cost. The new version of cost control is a blended approach that focuses on cost management and driving growth. While most businesses dread the idea of going over…
Ensuring your finance team is working at their best isn’t always easy. You must consider many things to guarantee your operations run smoothly–accounting management and your internal controls are a big part of this. Without accurate accounting records, managers and financial leaders cannot make fully informed financial decisions, reporting, and monetary reviews to help your…
Consider the obstacles in your way of maintaining a streamlined and organized procurement process. More often than not, the recurrent issues that arise have to do with your vendor management process, or the lack of one altogether. Friction with vendors and suppliers is neither your fault nor theirs; it comes down to not have a…
We want to know what you think!Participate in our 2021 industry review Today’s business purchasing environment is changing. So we set out to discover the most commonly experienced indirect procurement challenges for procurement and finance leaders. Take our survey to see how you rank among other leaders in your field. Are you in the same…
The purchase requisition, or purchase request, is the launchpad of the whole purchasing process. As such, it’s very important to have a true understanding of what it is! Also referred to as a PR, it often gets mentioned in the same breath as a PO, or purchase order. While it may seem like these are…
Does your organization have a standardized, efficient approval process in place? Even if the answer is yes, odds are it’s severely lacking. Fast growing companies typically rely on poorly shaped or unofficial approval processes when it comes to handling their purchasing and procurement. Emails and direct messages, spreadsheets, and tickets do not suffice. And legitimate…
Companies are not simply independent self-sufficient organizations—they rely on goods and services from third-party vendors. Every business is built on these essential relationships. After all, how else could a company offer their products and services? The procurement process has quickly become a hot topic for professionals in growing organizations. Better procurement strategies result in a…
Buying goods and services is usually an easy process for an individual. But for a business—purchasing those same goods and services can be a lot more complicated. Finance departments in organizations of all sizes have to deal with large quantities of cash and supplies. They have to manage multiple vendors and make serious budgetary decisions…
Procurement is a multistep process that can be somewhat nuanced depending on the different organizations or teams relying on it. What everyone will encounter though, is the receival of goods or services from vendors – that is, the actual procurement of something the company needs in order to benefit its product or its employees. Understanding…
Most finance leaders don’t put enough time into managing and facilitating procurement workflows. But how employees purchase the goods and services they need affects the day-to-day operations of the finance team, as well as the entire company. From tracking spend, to payment operations, and planning ahead, every aspect of the procurement flow is directly tied…
