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…
Businesses of all sizes are waking up to the reality that spend management is something absolutely vital to an organization. We’re not talking about bookkeeping; we’re referring to the modern, automated processes businesses implement to expedite, streamline, and control their spending. As businesses scale, accurately keeping track of all financial operations becomes more difficult, as…
Nearly every business relies on third-party products and services to run efficiently. There’s no escaping that. From issuing purchase orders to generating invoices, transactions between companies often involve multiple steps and take considerable effort to finalize. Procurement is a point of weakness for many organizations. Being able to acquire the goods and services you need…
There’s a lot to think about when you’re running a business. From paying salaries to analyzing cash flow to hiring new employees, you may find that your procurement workflow is becoming more cluttered by the day. For many businesses, optimizing core finance processes is one of the easiest ways to improve overall business efficiency and…
Business cash flow—it’s that one phrase that anyone working in finance knows all too well. It’s also a direct snapshot of a company’s financial health. Cash defines the ability of your business to pay its employees and suppliers and handle operational costs. It’s essentially the life blood of the company, and managing it properly is…
Financial managers always have a lot on their plates. But especially after such an unpredictable and unsteady couple of years for so many, the start of 2023 allows us to look ahead with a bit more foresight, and perhaps the ability to put a stronger yearly plan into action. Finance departments in particular can recognize…
