Purchase Requisition vs Purchase Order: How is it different?
All About the Purchase Requisition and Purchase Order Both the Purchase Requisition (PR) and the Purchase Order (PO) are essential documents in the procurement flow. It is a step forward after identifying the need for a product or service and involves various departments in the business. However, there are various other documents that are involved…
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Purchase Requisition to Purchase Order: The Step-By-Step Guide
Getting from Point A to Point B …should be a simple process. But when that process involves getting approvals, checking inventory and budget, getting from A to B has become a lot more complicated. The Purchase Requisition to Purchase Order process involves all these complexities that cause businesses to lose hours of their time just…
PR/PO Systems: The Benefits Of Digitisation And Automation
A building is as strong as its foundations, and as such a business is only as strong as its back-end processes. One of the most important yet least appreciated of these processes is a business’s PR/PO system. These are often taken for granted as they have just become part of the daily grind, yet these…
7 Steps For An Effective Purchase Requisition Process
Purchase Requisition 101 Purchasing as an activity may sound as easy as buying your weekly groceries. However, consider all the mistakes that we have made when shopping; you find yourself buying things you don’t need in the heat of the moment or suddenly leaving the store with your wallet feeling ten times lighter. Purchasing on…
Purchase Approvals: A Guide To Efficiency And Best Practices
Saying Yes Is Easy, Giving Approval Is Hard… …at least when it comes to your business that is, this is because approval makes the person giving it responsible for any consequences that come out of the decision. Medium to large businesses usually have comprehensive (and often complicated) approval processes for things such as purchase requisitions…
Purchase Orders: Why Your Business Needs Them
Purchasing For Businesses What factors do you consider before you buy something for yourself?Things like “Do I really need it ?”, “Can I afford it ?”, “Are there other options?”, “Can I get it using a credit card?”. Purchasing for your business follows along these same lines of thought as well, however this time it’s…
Purchase Requisition: Understanding The Main Essentials
An Introduction to Purchase Requisition Ctrl-Z. That was all it took for a mistake while writing this article to disappear; if only your business purchasing decisions were as simple to fix. When it comes to procurement orders there is often no easy way to undo a bad purchase, even if an error were caught before…
Procure to Pay: The Essential Steps You Need to Include
Procure-to-Pay: What is it? Purchasing from a business perspective is not as simple as just buying something outright, the process often involves multiple steps and approvals before a procurement order can be completed. This process is often referred to as Procure-to-Pay. Procure-to-Pay (P2P) is a subdivision of the procurement process and involves the procurement department…
Indirect Procurement: How It Keeps Your Business Running
Look at your office desk. The papers, pens, computers, and even the cleaner who dusted it this morning technically fall under indirect procurement. Indirect Procurement is essential for the daily functioning and maintenance of a business as well as ensuring employees are provided with adequate equipment and training. Speaking metaphorically, If your business was alive,…
Purchase Order System: Choosing What’s Right For You
Why Your Choice Matters Trust. Trust can mean different things to different people, but ultimately trust is something that’s always needed when control is given over to someone else. As a business, who you trust has ramifications on the livelihoods of your employees and the customers that you serve. With such high stakes, it’s important…