Procure to Pay Software

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Showing 1 - 20 of 25 products
Showing 1 - 20 of 25 products

Fraxion

Fraxion provides complete spend management solutions for purchase requisition-to-PO, expense and approval management, AP workflow management and spend analysis. The solution enables mobile purchase requisition-to-purchase order f...Read more

4.26 (47 reviews)

Tipalti Approve

Tipalti Approve is a cloud-based procurement solution fully integrated with NetSuite. Our software helps finance and procurement teams capture purchase requests, streamline approvals, generate purchase orders, organize vendor info...Read more

4.75 (20 reviews)

Precoro

Precoro is a cloud-based purchasing software that streamlines procurement processes for SMBs and Enterprises. Key features include purchase order creation and delivery, blanket PO, visual analytics on spends by departments, billin...Read more

Kissflow Procurement Cloud

Kissflow Procurement Cloud is ideal for companies that are either transitioning from manual procurement management tools, implementing a solution for the first time, or replacing disparate point solutions. With Kissflow, businesse...Read more

4.27 (11 reviews)

Hybrent

Hybrent is a cloud-based solution that helps businesses in the healthcare industry such as physician offices, ambulatory surgery centers, hospitals, long term care facilities, and management groups automate and streamline supply c...Read more

4.75 (65 reviews)

Sakon

Sakon TEM is a cloud-based telecom expense management solution, which enables large businesses to manage cost and track usage of communication inventory such as mobile or wired telephony, cloud licenses and IoT connectivity. Featu...Read more

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Cimpl

The Cimpl Technology Expense Management (TEM) portfolio of tools allows enterprises to optimize, manage and govern technology expenses ranging from wireline, mobile, UCaaS, IoT to cloud. Cimpl is offered as a platform and managed ...Read more

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WorkPlace Requisition & Procurement

Paramount WorkPlace is a procurement management solution that can be hosted either in the cloud or on-premise. The solution serves midsize and large businesses across industry verticals such as health care, entertainment, technolo...Read more

4.33 (27 reviews)

Procurify

Procurify is a cloud-based procurement solution that helps businesses track, control and manage spend. Businesses can centralize all purchasing information, while enabling team members to do their own purchasing. This real-ti...Read more

iQuantum

iQuantum introduces an AI/ML-powered procurement tool for Procurement leaders to gain full visibility on all spend types. It seamlessly integrates a robust diversity spend solution with supplier sustainability, performance managem...Read more

4.75 (8 reviews)

Software pricing tips

Read our Procure to Pay Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

Transcepta

Transcepta is the top AP automation solution to reduce AP costs, provide supply chain visibility, and control cash. The AI-based platform establishes a digital supplier connection, automatically matches PO-based invoices without h...Read more

4.31 (26 reviews)

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SutiProcure

SutiProcure offers integrated applications for Procurement, Supplier Management, Strategic Sourcing, and Contract Management. It can be deployed either on-premise or web-based. ...Read more

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SoftCo Procure-to-Pay

SoftCo is a cloud-based and on-premise software that provides solutions in financial process automation. It is designed for midsize to large companies across all industry sectors. SoftCo Procure-to-Pay facilitates the creation o...Read more

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Tradogram

Tradogram is a cloud-based procurement management solution. Users can choose from a list of integrated modules such as supplier management, purchase-to-pay, contract management, strategic sourcing and order management. Team m...Read more

4.53 (45 reviews)

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Qvalia

Qvalia automates finance processes. Our platform enables organizations to take full control of their transactional data and automate daily finance work and accounting on a line-item level. The full-suite solution provides automat...Read more

4.90 (10 reviews)

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Aestiva Purchase Order

Aestiva places paperwork on-line like nobody else. Whether you need a state-of-the-art purchase order system, invoice processing, procure-to-pay, inventory, asset management, contract management, or expense report management, you...Read more

4.82 (11 reviews)

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Accrualify Spend Management Platform

Accrualify Spend Management Platform is an accounts payable software that helps medium to large businesses manage purchase orders, vendors, budgeting and invoicing. The platform enables managers to configure approval workflows, co...Read more

4.57 (7 reviews)

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Team Procure

Team Procure is a procurement and auction solution, which enables businesses to manage orders, electronic auctions, bids, and more. Administrators can gain insights into purchased items based on project, department and category us...Read more

5.00 (1 reviews)

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i2B Connect

i2B Procure to Pay automates your procurement processes. We automate internal requisitioning and approval workflows, RFP, RFQ (external multi / single supplier requests), supplier onboarding, contract Management, supplier and Pu...Read more

4.86 (14 reviews)

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SnapAP

SnapAP provides AP teams with a complete Procure-To-Pay digitized workflow, from requisition to strategic payment management. The cloud-based application is immediately available in a mobile environment. SnapAP automation provides...Read more

4.44 (9 reviews)

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Buyers Guide

Last Updated: January 10, 2022

Supply chain professionals involved in purchasing and procuring goods need to manage orders, documents, approvals, payment invoices, and more. These tasks can be tough to handle, as they require different systems to place orders, store documents and invoices, and process vendor payments.

Procure to pay software helps streamline procurement activities—from purchasing to vendor payments. It not only increases supply chain transparency but also integrates accounting capabilities such as accounts payable, billing, and invoicing into one system.

Procure to pay software allows the purchasing and accounts departments to use a centralized system—instead of separate solutions—to store and track procurement data.

Given the many options available on the market, deciding which software to choose can be confusing. In this buyers guide, we’ve provided all the information you need to make the right purchase decision for your procurement needs.

Here’s what we’ll cover:

What is procure to pay software?

Procure to pay software is a software application that facilitates end-to-end procurement of goods and services from manufacturers or suppliers. The main aim of a procure to pay tool is to integrate the purchasing and accounts payable functions so businesses have greater control over their purchases, deeper insights into their buying habits, and improved cash flow.

A procure to pay solution helps streamline and automate the purchasing process, which involves monitoring inventories, ordering goods or services, enforcing compliance with industry regulations, reconciling purchase orders, and managing bills and payments.

Vendor management in procure to pay software Tradogram

Vendor management in procure to pay software Tradogram (Source)

Common features of procure to pay software

Most procure to pay software tools have the following features in common:

Procurement management

Manage all the processes involved in acquiring the products, materials, goods, or services needed for efficient business operations.

Vendor management

Track and store all vendor-related information such as contact details, services offered, and contract terms. Vendor management also involves vendor selection, contract negotiation, and dispute management.

Financial reporting

Generate financial reports to assess supply chain performance. Financial reports provide insights into expenditure, purchase orders, accounts payable, and more.

Compliance management

Track noncompliance with industry standards, service policies, supplier code of conduct, etc. The feature also helps detect breaches and risks such as fraudulent costs and anomalous payments.

Contract lifecycle management

Organize, track, and automate the entire contract management process, including contract creation, negotiation and approval, execution, renewal, and compliance with service policies.

Integration management

Integrate the software with existing applications, such as ERP software, accounting software, and human resources software.

Inventory management

Track the movement of goods from purchase to sale to monitor existing inventory levels. The software helps with stock monitoring, inventory categorization, purchase order tracking, and automatic reorder point purchasing.

Order management

Organize, track, and monitor purchase orders, from the point of purchase through vendor payment and delivery. Get complete visibility into the procurement process—from order placement to delivery by the supplier.

Billing and invoicing

Manage purchase orders and bills for the goods ordered from suppliers. Reconcile the bills with the purchase orders to check if the suppliers have correctly invoiced for the ordered items.

What type of buyer are you?

Understanding the different types of buyers can help you make an informed purchase. Most procurement software buyers belong to one of the following categories:

  • Business-to-business (B2B) buyers: Buyers in this category cater solely to businesses and need software that helps them effectively collaborate with their suppliers and manage their purchases. Such organizations often make bulk purchases to distribute to other businesses that are their clients. Manually placing bulk orders can be effort- and time-intensive and also lead to errors such as duplicate purchase orders. These buyers should opt for a fully featured procure to pay tool to streamline and automate procurement, stay compliant with industry regulations, improve supplier relationships, and reduce operating costs.
  • Business-to-consumers (B2C) buyers: Buyers in this category directly cater to consumers and order a variety of items from different suppliers. These orders can be in bulk or small quantities depending upon the needs and demand of consumers. Such companies have longer supply chains compared to B2B companies. They should opt for a tool with an easy-to-use interface, purchase order tracking, vendor management, and reporting analytics. They should look for a tool that integrates well with their existing ERP and accounting systems to track inventory, supplies, and operational expenses.

Benefits of procure to pay software

Using a procurement solution has many benefits, including:

  • Better visibility: With procure to pay software, you get complete supply chain visibility. Both your suppliers and you can view the status of purchase orders, receipts, and invoices in real time. Real-time visibility helps your business track spending and monitor cash flow.
  • Improved supplier relationship: The supplier portal allows your suppliers to track the status of shipments so they know when they’ll receive their payments. The portal also helps resolve inquiries related to the invoice or payment status. By offering suppliers visibility into the payment status, you improve your working relationships with them.
  • More cost savings: If your business has high-volume procurement, you may have to spend hours processing invoices manually. With procure to pay software, you can automate invoice processing, which will help save time as well as reduce costs by going paperless. The software also reconciles the bills with the purchase orders to check if your suppliers have invoiced correctly for the ordered items.

Market trends to understand

Here are some procure to pay software market trends that you should be aware of:

  • Implementing artificial intelligence (AI) in procurement is creating new opportunities. The use of artificial intelligence in procure to pay software solutions can help transform the entire procurement process. For instance, the use of chatbots to answer supplier queries, send and receive orders, and track invoices and payments can reduce procurement workload to a great extent.
    • Software vendors are implementing AI technology to help users organize unstructured spend, contract, and supplier data. The technology can even help shortlist suppliers according to buyers’ needs and track their performance over time.
  • Use of robotic process automation (RPA) in procurement. Implementing RPA in procurement can help automate repetitive tasks with little to no human intervention. The technology is capable of increasing productivity, lowering operational expenses, and freeing up employees to focus on more important tasks. For example, software bots programmed to monitor inventory levels can notify officials when the levels are low or automatically trigger a purchase transaction for the required quantity.
    • RPA-equipped procure to pay solutions can help automate approvals, detect breaches, sift through legislation and regulations to identify gaps in compliance, and get detailed insights on the entire supply chain.

Note: The application screenshot selected in this article is an example to show a feature in context and is not intended as an endorsement or a recommendation. It has been obtained from sources believed to be reliable at the time of publication.