Find the best Procure to Pay Software

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AvidXchange

AvidXchange offers accounts payable software solutions and dedicated service teams that help automate your AP and payment process, replacing manual AP with a digital application suite that provides you with 24/7 on-demand, remote ...Read more about AvidXchange

Procurify

Procurify’s easy-to-use Intelligent Spend Management platform provides hundreds of organizations worldwide with real-time visibility and control over all business spend. By bringing more spend under management, our customers captu...Read more about Procurify

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 about Precoro

Order.co

Order.co is the first and only Spend Efficiency Platform that helps businesses save time, save money, and gain clarity into their spend. Order.co eliminates manual purchasing and payment tasks and gives your team one place to purc...Read more about Order.co

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 about Fraxion

Tipalti

Tipalti is the world's leading finance automation solution for managing accounts payable, procurement, expenses, card, and global payments. Eliminating 80% of manual work and accelerating financial close by 25%. Tipalti allows yo...Read more about Tipalti

PayEm

PayEm’s platform automates finance processes from request to reconciliation, giving individuals and teams within global organizations the ability to manage non-payroll spend. PayEm is one platform for vendor payments, corporate cr...Read more about PayEm

ProcurementExpress.com

We bring your entire purchasing process together in a single cloud based app that magically automates away your most boring, time-consuming purchasing tasks. Easy to use Purchase Approval System for Small Business CFOs. Procure...Read more about ProcurementExpress.com

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 about Kissflow Procurement Cloud

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 about Sakon

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eRequisition

eRequisition is a cloud-based purchase order approval system designed specifically for QuickBooks Desktop and QuickBooks Online. The platform allows users to set up approval rules based on specific requirements and define approval...Read more about eRequisition

4.1 (7 reviews)

Hybrent

Your Guiding Light in Healthcare Procurement - Hybrent Embark on a journey of streamlined healthcare procurement with Hybrent - your personal companion for operational success. Powered by Procurement Partners, we introduce an i...Read more about Hybrent

Pipefy

Pipefy is the low-code process automation platform that increases team productivity, centralizes data, and optimizes processes for teams in Procurement, Finance, HR, IT, and more. Pipefy is designed to make security, integration...Read more about Pipefy

Zahara

Zahara is a cloud-based purchase management solution which helps small to large-sized organizations manage invoices and control budgeting. Its key features include coding approval, workflow automation, supplier and document manage...Read more about Zahara

TYASuite

Enterprise Resource Planning is a very effective tool to manage, control and optimize business processes. It helps in streamlining all the operations under one roof and helps in improving the overall productivity of the business. ...Read more about TYASuite

ERP Cloud Toolbox

Support for the More4apps Oracle ERP Cloud Toolbox is here every step of the way, from rollout to training and ongoing customer support. • Installation guides: find and fix errors, duplicates, and missing values faster and fully...Read more about ERP Cloud Toolbox

4.5 (2 reviews)

EBS Toolbox

More4apps is committed to providing market-leading support. From assisting you during the trial period to the ongoing use of our products, we are readily available to help. Help is only a click away, so check out our product sup...Read more about EBS Toolbox

WebReq

WebReq is a procurement management software designed to help businesses manage invoicing, expenses, claims, budgets, credit card allocations and purchasing processes. The platform enables administrators to capture, approve, track ...Read more about WebReq

5.0 (3 reviews)

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 about Qvalia

Yooz

Yooz is a cloud-based purchase-2-pay (P2P) solution that helps businesses of all sizes to automate the accounts payable cycle, from invoice approvals to vendor communications. With its AI-enabled data capture platform, users can e...Read more about Yooz

Buyers Guide

Last Updated: March 16, 2023

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.