Seven years ago, Brian Hall went looking for a better way to manage purchasing in his organization. Hall is the business manager for the Trapper Trails Council of the Boy Scouts of America. He’s in charge of boy scout accounting software for the council—along with oversight for purchasing as it relates to personnel management inContinue reading>
Purchase orders and invoices are documents that nearly every finance department deals with on a daily basis. So, what are these two documents, and why are they such an important part of the accounts payable process? What is a purchase order? A purchase order (PO) is the official confirmation of an order. It is aContinue reading>
Let’s say you receive invoices from three different vendors. Your problem? Your purchase order system has no record of the purchases. Which means you have no idea if you should pay them. If you work in accounts payable, you probably know the pain of this situation. It’s a common time waster in accounting and purchasingContinue reading>
Purchase orders (POs) play an important role in controlling business purchases. In this post, we’ll define what a purchase order is, describe what information it includes, highlight key benefits to using POs, and explain the key steps in the purchase order process. What is a purchase order? A purchase order is the official confirmation ofContinue reading>
A professional procurement process can be incredibly beneficial if you’re looking to streamline purchasing. It can ensure that you pay the best price for goods or services, save time by choosing the most reputable vendors, and minimize order delays and mistakes. Let it be known that there is no one-size-fits-all procurement process. Some organizations requireContinue reading>
Accounts Payable or departments in charge of finances often use three-way matching to manage financial risk and control company spend. So, what is a three-way match, and why is it a critical step in the accounts payable process? What is three-way matching? Three-way matching is a procedure for processing a vendor invoice to ensure thatContinue reading>
Our goal with this post is to explain the basics about purchase requisitions vs. purchase orders, and share some tips on optimizing the purchase requisition process for those who specialize in finance or procurement. Before we dig into the details, it’s important to define the important role that procurement and purchasing functions play within businessesContinue reading>
The purpose of this post is to answer a question we get all the time – what is SaaS? We’ll define the meaning of SaaS and describe how it differs from on-premise solutions (also known as on-site), explain the key benefits, share some examples of leading SaaS companies for illustration, and explore some recent trends.Continue reading>
An estimated €433 billion (£379 billion) is spent outside procurement departments’ approved routes at European companies, according to research.
SupplyManagement.com is reporting on a truly worrying figure about the value of transactions that bypass the proper authorisation mechanisms… http://www.supplymanagement.com/news/2011/maverick-spend-out-of-control-at-european-firms/?locale=en Might be time to re-evaluate your own internal procedures if you have no systems to check expenditure!
This week we’ve a number of small changes and additional features included as part of our release program: Complex number scheme: This functionality enables you to have company specific PO number schemes for each company. With many companies in the system we’ve been told by a good few clients that auditors would prefer that […]