Introduction
Purchase and payables system refer to the integrated system developed to streamline the purchase process and better control of accounts payables. It provides an efficient way to manage the purchase process, such as creating purchase orders, submitting invoices, tracking goods receiving and handling payments.
Benefit of the purchase and payment system
1.Eliminate purchase errors:
The accurate record of purchase makes it easier to identify irregularities and prevent errors. The purchase and payment system provides a complete and accurate system to eliminate purchase mistakes.
2.Improved supplier relations:
With a complete tracking system from purchase orders and invoices, to goods receiving and payments, the purchase and payment system can help improve supplier relations by providing transparency in the purchasing process.
3.Real time visibility of payment transaction:
The visibility to payment transactions in real time helps cash flow management and administrators have full control on where and when to make the payment.
4.Efficient invoice tracking:
The digital recording of transactions makes it easier to keep track of invoices. This powerful information will help identify problems and reduce the chance of payment delays.
5.Integrated with other systems:
The purchase and payment system is integrated with other systems, such supply chain and finance system. This provides a unique platform to voice the urgent needs and clearly communicate requests to all departments.
Conclusion
The purchase and payment system is more than just an IT systems, it helps to optimise the purchase process, establish better supplier relations, ensure accurate payment tracking and visibility and integrate with other systems. This reduces operating costs, enhances internal control, and simplifies compliance process. All these benefits from the purchase and payment system create win-win solutions for both buyers and suppliers.
