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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
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
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 about Procurify
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
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
Sourcing Force is a comprehensive 360° Source-to-Pay solution helping mid-size and large companies streamline and automate their procurement processes all the way from Procure-to-Pay to Strategic Sourcing. Sourcing Force is fu...Read more about Sourcing Force
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 about Accrualify Spend Management Platform
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 about Hybrent
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 about SoftCo Procure-to-Pay
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 about Transcepta
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 about SnapAP
SutiProcure is a supply chain management solution that helps businesses automate the entire procure-to-pay cycle. With applications for procurement, strategic sourcing, WMS, supplier management and more, it assists companies to ma...Read more about SutiProcure
Synertrade Accelerate is a cloud-based procurement solution with a focus on sourcing and procurement professionals for all industries. Key features include strategic sourcing, spend analytics, supplier management, procure-to-pay a...Read more about SynerTrade Accelerate
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 about Tradogram
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
discus procure is a procurement management application that helps businesses streamline the entire procurement process from purchase requisition to final payment. It eliminates people's dependency and adds transparency and account...Read more about discus procure
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 about Aestiva Purchase Order
BusinessBid is a cloud-based end-to-end eProcurement solution designed to help small to midsize businesses automate the entire procurement lifecycle and achieve bottom-line savings. Key features include eSourcing, procure-to-pay, ...Read more about BusinessBid
Vendorplace is a web-based platform you need to improve the liquidity of your business without going into debt, maximizing cash flow by paying your suppliers and charging your clients easily and quickly. Features include - - Down...Read more about Vendorplace
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 about Team Procure
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:
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 (Source)
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. |
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. |
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Generate financial reports to assess supply chain performance. Financial reports provide insights into expenditure, purchase orders, accounts payable, and more. |
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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. |
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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. |
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. |
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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. |
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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. |
Understanding the different types of buyers can help you make an informed purchase. Most procurement software buyers belong to one of the following categories:
Using a procurement solution has many benefits, including:
Here are some procure to pay software market trends that you should be aware of:
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.