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BOOK CALLAudit your procurement processes and interaction between tender participants. Find gaps, save money, and get better quality of procurement.
BOOK CALLThe first step before organizing the procurement process is recognizing the need for a product or service. A brand new order or a recurring purchase needs analysis, and the specification should be double-checked before creating a request for purchase.
A typical procurement process starts with a purchase requisition. The requestor sends a request for procurement that’s typically on paper or electronic form.
The purchase request gets reviewed by the procurement and finance team. Approved requests become POs. Rejected requests are sent back to the requestor with the rejection reason.
In enterprises, once the procurement team raises a purchase order, it is forwarded to the accounting department to receive approval of the purchase by the finance department.
Once the budget gets approved, the procurement team sends requests for quotation (RFQ) to vendors to receive and compare bids to shortlist the perfect vendor.
When a vendor gets selected, starts the contract negotiation and procurement try to cut the price down again. After the negotiation and contract signing, the purchase order goes to the vendor.
The vendor delivers the promised goods/services within the stipulated timeline. After receiving them, the purchaser examines the order and notifies the vendor of any issues with the received items.
Before the acceptance, a company must collect three documents. Purchase orders, packaging slips that arrive with the order, and vendor invoices. All discrepancies should be discovered and fixed.
Once three-way matching is complete, the invoice is approved and forwarded to payment processing. This step further adheres to the organization’s standards for the Payment Approval workflow.
After the payment process, buyers make a record of it for bookkeeping and auditing. All appropriate documents right from purchase requests to approved invoices gets stored in a documentation location.