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Procure-to-pay (P2P) is a process that starts with acquiring goods and services and ends with completing payments for those goods and services. This method encapsulates the entire lifecycle of procurement and involves various stages such as requisitioning, purchasing, receiving, paying, and accounting.
In detail, the P2P process begins with identifying a need for a product or service. A requisition order is created, which, when approved, becomes a purchase order sent to a vendor. The goods or services are then received, inspected, and a receipt is produced. Finally, an invoice is received from the vendor, which, after matching with the purchase order and receipt, is paid. This end-to-end approach helps businesses manage expenses effectively, improve efficiencies, and strengthen supplier relationships.
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