What is Procure-to-Pay?
Procure-to-Pay or P2P is an accounting process that manages orders and payments to approved suppliers. The activities that make up the procure-to-pay process range from identifying the initial need for procurement of goods or services, to the final steps of approving invoices and paying suppliers.
Why is it important to business?
With a combination of technologies like Robotic Process Automation (RPA), AI, Intelligent Document Processing (IDP), and APIs, companies can eliminate manual processes by more than 70%. This would free up staff for higher value-adding tasks, improve KPIs, enhance cash flow and make processes faster, cheaper, and more accurate.
The procure-to-pay challenges are many:
- Many suppliers and invoices each require review and handling
- Accurate and timely remittance
- Bad actors
- Accurate supplier information