Purchase-to-pay, often abbreviated to P2P and also called Procure-to-Pay and req to check/cheque, refers to the business processes that cover activities of requesting (requisitioning), purchasing, receiving, paying for and accounting for goods and services. Most organisations have a formal process and specialist staff to control this activity so that spending is not wasteful or fraudulent.[1]
Since the dot com bubble more businesses have moved to automated systems in an effort to deliver significant savings in the face of increased procurement costs.[2][3]
References
edit- ^ W van der Aalst (2019), "Structuring Behavior or Not, That is the Question", The Art of Structuring, Springer, pp. 221–226
- ^ "Average procurement budget runs 7% annual surplus". Proactis. January 21, 2021.
- ^ "Proactis and FISCAL Technologies join forces to provide clarity and visibility for robust business decisions". Fiscal Technologies. January 13, 2020.
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