How P2P process helps businesses?

1
THE IMPORTANCE OF AN EFFICIENT
PURCHASE TO PAY SYSTEM
Having an efficient P2P system is an absolute
necessity for businesses of all types and sizes.
This is because a sturdy P2P system with good
industry practices incorporated into it would
help businesses monitor their finances, control
costs and manage all purchasing data in a timely
fashion. The following are three points to keep
in mind where the Purchase-to-Pay-Process is
concerned
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2
POINT OF CONTACT
Making use of technology and systems that have a
single point of contact such as supplier portals
is a good P2P practice. This ensures that there
is less complexity and eliminates red-tape stages
which could potentially lead to miscommunication
or confusion in the process.
3
STANDARD PURCHASES
Businesses should levy restrictions on what they
purchase outside the standard P2P processes. This
is because there is an increased chance for
unnecessary costs and wastage of resources when
non-standard purchases are made.
4
MONITORING
It is vital that businesses constantly monitor
and analyze their transactions and spending
statistics. This will help companies discover any
areas that might be potential risk factors and
causes for concern such as prices being raised by
vendors or unwanted spending spikes.
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