Procure to Pay, also known as P2P, is the process of obtaining the raw materials needed for manufacturing a product or providing a service, and making payment for these. Every manufacturing concern or service provider needs to run this cycle efficiently if they are to continuously manage their cash flow, build goodwill with suppliers, and make profits.
Procure to Pay has a considerable impact on the business since the process is spread across so many departments that encompass purchase, production, and accounting.
With the Procure to Pay process being fraught with the possibility of risk and inefficiency, which would have an adverse impact on the business in a competitive market, many companies are now finding ways of streamlining the procure-to-pay process.
Outsourcing key tasks in the Procure to Pay process allows managers to maintain tighter control over the system, and save cost by reducing manpower and closing down redundant and wasteful roles. Selection of the right Finance and Accounting Outsourcing Services provider which has the experience, talent, and technology for optimized invoice and purchase order data processing will enable the outsourcer organization to derive positive business results and the desired advantage in the market.
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