What is PTP cycle ? How it is used ?

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Accepted Answer

PTP cycle refers to the Procure-to-Pay cycle, which is the process of purchasing goods or services and paying for them.

PTP cycle involves several steps such as identifying the need for a product or service, selecting a vendor, negotiating terms, creating a purchase order, receiving the goods or services, and processing the invoice for payment.
It is used to streamline the procurement process, ensure compliance with company policies and regulations, and control costs.
An example of PTP cycle in action would be a company purchasing office supplies from a vendor. The process would involve creating a purchase order, receiving the supplies, and processing the invoice for payment.
PTP cycle is often automated using software such as SAP, Oracle, or Ariba to improve efficiency and reduce errors.

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