What is the process of P2P?

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Accepted Answer

P2P (Procure-to-Pay) is the process of managing the entire procurement lifecycle, from requisition to payment.

The process starts with a requisition being raised by the requester.
The requisition is then reviewed and approved by the appropriate authority.
Once approved, a purchase order is created and sent to the supplier.
The supplier delivers the goods or services as per the purchase order.
Upon receipt, the goods or services are inspected and verified for quality and quantity.
An invoice is generated by the supplier and sent to the buyer.
The buyer reviews the invoice, matches it with the purchase order and goods receipt, and approves it for payment.
The approved invoice is then processed for payment, either through manual or automated methods.
Finally, the payment is made to the supplier, completing the procure-to-pay process.

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