Explain P2P process and accounting impact

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Accepted Answer

P2P process involves the entire cycle of purchasing goods or services, from requisition to payment, and has a significant impact on accounting by tracking expenses and ensuring compliance.

P2P process starts with a purchase requisition, followed by purchase order creation, goods receipt, invoice receipt, and ends with payment.
Accounting impact includes tracking expenses, ensuring proper authorization and compliance with budget limits, and maintaining accurate records for financial reporting.
Automating P2P process can improve efficiency, reduce errors, and provide better visibility into spending patterns.
Example: A company uses a P2P system to streamline its purchasing process, from requesting office supplies to paying vendors, all while maintaining accurate accounting records.

Explain P2P process and accounting impact

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