Explain P2P cycle

Question

Explain P2P cycle

Accepted Answer

P2P cycle refers to the Procure-to-Pay cycle, which involves the process of obtaining goods or services from a supplier and paying for them.

P2P cycle starts with the identification of a need for goods or services within an organization.
Next, the organization requests quotes or proposals from suppliers to fulfill the identified need.
Once a supplier is selected, a purchase order is created and sent to the supplier.
The supplier then delivers the goods or services to the organization.
Upon receipt, the organization verifies the goods or services and processes an invoice for payment.
Finally, the organization pays the supplier for the goods or services provided.
Efficient P2P cycle management can help streamline procurement processes and improve cost control.

Top Gigatech Software and Manpower Services Process Analyst interview questions & answers