What is Procure to pay ( P2P ) ?

Question

Accepted Answer

Procure to pay (P2P) is a process that involves the acquisition of goods or services, from the procurement stage to the payment stage.

P2P is a comprehensive process that includes requisitioning, purchasing, receiving, and paying for goods or services.
It starts with the identification of a need, followed by supplier selection, purchase order creation, goods receipt, invoice processing, and ends with payment to the supplier.
P2P aims to streamline and automate the entire procurement process, ensuring efficiency, cost savings, and accurate financial records.
It involves various stakeholders such as procurement teams, accounts payable departments, suppliers, and sometimes even end-users.
For example, in a P2P process, a company may identify the need for office supplies, select a supplier, create a purchase order, receive the goods, process the supplier's invoice, and finally make the payment.
P2P systems or software are often used to manage and track the entire procure to pay process.

Accepted Answer

P2P stand for procure to pay and it's refer to companies procurement process from  requisition to payment.

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