A purchase order (PO) is a critical document in procurement, formalising the agreement between a buyer and a supplier. It clearly defines what the buyer intends to purchase, including quantities, prices, and delivery terms. Here’s a breakdown of how to create a purchase order. How To Create a Purchase Order 1. Identify the Need The […]
Our poll results indicate a significant shift toward automation in accounts payable, with over half of the respondents already utilising automated processing. This trend reflects the growing recognition of the benefits that automation brings to accounts payable, including increased efficiency, accuracy, and visibility. For those businesses still on the path to automation or relying on
Automated Processing in Accounts Payable: Is Your Business Using It? Read More »
Accounts payable uses multiple internal control processes to verify and approve invoices. One of the methods is three way matching. This process involves matching three key documents together: the purchase order (PO), the receiving report, and the supplier’s invoice. In this blog, we look into how it actually works so that we can understand its
The Importance of Three Way Matching: A Guide for Businesses Read More »
In this article, we outline how to calculate the cash conversion cycle (CCC), identifying the three key components and what a short and long CCC means for your business. Managing cash flow is very important to gauge the financial health of any business. So, how can a business measure the success of their cash flow
Mastering Cash Flow: How to Calculate the Cash Conversion Cycle Read More »
Efficient purchase to pay (P2P) processes ensure that businesses can manage their expenditures, maintain healthy supplier relationships, and streamline their financial workflows. It is important to look into which practices can actually benefit the business in the long run. Poll results In our most recent LinkedIn poll, we asked our followers how they optimise their
What is the best way to optimise your purchase to pay process? Read More »
Managing cash flow is vital for any business, and understanding key metrics like Accounts Receivable (AR) Days is essential for effective financial management. For companies dealing with supplier cash flow management, knowing how quickly you can convert sales into cash is crucial. This blog will delve into what AR days are, why they matter, and
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