Features

Procure to pay process

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Unimaze is a software solution company focused on creating a digital ecosystem that connects you and your business partners through providing complete automation of e-procurement and e-invoicing processes.

What are electronic invoices?

Electronic invoices are issued, sent and received on a structured, standardized electronic format. Because of their structured format they are sent directly from the senders ERP system to the receivers ERP system. This greatly reduces the risk of human errors since the invoice does not have to be typed into the system by a person again. Electronic invoices are a cheaper, more environmentally friendly and time efficient alternative to paper invoices.

What Are The Steps In The Procure-to-Pay Process?

You can use several strategies to determine which business processes to automate. These include:

Step 1 Establish Needs

Procurement teams evaluate company requirements across departments and generate specifications for products, terms of reference (TOR) for needed services, and associated statements of work (SOW).

Step 2 Generate Requisitions

Formal purchase requisitions are then created once specifications have been finalized. The requester has to ensure that all administrative procedures have been fulfilled prior to filling out the purchase requisition form.

You can use several strategies to determine which business processes to automate.

Step 3 Approval of Requisitions

Procurement officers and or department heads review the submitted purchase requisitions. If there is a disposable budget and the requested itinerary is approved then the requisition is accepted.

Step 4 Create Purchase Orders/Spot Buy

The next step is a generation of purchase orders for accepted purchase requisitions. For low-value entities, a spot buy can be conducted.

Step 5 Approval of Purchase Orders

Just as requisition requests must be approved, so too must purchase orders. This scrutiny is to ensure the accuracy and legitimacy of requested items. Accepted purchase orders are then sent to suppliers.
Vendors have the ability to negotiate, approve or reject a purchase order. Once a vendor approves a purchase order, both buyer and supplier enter into a legally binding contract.

Step 6 Receipt of Goods

The vendor delivers the requested goods and the buyer examines them to see if they match the specifications in the purchase order. The goods and or services are then either approved or rejected.

Step 7 Supplier Performance

The vendor is evaluated by the buyer using a set of criteria such as contract compliance, quality of products/services, responsiveness, on-time delivery, and total cost of ownership. If the supplier defaulted this is also noted.

Step 8 Approval of Invoice

A goods receipt that has been approved is then sent to the finance team for clearance and payment. The invoice is verified for authenticity and no discrepancies. Invalid invoices are rejected and returned to the vendor for rectification.

Step 9 Payment of Suppliers

An approved invoice allows the finance team to release money and pay the vendor according to the terms in the approved invoice. There are several types of payments: holdback, final, installment, partial, or advance.

Procure to pay flow

Electronic invoices are issued, sent and received on a structured, standardized electronic format. Because of their structured format they are sent directly from the senders ERP system to the receivers ERP system. This greatly reduces the risk of human errors since the invoice does not have to be typed into the system by a person again. Electronic invoices are a cheaper, more environmentally friendly and time efficient alternative to paper invoices.

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