How can we manage the raising of purchase orders more efficiently?
For many organisations, raising purchase orders can be a very ad hoc procedure with each individual or department using different methodology. The result of this is incomplete information and unknown exposure in financial terms. When the PO’s do finally reach the accounts department time will have to be spent gathering missing data which will need to be entered into the accounts system. Other supporting paperwork may be missing and matching invoices to the purchase orders will be a difficult task.
The solution to this is to invest in an electronic purchase order system which controls the creation, approval and management of purchase orders and invoice processes. All purchase orders must be created using a template from the system and in accordance with a pre-defined set of rules to ensure that all required fields of information are complete. Scanned documents, invoices and supplier records can also be stored in the system and electronic workflow will facilitate purchase order approval and invoice processing.
A purchase order and purchase invoice approval system also gives instant access to critical information and allows invoices to be distributed electronically to branch or site offices, reducing the risk of lost paperwork and speeding up the processing time. The manual filing of documents is no longer required and time is saved by not having to search for misplaced files.