What are the advantages of using an online purchase order system?
In these current challenging economic times, businesses need to keep an even tighter rein on expenditure and stop unnecessary purchasing. Any Finance Department should be able to track every single purchase order which is raised within an organisation and have complete control of all purchasing activity down to the last penny.
In reality, however, this level of visibility is hard to achieve if a manual system is used as it is impossible to tell what the financial exposure is if each department is responsible for its own procurement. It is only when the invoices come in to Accounts to be paid that the expenditure is fully realised.
In order to regain control of spending, more and more businesses are investing in Purchase Order and Invoice Approval Software which is used to manage the whole procurement process, from the raising of a purchase order through to invoice approval. The online system is used by all members of staff with the authority to order goods and provides a highly controlled and pre-defined structure which all must follow.
An online purchase order system gives instant visibility into cash flow by producing highly accurate financial reports and forecasting supplier payments. It also considerably reduces administration overheads and allows conformity with Directives such as Sarbanes Oxley and ISO 9000. The ROI for Purchase Order and Invoice Approval software is rapid and has a significant impact across the whole business.
To find out more about The IPC Group’s online Purchase Order software, please call freephone 08081 45 46 47.