What is purchase to pay?
Purchase to pay, also known as procure to pay software, is an integrated system that fully automates a business's purchasing process. The system earned its name as it handles all aspects of acquisition, from the purchase of goods to the vendor's payment. The key benefits of P2P are efficiency, cost savings, and increased financial and procurement visibility.
Medius purchase to pay features
Fulfill all steps of the P2P automation process with Medius, a market-leading purchase to pay software provider. It’s easy to implement and use, with features including:
Medius Procurement, our buying solution, makes it easy to purchase what you need. It embeds fundamental elements of your favorite eCommerce sites like adding items to a basket, checkout, and so much more.
At Medius, we're confident that we offer some of the best source to pay software on the market. Medius' Source to Pay software keeps your suppliers' details all in one place, ensuring you always have a host of reliable suppliers at your disposal.
It’s simple to compare goods and services in Medius Procurement, helping you choose the goods that work best for you and your budget
All Medius products, including our professional procure-to-pay suite, seamlessly integrate with third-party systems such as ERPs, third party ecosystems, and of course other Medius Spend Management solutions. It’s all powered by Medius Connect, our innovative technology that uses pre-configured connectors to bring together third-party systems with our solutions.
It’s challenging to get an overview of your P2P process functions. However, bundled with Medius’ purchase to pay solution is a raft of configurable dashboards to give you real-time insights into how your buying process works.
What’s more, you’ll be able to configure these dashboards and reports to deliver the detail you need to help you make smarter purchasing decisions, like spotting bottlenecks, overly expensive items, and much more.
Detailing the purchase to pay process
Purchase to pay (P2P) is a term that refers to the process of buying a product/service all the way through to making the actual payment. It is commonly known as procure to pay and is the coordinated and integrated actions taken to meet a requirement to obtain products or services in a timely. compliant and cost-effective manner.
Purchase to pay solutions optimize the purchasing process, benefiting the organization through better financial controls and efficiency. This streamlined, integrated system saves costs and reduces risk. A typical P2P solution includes five steps for completion:
Catalogs from preferred suppliers are the first requirement in a P2P solution.
The buyer sends a purchase requisition to the appropriate manager after selecting products from a catalog.
Purchase order workflow
A purchase order is generated once the manager approves the purchase requisition.
Invoicing is a critical component of P2P software as manual invoice processing can be laborious and time-consuming. Automated invoice processing saves time and money and includes a reconciliation feature that matches purchase orders to invoices.
Once an invoice is approved for payment, a file is produced in the company's accounts payable system—the approved invoice triggers a payment to the supplier by the end of the period for which the supplier has extended credit.
You can find out more about the purchase to pay process here.
Benefits of purchase to pay software
Our purchase to pay software will help you eliminate maverick spend by improving buying compliance across your whole organization. Instead of using disparate suppliers to purchase goods based on ad-hoc agreements, you’ll benefit from a system that structures and centralizes your buying process, ensuring everyone gets goods/services from pre-arranged agreements.
Medius Spend Management liberates your workforce by automating specific tasks – such as raising purchase orders and predictive coding – to process invoices seamlessly.
Drive supplier adoption
Your suppliers will love using Medius because our self-service onboarding system eliminates the need for paperwork or verification – this will all be taken care of by our intuitive online portal.
Integrate purchase to pay software with your back-office
Medius Procurement and Medius AP Automation seamlessly connects with your business solutions:
- Out of the box connectors for major ERP systems means a rapid and predictable implementation
- Integration to your business ecosystem, from third party catalogs to an embedded capture solution means your users have a single UI for all interactions
- Seamless integration between Medius Procurement and Medius AP Automation keeps finance and procurement on the same page. Other out of the box integrations such as Medius Pay extend the capabilities for a true Procure to Pay Solution.