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Procure to Pay – Back Office Word of the Week 6/24/19

Procure-to-pay, sometimes referred to as P2P, is a term used in the software industry to designate a specific subdivision of the procurement process. The procure-to-pay systems enable the integration of the purchasing department with the accounts payable department.

The term is derived from the ordered sequence of procurement and financial processes, starting with the first steps of procuring a good or service to the final steps involved in paying for it.

Conceptual business illustration with the words procure-to-pay

To take full advantage of a procure-to-pay system, vendor self-service and process automation should be the focal point. ICG’s portal based P-to-P solutions are designed to be used as standalone applications or part of a comprehensive Procure-to-Pay solution suite. Because of their modular design and cloud hosted delivery model, ICG’s P-to-P systems provide the highest levels of configurability, speed of implementation, and integration with any back-end system. ICG’s Procure-to-Pay solutions suites includes vendor onboarding and supplier onboarding, vendor portals and supplier portals, accounts payable (AP) automation, data capture and document assembly, workflow and much more.

To explore the benefits of a procure-to-pay system for your organization contact ICG Consulting today to arrange a call for more information or to schedule a demo for your team.

Posted on June 25, 2019