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Procurement to pay Software
TYASuite Procurement to Pay Software manage your procurement cycle seamlessly to purchase your required items/products or services from the external vendors by involving in the step by step procedure. This process involves in inquire, request, receive and then pay so, therefore, the complete cycle is called procurement to pay process The key process of the procurement life cycle. Product Requirement analysis: The procurement process starts with the analysis of the products they demand and when they required and what is the affordable budget for the company. Selection of vendors: In this step, the company involves in a list of vendors. By comparing them with a list of other vendors they select one among them who can provide the goods they required from them. Requesting a quote from selected vendors: The company will request for the quote with the selected vendor which includes the information of goods & services, terms and conditions, signature of authority member, account number, Instructions from an authorized vendor. Raising the purchase requisition for selected goods/Products & Services The purchase request is the internal process of raising the request to the buyer to provide the products/goods on a certain date. Then the purchase requested can be created automatically. The PR includes ��� Quantity ��� Description of products ��� Total Value ��� Account Number ��� Authorized Signature ��� Delivery Instructions ��� Attached quote from the vendor Formal purchase order: The purchase order is a formal request to the vendor to supply the products / Goods under the terms and Conditions which includes incoterms, delivery date, quantity and Price. IRN verification: Items received note (IRN)in terms refers to the Items Received note which explains to you that goods received from the vendor under the process of PO. Then purchase department will make a document on Received goods for the company. GRN verification Goods Received Note (GRN) is an important process in this cycle. It involves by Checking and comparing the goods with the (PO), the products are not damaged and suitable for usage, Verifying the price and quantity. If the received meets the ordered Specifications. If not the company will ask for replacements or refund from the vendor. Generated Invoice Once the verification process (GRN) Completed then the Invoice will be generated with the reference of PO, IRN and GRN. Vendor Payments This is the last series of action in the Procurement to pay process here the Vendor get Paid by the company as per payment terms. TYASuite Procurement to pay Software Will helps you do this process seamlesslyand ensures the esteemed level of satisfaction at every stage of procurement to pay process. To see in Action : Click here to get Free Trail:https://www.tyasuite.com/Procurement-to-Pay-Process
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