Best Procure-to-Pay Software

Procure-to-pay is a business process. It fuses your purchasing and accounts payable systems. If you’re tackling this with a manual approach, I wish you good luck. There are so many working parts in this process that can go wrong. Humans are… human. We make mistakes. Have you thought about automation? Procure-to-pay software will create a streamlined and efficient procurement workflow. Take a look…

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The cost of doing nothing? Your business becomes irrelevant. Your competitors leave you standing. You’re done.

I’m not going to ramble on too much about procure-to-pay automation because I’ve already written an extensive guide on how P2P Automation Drives More Value From Every Transaction. My procure-to-pay software post is more about your options. The best P2P software on the market.

Rossum’s transactional document automation platform automatically capturing line items.

What is procure-to-pay?

The procure-to-pay process is when someone in an organization identifies a need for a service or product. Puts in a request. Then pays. A process performed by your procurement and accounts payable teams. Steps in the P2P process include…

  • Identifying a need
  • Choosing a supplier
  • Raising a purchase requisition
  • Submitting a purchase order
  • Purchase order passed for approval
  • Verification of goods received
  • Supplier sends an invoice
  • Invoice matched with purchase order
  • Invoice approved
  • Payment is made

A manual P2P process is labor-intensive, slow, and error-prone.

Manual procure-to-pay process

As I said, a manual procure-to-pay process is time-consuming, expensive, boring, and shows a high level of errors.

If you’re a small business, a manual process is just manageable. But, as your company grows, it’s going to become a nightmare. 

Here’s why…

Purchase requisitions and purchase orders

It takes time, manually drawing up purchase requisitions for internal permission, and purchase orders for buying the goods. There is also a higher probability of error when matching PRs with POs.

Approvals

Knowing who to send PRs and POs to is often unclear. Leading to delays as documents end up on the wrong desk and need to be manually rerouted to the correct approver. You can also customize your approval workflows to ensure you include the right people for contract management.

Three-way matching

Purchase requisitions, orders, invoices, and goods received notices must have matching data. 3-way matching is the process that checks data across procurement documents. Done manually, it takes an age.

Vendor relationships

A manual procure-to-pay cycle is already slow, but when you take into account the possibility of broken communication, delays in receiving approvals, fat finger episodes leading to documents having to be resubmitted, vendors will suffer.

Supply chain

It’s all about wasted time. Selecting vendors takes time, slogging through piles of profiles. The vetting process, done right, takes time. Manually, it’s slooow. 

Already said, but worth highlighting. Manual procure-to-pay will lead to bottlenecks in the process that will lead to late payments.

How does procure-to-pay software work?

Procure-to-pay software creates a centralized and automated workflow that enables an end-to-end procurement process. From requisitioning a product or service, to payment.

Powered by artificial intelligence, P2P software brings real-time insights to your organization. Helps you make data-driven purchasing decisions. With cloud-based procure-to-pay software ensuring access anytime, anywhere.

Procure-to-pay software removes repetitive and manual tasks. Automates the approval process. Automatically processes large volumes of invoices. Routes, reconciles, pays.

Reduced time. Reduced errors. Reduced stress.

Benefits of using procure-to-pay software?

We know that manual procure-to-pay processes are slow, expensive, and tear-one’s-hair-out frustrating for your team.

As your business grows, the issues caused by a manual P2P process also grow. More time wasted. More mistakes. More costs. Bald team members.

You might be coping with your manual P2P system. But, you’ll stunt your company’s growth. Employee churn will increase. Yes. Implementing a new digital procure-to-pay workflow will be complicated. You’ll need to look at budget, team reticence, change management, and more.

Before I continue, here are two posts that’ll help. Our free eBook – Cost Of Doing Nothing | The Real Impact Of Ignoring Automation. And, How To Do Workflow Process Mapping. Once you’ve decided to automate, this post will help you map your processes, find your pain points and areas in need of improvement. Finally, How to Write an RFP for Intelligent Document Processing. Your very own bundle, to help you with your automation strategy.

If you implement the best procure-to-pay software, you enjoy the following benefits…

Accuracy

Under pressure or bored to tears, a manual process increases the chance of errors. Time will be wasted identifying issues, correcting errors. You’ll be hit by penalties. Vendors will lose trust. 

Automating your P2P process eliminates manual data entry errors. Invoices will be tracked to ensure punctual payments. With data validated against the relevant PO and goods receipt note. 

Scalability

You won’t need to take on more employees to manage your procure-to-pay processes. P2P software will scale with the increased number and complexity of documents, vendors, and transactions. Spending rules can be implemented to eliminate maverick spending. Approvers agreed. Manual data entry ended.

Vendor management

How do you feel when you’re kept waiting because of late payments? Not nice, is it? Automating your procure-to-pay process ensures that purchase orders, invoices, etc., are accurate and always be sent on and paid punctually.

Productivity

Cutting out the need to manually send purchase orders, chase approvals, match POs and invoices, etc., will cut down processing times and allow your team to concentrate on business operations that’ll drive growth in your market

Save money 

Labor costs will be reduced. You’ll avoid late payment penalties, and have more gratifying contracts with suppliers.

Spend management

Automating your procure-to-pay process means your team is able to work on value-adding tasks such as identifying discounts and bonuses, building stronger relationships with suppliers, and areas where you increase efficiency and reduce spending.

P2P automation software identifies real-time insights into spend, so you’ll be better able to manage your budget and track your suppliers’ performance.

Fraud management

Automating your procurement and accounts payable processes reduces the risk of fraud by implementing internal controls on spending. 

The stringent examination of documents means that fake invoices from scammers are quickly identified

To find out how to identify fake invoices, take a look at my recent blog post.

Accelerated approvals

How complicated is your approval process? How many people are required to sign off on a procurement requisition?

In many companies, the approvals process is a communication bottleneck. Multiple people involved, missed communications and endless follow ups can mean the process takes days, if not weeks.

An automated approval workflow alerts approvers, along with a deadline. Saving your team time chasing down sign offs. The purchase requisition will automatically move to the next step in the process once the previous step is completed.

How to choose procure-to-pay software

When considering which procure-to-pay software to go for, you should look for the following…

Three-way matching

Accurate matching of data on purchase orders, invoices, requisitions, etc., is crucial. Procure-to-pay software automatically verifies and matches this data.

Automated approval workflows

The procurement process includes multiple departments in your organization. Procure-to-pay software will create dynamic workflows. Sending documents via user based rules, to the necessary approvers in the procurement process cycle. Enabling more efficient tracking in the workflow.

Real-time reports and analytics

Dashboards and customizable reporting will help identify key metrics and valuable insights from available data, so you can find sticking points and areas of improvement.

Integration

The procure-to-pay software you choose has to be compatible with your existing finance tech stack. 

Best procure-to-pay software

Rossum | AI document processing

“Shaping a future in which a single person can effortlessly process one million transactions from start to finish. In one year.”

Rossum’s automated approval workflows.

Rossum’s AI-first, cloud-native transactional document automation platform brings machine learning, computer vision, natural language processing (NLP), and robotic process automation (RPA) to the table. Meaning your team can automatically pre-process, extract, process, validate, segregate, and sort all your accounts payable documents. 

Its advanced AI is powered by our proprietary Transactional Large Language Model, trained on the most comprehensive dataset of annotated transactional documents. A tailor-made LLM with none of the risks normally associated with, such as hallucinations and data leakage.

Rossum’s AI engine – Rossum Aurora – requires 10x fewer training examples to reach must-have accuracy levels, compared to previous AI generation. That’s a 37.6% reduction in error. Saving time on data capture and preprocessing.

Features include…

  • 100% template-free and low code
  • Document and language agnostic
  • Streamlined approval workflows
  • Customizable and ergonomic UI for a seamless collaboration between human and machine
  • Integrates with upstream and downstream systems
  • Tried and tested turnkey integrations, including SAP, Coupa, Workday, etc.
  • Human-like intelligence that learns from user feedback

Rossum’s AI OCR software reads like a human, adapting to changes in style and format.

If you’re a wee bit confused as to the difference between OCR and intelligent document processing, have a read of Is OCR Really What You’re Looking For? It could save you ending up with a piece of kit that fails to meet expectations.

Deep learning neural network for accurate data matching and increased automation from multiple document formats.

Our P2P automation software will transform semi-structured and unstructured documents into standardized formats. All processed according to predetermined policies and business rules, to reduce the risk of fraud and noncompliance.

“Billions of business transactions happen every day. Generating high volumes of complex documents in multiple formats. If you’re trying to tackle this document chaos manually, you’ll suffer errors, low productivity, and inefficiency. It’ll only end badly, as your business is hit with a loss of trust and an impact on your revenue. Sign up for a free trial of our platform to see how Rossum works towards automating your document processing end to end.”

Coupa | Procurement Management

“Get visibility and control of your spend with the best procurement management software everyone loves.”

Coupa homepage - procure-to-pay software.

Purchasing sophistication meets consumer-like experience.

A procurement suite of tools to help you manage your purchasing process from start to finish. With simplified purchase requisition and order processing that you can track in real time to ensure a streamlined purchase-to-pay process. Alongside the control you need to ensure compliance.

Features include…

  • A flexible system suited to enterprises looking to improve performance
  • Buyers’ guide that alerts employees to preferred products and discounts
  • Compare vendor pricing to avoid maverick spending
  • Real-time budget management
  • AI and machine learning error and fraud detection
  • Track purchase orders in real time
  • Inventory management
  • Integration with your existing ERP system

Coupa’s procurement platform has a user-friendly interface, customizable features, and full visibility of company spend.

BTW… Rossum is an official Coupa partner. Our advanced AI integrates with Coupa for a seamless flow of validated invoice data into your downstream ERP.

SAP Ariba | Spend management software

“Automate spending processes and actively manage more spend for better control, greater value, and more savings.”

SAP spend management platform. Two people working in an office.

SAP spend management platform.

The SAP suite offers modular solutions for businesses. Cloud-based, this market-leading SaaS solution helps you manage the buying process and sales acceleration, control your budgets and spend, and manage cash flow. Organizing multiple workflows on a single platform. 

SAP Ariba automates tasks that include purchase orders and invoicing. Providing end-to-end procurement processes.

Features include…

  • Data integration with core S2Hana modules 
  • User-friendly UI
  • Synchronized catalogs with suppliers in real time
  • Automated supplier onboarding and supplier performance management tools
  • Risk monitoring and brand reputation exposure reports

As an official SAP partner, Rossum’s SAP certified integration with SAP S/4HANA accelerates your document processing by syncing the information flow between Rossum and SAP.

JAGGAER | Procure to pay solution

“Improve your procurement processes while creating a more strategic and flexible accounts payable team.“

Jaggaer procure-to-pay software. Overhead shot of people working with laptops, tablets and paper documents.

Spend strategically with a complete procure-to-pay solution.

The largest independent spend management company in the world, JAGGAER provides digital transformation across the entire procurement process. Integrating with your ERP and accounting systems, the company offers modular solutions on a single platform.

Includes spend analytics, supplier management, sourcing, category management, eProcurement, invoicing, supply change management, and more.

Features include…

  • Integration framework that connects to your internal systems with out-of-the-box ERP and third party solution integrations
  • Connects with your suppliers to manage communications, transactions, and issue resolution
  • Marketplace provides shopping, buying and payment options
  • Integration as a Service – IaaS – means no need for internal IT involvement 

Airbase | Procure-to-pay software

“Automate intake with a guided buying process that eliminates confusion for employees anywhere in the world.”

Airbase homepage. Procure. Pay. Close.

Stop uncontrolled spend.

User-friendly spend management platform targeting businesses with 100 to 5000 employees. Control spending and close books super quick, while managing financial risk. Includes AP automation, expense management, vendor management, budgeting, forecasting, and compliance management.

Airbase integrates with general ledgers including Sage, Intacct, and Sage. Streamlining the procurement process end to end – initial requests to payment and reconciliation – the platform provides support for multi-currencies and subsidiaries

Features include…

  • Sync vendor and payment details to your ERP
  • Create expense reports from a scan of receipts
  • Integrates with 70+ ERPs
  • Mobile application with all the features available on cloud-based solution
  • Virtual cards each supplier to enable fast process and payment

Yooz | Purchase-to-pay automation solution

“Automate your P2P process in real time. Approve in hours. Reduce costs by 80%.”

Yooz homepage - procure-to-pay automation solution. Includes video of the Yooz platform.

Real-time cloud procure-to-pay automation.

Cloud-based Yooz automates your accounts payable process. Delivering cost savings, speed, and security. Using AI, RPA, and deep learning, it automates your procure-to-pay process end to end. From purchase requisition to payment. It’s designed for mid market companies looking to process roughly 100 invoices per month.

Features include…

  • Approval process control
  • Duplicate payment alert
  • Invoice processing
  • Fraud detection
  • PO reconciliation
  • Cash management
  • Vendor management

Payhawk | Procure-to-pay automation platform

“Streamline purchasing and control spending from request to payment. Combine custom request approvals, PO creation, and 3-way matching with automated accounts payable in a single platform.”

Payhawk homepage. Person looking at a screen, with image of a purchase order.

Automate the purchasing process end to end and reduce manual tasks.

Payhawk has a centralized database in which you can submit and organize your purchase requests, for full visibility of upcoming spend. A seamless approval workflow ensures sign-offs are fast, with 3-way matching to identify discrepancies before issuing payment.

Features include…

  • OCR data extraction in 60+ languages
  • Intelligent machine learning that learns over time
  • Supplier-driven expense categorization
  • Manage supplier data in sync with your ERP
  • Intelligent verification of supplier bank details
  • Intuitive UI with low learning curve
  • Bulk payments to multiple vendors
  • Local invoices are free via the platform through SEPA Instant, Faster Payments, ACH, and Bisera transfers

Choose your procure-to-pay software

Manual document processing is error-prone. It’s boring. It’s slow. It’s expensive. It’s time to automate. A procure-to-pay software like Rossum will automate your P2P process end to end. Matching invoices against predefined rules, purchase orders, and goods receipt notes. 

Automating your purchase-to-pay process frees up your procurement department and AP team to work on increasing your bottom line.

Sounds good?

Download your free eBook: Cost Of Doing Nothing | Zero In On Accounting Automation

The procurement and AP processes are time-consuming, labor-intensive, repetitive, and… critical. Which begs the question, why aren't they automated as standard?