Streamline your purchasing process with our end-to-end, purchase to pay (P2P) suite. Medius Spend Management helps you find the right suppliers and products at the right prices. Eliminate manual tasks, saving you time, money, and effort. And it works seamlessly with your back office, so no more integration hassles.
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 selecting the best P2P solution for your business are efficiency, cost savings, and increased financial and procurement visibility.
With Medius, every step of thee P2P process (covered below) is automated, streamlined, and made more efficient, saving you time, money, and effort while increasing financial and procurement visibility.
This is the initial step in the P2P process. It involves identifying a need for a particular good or service and creating a request for the same. The request typically includes essential details such as quantity, specifications, and the expected delivery date.
After a purchase request is submitted, it goes through an approval workflow. This is a predefined process that may involve several layers of approval depending on the organization's internal policies and the value of the purchase.
Once the purchase request is approved, a purchase order (PO) is issued to the supplier. The PO serves as a legal offer to buy products or services. It includes detailed information about the items, quantities, and agreed prices.
When the goods or services are delivered, the receiving department checks them against the PO. Any discrepancies are noted, and quality checks are performed before the receipt is acknowledged.
Once the goods are received and accepted, an invoice is sent by the supplier either electronically (PDF email attachment or portal submission) or mailed in paper format. The information from the invoice must be noted in the system of record, through either manual keying or, as a much easier option, scanned and captured through intelligent OCR.
Now that the invoice data (lines and headers) have been recorded in the AP system of record, the data is matched against the PO and the goods receipt. This process, known as three-way matching, ensures that the invoice is accurate and prevents overpayment.
After successful invoice matching, the invoice is approved for payment. This may involve another layer of internal approvals, depending on the organization's policies.
The approved invoice is then paid according to the payment terms agreed with the supplier. This could be immediate payment, net 30 days, or any other arrangement.
The final step in the P2P process is record-keeping. All documents related to the purchase, including the purchase request, PO, goods receipt, invoice, and payment record, are archived for future reference and audit purposes. This contributes to transparency and accountability in the purchasing process.
Check out our blog for detailed information about the purchase to pay process:
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.
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.
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.
Achieving efficiency and cost savings in the purchase to pay (P2P) process requires the implementation of certain best practices.
A standardized procurement process reduces complexity and eliminates inefficiencies. Medius Spend Management helps you structure and streamline your purchasing process, making it consistent and efficient.
Clarity in policies and procedures minimizes confusion and errors. Medius provides an end-to-end, web-based solution that helps you establish and enforce your purchasing and payment policies.
Approval workflows ensure that purchases are necessary and within budget. Medius' solution automates the workflow, speeding up approvals and ensuring compliance.
Automating purchase order creation and delivery saves time and reduces errors. With Medius, raising purchase orders becomes an automated task, making the process seamless.
Verifying goods receipt is crucial to ensure you get what you order. Medius' Source to Pay software keeps your suppliers' details all in one place, facilitating efficient goods receipt verification.
Invoice matching prevents overpayment and fraud. Medius' purchase to pay solution includes configurable dashboards that provide real-time insights into your buying process, facilitating accurate invoice matching.
Automation in the payment process improves efficiency and reduces late payments. Medius' solution works seamlessly with your back office, automating the payment process and integrating with your existing systems.
Good communication with suppliers strengthens relationships and improves service. Medius' intuitive online portal is liked by suppliers and helps maintain clear and efficient communication.
Data analysis and reporting provide insights for decision making. Medius' solution includes a raft of configurable dashboards that give you real-time insights and help you make smarter purchasing decisions.
Regular reviews keep your procurement process up to date and effective. The adaptability and flexibility of Medius' solution make it easy to adjust your procurement policies and procedures as needed
Clear communication channels on all documents, from contracts to invoices, help foster a collaborative environment between procurement and finance, bridging the gap and controlling costs and reinforcing internal policies and procedures.
Medius Procurement and Medius AP Automation seamlessly connects with your business solutions:
