set of controls are required for every procurement to eliminate threat of
fraud or mistakes which might include:
- Duplicate payments
- Purchases from unapproved vendors cause issues like quality, price or purchasing personel underhand dealing with certain vendors.
- Lack of audit trail cause controls weakness
- Poor data quality hence numerous phone calls/e-mails from vendors.
Procurement process involves number of tasks which should be performed in correct order to avoid above issues, as follows:
|Requisition / Approval||
|We receive requisition from staff/department and route to respective manager for approval as per pre-agreed approval hierarchy.||- For first time purchase
atleast by 3 vendors or as prescribed by you.
- Fresh quotes are called after every one year.
|We request respective Managers for approval of quotes or you can leave this task to us.||Create and edit purchase orders.||Check goods delivery note against respective purchase order, adjusting stock levels or if deliveries are not as per specification, re-order.||- Scanning, Indexing & Archiving of Invoices
- 3-Way Match Merge of Purchase Orders, Receiving Reports and Invoices
- Exception Processing for
- Unmatched Invoices and Discrepancies. Routing for Approval and General Ledger Coding of non-Purchased Order.
|- Better managed Days Payable Outstanding|
|- Reduce processing costs by up to 60%|
|- Improve financial control and SOX compliance|
|- Control over duplicate payments||Ø Home|
|- Easily accessible audit trail||Ø Services|
|- Reduced management & human resource burden||Ø Process Flow|
|- Greater focus on the core business and the items that add value||Ø Purchase ledger|