Paper-based purchase order systems were never the easiest way to manage your purchases and cost reporting. You were probably spending time on a part of the business that should have the least impact.
In this article we review what the process should look like.
- Someone decides they need something, so they request it
- You then need to find multiple quotes for the best solution
- These are passed along to a pre-qualified approver
- Once the price is negotiated, a PO is sent out
- The products or services are supplied
- They are received against the PO and the invoice is checked
- The invoice is approved for payment
- Vendor is paid
- A full activity record is available to review
This can be a lot of paperwork, but it doesn’t need to be.
With DPF, all of this can be streamlined so you can track it easily and process payment efficiently.
So why should you be using a digital workflow?
Reduced costs
Our DPF digital purchase order system helps you save money by reducing the amount of paper and postage needed. In combination with our eSignature capabilities, it is also a great way to control costs proactively. One place for all your documents. No more lost paperwork. Orders are accessible from anywhere increasing efficiency and accuracy.
Greater security
You can get greater security with a digital system as opposed to a paper-based system. Paper documents are always at risk of being lost or stolen. A digital system means your data is stored securely and is only accessible by authorized users. Digital purchase orders provide a detailed record of all transactions, which helps to improve accounting accuracy and audit trail. Reduce Errors, Fraud and Uncertainty in your Purchase Orders. Pre-approve Vendors for corporate compliance.
Improved communication
Your overall communication is improved through a digital purchase order system. You can send messages to buyers regarding changes in the order, and buyers can track the order through the approval process. The order is finally emailed to the supplier with your terms and conditions only when it is fully approved.
Processing orders faster
When you have a digital purchase order system in place, you can quickly and easily send orders to suppliers. Your orders will be processed faster which results in saving you both time and money. Reminders are sent to approvers to review orders.
Errors are reduced
When using paper-based systems and spreadsheets, they are prone to inaccuracies, human errors, and inconsistent buying decisions. A digital alternative like DPF can help avoid mistakes such as incorrect prices or quantities like when dates for car hires or hotels are involved. These are calculated in the system rather than accounts having to manually check the calculations.
Improved tracking
Tracking transactions and purchase records using paper documents and spreadsheets can be difficult at the best of times. With our Digital Paper Flow system, you can track your orders and invoices easily, and monitor the paper trail and approvals along the way. You stay on top of your POs and ensure that you receive the goods or services that you need on time.
Better collaboration
Better collaboration is available between buyers and sellers when you communicate through a digital system. With this type of solution, both parties have access to the same information, making it easier to resolve any issues quickly. Travel bookings can be imported into the system simply by entering the booking# saving countless hours re-typing a booking into our order system.
Eco-friendly
A paperless purchase order system is environmentally friendly by reducing the paper required in day to day operations, thereby reducing your company’s carbon footprint.
Unlock productivity
Time is a precious resource. With a limited number of hours in the day to complete everything, processing and approving POs manually is both tedious and time-consuming. Using a digital PO system can save your company an estimated 20 to 30 percent of lost revenue annually due to such inefficiencies.
Be more flexibile
A digital purchase order system means greater flexibility. You can easily make changes to orders and access your data from anywhere, at any time.
Greater Visibility with integrated approval workflow helps you keep on top of your budget. You can customise digital purchase order templates to fit your business needs, branding and even your signature..