Purchase Order Software
Gain complete control and visibility across the entire procure to pay process with integrated purchasing and accounting software.
Purchase order management system that increases financial and procurement visibility
Streamline purchase order management
Access Financials purchase order management module enables you to efficiently manage purchases, payments and receipts — whether made by finance or anyone else across your business.
- Online forms - allow non-finance staff to request new suppliers and raise purchase orders using simple online forms.
- Document management - upload and store documents against financial transactions.
- Budget tracking - keep control of costs with automated budget checks and commitment tracking at a nominal or project level.
- Automatic data capture - automatically capture invoice data, match POs and manage payment conditions. Flexibility of multiple currencies with automatic exchange rate conversion and GST calculation means less room for error.
- Payment options - select items for payment, or part-pay items using suggested pre-sets.
- Data storage - store supplier agreements and track purchase history for analysis and auditing.
Automate your purchase order management
Remove manual and paper-based processes with automated purchase invoice processing. Save time, eliminate errors and speed up invoice processing for improved supplier relationships.
- Automate data entry: scan or email documents you want to capture. OCR technology extracts the required data - no need to re- key data, no delays and a full audit trail.
- Enhanced checks: the software checks for accuracy, duplication, and fraud, and automatically matches invoices to purchase orders.
- Secure electronic document storage: documents are stored in our highly-secure Australian cloud data centres for paperless backup and audit trails.
- Approval workflows: invoices are automatically reconciled and routed to the appropriate approvers. Email reminders speed up processing, helping you avoid late payment penalties and take advantage of early payment discounts.
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Purchase order software FAQs
What is purchase order software?
Purchase order software is a cloud-based solution designed to streamline the purchase-to-payment process for businesses. By automating order requests, expense approvals, and purchase history tracking, this software enhances efficiency and offers substantial cost savings. Moreover, it provides businesses with increased visibility into their financial and procurement operations, enabling better decision-making.
Our article What is purchase order software explains in more depth what it is, as well as who uses it, why your organisation needs it and what to consider when buying one.
What is purchase order software used for?
With purchase order software, you can create and send purchase orders online. The software allows you to keep track of orders and deliveries at every step. It can also ensure the right information is going to your suppliers and provides accurate documentation of what has been ordered.
Automation is key with purchase order software as it automatically compares the purchase order to the goods received, to the supplier invoice. In the event that something doesn’t match it is flagged for manual intervention.
What is difference between procurement and purchasing?
Procurement and purchasing are similar but they have clear differences. Procurement is the process of identifying, shortlisting, selecting, and acquiring products or services from a third-party supplier. This can be completed by purchase, bidding or a tendering process that also involves negotiating contracts and maintaining relationships with suppliers.
Purchasing is buying products and/or services because it is a requirement of the business. The purchasing process includes ordering, receiving, and fulfilling payments. Examples of activities of purchasing include receiving purchase requisitions, evaluating quotes from suppliers, raising and processing purchase orders, and organising payment with suppliers.
What are the different types of purchasing software?
All procurement software will provide businesses with the ability to manage suppliers and invoicing, digitally manage the accompanying documentation, and establish some level of automated workflows to streamline procurement.
Different types of purchasing software include: Spend Analysis, Supplier Information Management, Contract Management, e-invoicing, and e-procurement.
Inventory management or warehouse management may possess similar features. Some ERP systems and accounting suites also offer various procurement features.