ProcureDesk

Purchasing & Accounts Payable Glossary

All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

There are currently 13 Glossaries in this directory

Accounts Payable (AP)

E-procurement or electronic procurement is using technology to automate the end-to-end procurement process for a company. Read More

Centralized Procurement

Centralized procurement is the process of centrally managing the purchasing for distributed locations. In a centralized procurement model, there is one procurement team for all locations. Read More

Cost Savings

Cost savings refers to the amount a company saves due to higher efficiency or better purchasing costs. The finance team always measures cost savings as a reduction in the set budget. If the cost reduction doesn’t impact the budget, it can’t be considered cost savings. Read More

E-Invoicing

E-invoicing or electronic invoice is the process of digitizing the supplier invoicing process. Read More

E-Procurement

E-procurement or electronic procurement is using technology to automate the end-to-end procurement process for a company. Read More

Inventory Management

Inventory management is the process of ordering, tracking, and managing disbursements of the items for which a company manages stock. Read More

Order Acknowledgement

An order acknowledgment is a confirmation by the vendor that they have received the buyer’s purchase order. Read More

Procure to Pay

Procure to pay is the end-to-end process a company follows to purchase, receive and pay the vendor for the products and services. Read More

Purchase Order Requisition

A purchase order requisition is a document an employee uses to request a purchase, product, or service. Read More

Purchasing

Purchasing is the activity of procuring products or services by a buyer from a supplier. The simplest example of purchasing is the day-to-day purchasing done by a company. For example, you are purchasing a laptop from CDW or Amazon.com. Read More

Request For Quotation (RFQ)

A Request for Quotation or quote is the process of requesting a vendor to quote the price for a product or service that you are looking to purchase. Read More

Three-Way Match

A three-way match is a process of matching three documents to ensure that you pay an invoice that matches what you ordered. Read More

Two-Way Match

A two-way match is a process of matching the invoice with the purchase order to ensure the invoice is ready for payment. Read More