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Purchasing & Accounts Payable Glossary

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There are currently 19 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

Accounts Payable Management

Accounts payable is a crucial part of your business process. It helps any business stay organized and efficient when paying for your vendors on time.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

Indirect Procurement

Companies that manage Indirect procurement well save anywhere between 5-8% of their manual Spend. 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

Payment Terms

Payment terms are a critical element in your organization to help you establish trust and clarify expectations between your customers and vendors. Without clear payment terms, you risk your business from experiencing late payments or worse, unpaid invoices. 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

Purchasing Department

Without your purchasing department, your company would struggle to acquire the products and services that you need to operate. From assessing your needs to conducting research to comparing prices and managing budgets, your purchasing department plays a vital role in ensuring your company stays competitive. 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

Strategic Sourcing

Strategic sourcing is absolutely an invaluable tool used by companies to acquire resources in the most cost-effective and efficient manner. Using strategic sourcing paired with digital business networks, companies are able to create seamless experiences from start to finish of their business operations. 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

Vendor Management

Vendor Management is an essential element in maintaining and growing customer loyalty while minimizing any risks and costs associated with managing vendors. Vendor Management also serves as an effective way to ensure that your business gets the best services while securing low costs and maintaining good relationships with your vendors. Read More