Purchasing & Accounts Payable Glossary

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There are currently 28 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 Automation

By using AP Automation, you can easily simplify tedious tasks within your organization, helping you save both time and money. 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

blanket order

Undoubtedly, your procurement department always looks for ways to streamline your purchasing processes, reduce costs, and improve efficiency. One tool that can help you achieve this goal is by using a Blanket Purchase Order (BPO). 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

Expense Management

Expense management is a crucial part of your business. No doubt that managing your expenses can be a time-consuming and even complex task when done manually. 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

Invoice Processing

While managing invoices can quickly become overwhelming for your business due to numerous daily transactions, using the right tools and strategies can help your business streamline its invoice processing operation. Thus, helping you reduce the risk of errors and delays. 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

Having payment terms that work for your company and suppliers is essential to a successful procurement process. But how do you ensure that your payment terms are fair and effective? From setting goals with suppliers to using early payment options, there are many things to consider when setting procurement payment terms. 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 Example

In this resource, let's dive deeper into how purchase order works, the correct formatting of purchase orders, and their benefits to your company. With this knowledge, we're confident you'll be on your way to easily mastering the art of ordering for your business! Read More

Purchase Order Number

A purchase order (PO) number is a unique identifier assigned to a purchase order document. This is used by businesses and vendors to track orders effectively. This ensures that all parties involved in a purchase are aware of the details of the transaction. Read More

Purchase Order Requisition

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

purchase order terms and conditions

Having purchase order terms and conditions can greatly impact the success rate of your transaction. Aside from that, it is legally binding as well. But, have you ever wondered what exactly purchase order terms and conditions are and why you should include them in your purchase order? 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

Your company’s purchasing department is one of the most important departments in your organization.It plays a vital role in ensuring the success of you and your finance team through sourcing and acquiring your required goods. Read More

Purchasing Manager

Purchasing managers in your company are responsible for finding and sourcing materials, supplies, equipment, and services at lowers costs without compromising quality or delivery times. 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

Spend Management

Spending is a crucial factor that can affect the profit of your company. Although, there are still a few organizations that find themselves struggling in this area. We believe that is something you would not like for your business. 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