Purchasing & Accounts Payable Glossary

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There are currently 9 Glossaries in this directory beginning with the letter P.

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