Procure-To-Pay Process Definition
The procure-to-pay process (P2P) is the cycle of activities that a company undertakes to procure goods and services and make payments for them. The process begins when a company identifies a need for goods or services and ends when it pays the supplier for those goods or services. In between, the company must purchase the goods or services, receive them, and then approve them for payment.
The P2P process is important because it touches on many different areas of a business, from procurement to accounting. A well-run P2P process can help a company save money, improve its financial position, and avoid fraud and waste.
