Purchase Order Tracking System Definition
A purchase order tracking system is a software application that helps businesses track and manage the purchase orders they place with vendors. By tracking purchase orders, businesses can keep better control over their inventory levels, budget for future purchases, and monitor their spending on specific suppliers.
There are many different types of purchase order tracking systems available on the market, ranging from simple Excel spreadsheets to more sophisticated enterprise resource planning (ERP) applications. The right system for your business will depend on the size and complexity of your operations.
If you’re just starting out, a basic spreadsheet may be all you need to keep track of your purchase orders. But as your business grows, you’ll likely need something more robust that can handle a larger volume of data and offer more features, such as the ability to generate reports or integration with other business systems.
Some common features of purchase order tracking systems include:
-The ability to create and send purchase orders to vendors electronically
-A vendor management portal where suppliers can log in and view open orders
-Automatic generation of reports on purchasing activity
-Integration with accounting software for financial reporting
-Alerts and notifications to help users stay on top of their purchasing process
