[Opinion] Procure To Pay | “Role of An In-House Auditor”
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- By Taxmann
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- Last Updated on 22 September, 2023
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1. Overview & Context
Procure-to-Pay or P-2-P in procurement is defined as an authorized system that streamlines the process of requisitioning, purchasing, receiving, and paying for goods and services. It involves end-to-end integration with accounts payable, invoice management, and vendor payment systems to ensure compliance accuracy, and efficiency.
The Procure-to-Pay process is carried out to centralize procurement control. The entire life cycle of a P-2-P transaction is to gain financial visibility across the organization.
2. Importance of the P-2-P cycle in Business Operations
The Procure-to-Pay cycle offers a range of benefits for seamless business operations. It promotes transparency and control by providing a structured framework for managing procurement activities, from requisition to payment.
The Procure-to-Pay cycle improves operational efficiency by streamlining accounts payable processes, reducing human errors, and automating workflows. Furthermore, the procure-to-pay system enables better supplier relationship management, fosters collaboration, and improves negotiation power. Organizations can ultimately expect cost savings and improved supplier performance.
In-house auditor/Internal auditor plays a vital role in a P-2-P process to strengthen the system-based controls.
3. Steps in P-2-P
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