What is Procure to Pay?

Procure-to-Pay (P2P) is a comprehensive process that encompasses all activities involved in acquiring goods or services. It starts with identifying a need, then progresses through requisition, purchase order creation, receiving, invoice processing, and ultimately, payment to the supplier. P2P systems are commonly used by organizations to streamline purchasing, improve efficiency, control spending, and ensure compliance. It helps automate the process and reduce manual work, leading to cost savings and better visibility into procurement activities.