Top 5 procure-to-pay software solutions in 2023
Procure-to-pay software solutions integrate purchasing and accounts payable to create an efficient system for automatic account compilation.
“The future of finance is all about managing across functions, building the right combination of capabilities and establishing a strong data foundation. That’s what will distinguish tomorrow’s winning organizations. Doing just one or two things exceptionally well probably won’t cut it. Nor will working in isolation.” ~ Deloitte
Managing the procurement process without a strategic approach can be time-consuming and prone to errors. For instance, manual data entry by in-house teams can result in transposition errors, leading to incorrect orders and payments. Such errors can cause delays and additional expenses.
A comprehensive procure-to-pay (P2P) software solution can streamline the entire procurement process, from requisitioning to payment. Such automated workflow improves the efficiency of your in-house teams.
This blog post describes the top procure-to-pay software solutions to automate the procurement process.
What is a procure-to-pay software solution?
A procure-to-pay software streamlines and automates the entire requisition-to-payment process.
According to Gartner, over 85% of organizations will adopt a cloud-first approach by 2025 and will be unable to fully implement their digital strategies without using cloud-native architectures and technologies.
This trend suggests that software-as-a-service (SaaS) solutions that are built using cloud-native architecture principles will be more adaptable and easy to integrate into an organization’s existing systems and processes.
As a result, there will be a growing need for more organized and automated operations to support these applications.
Procure-to-pay software includes various modules to optimize procurement:
- eProcurement allows employees to browse supplier catalogs and initiate purchases.
- Supplier management manages vendor relationships, develops sourcing strategies, and analyzes vendor performance.
- Contract management defines procurement catalogs, policies, and procedures for procurement.
- Invoicing processes vendor invoices, issues and settles vendor payments, and manages vendor debits and chargebacks.
- Inventory management plans supply, procures materials and services, and manages inventory to deliver business processes, including receiving and material movements.
The successful execution of the procure-to-pay strategies that impact cash positions requires a level of cohesion and visibility across the entire procure-to-pay process that is usually best supported by technology solutions. ~Deloitte
Best procure-to-pay software solutions to streamline your procurement process
Procure-to-pay software was initially an extension of traditional enterprise resource planning (ERP) and accounting systems with limited on-premise features. However, new-age providers have adopted the cloud-delivery model for relevant procurement practices.
We have compiled a list of the top procure-to-pay software solutions available in 2023:
- Kissflow procurement cloud
Spendflo is a SaaS platform for purchasing and optimizing your procure-to-pay process. The platform offers a suite of tools, including product discovery, contract management, insights and visualizations, vendor security trust metrics and approval workflows.
Spendflo helps companies maximize cost savings by providing business intelligence on vendor spending and ensuring the best price for each purchase.
Spendflo’s automation technology also reduces manual effort and streamlines the procurement process, making it easier for companies to manage their procure-to-pay process.
This platform can provide users with tailored solutions for maximizing the power of SaaS. Thus, it is the go-to choice for those looking to achieve success at scale.
Some of the key features of Spendflo include:
- Fast-track vendor and security compliance: Accelerates security reviews by bringing all stakeholders under a single platform, enabling seamless collaboration, avoiding unnecessary back and forth, and speeding up the review process
- Manage SaaS contracts in one place: Streamlines contract negotiation, keeps track of approval workflows, and stays on top of renewal dates
- Track employee SaaS usage: Tracks all your SaaS tools usage in one place and monitors usage by users and departments
- Understand employee sentiment: Spendflo’s Sentiment Hub offers periodic surveys to gauge employee sentiment and measure the ROI of SaaS tools. Allows data-backed renewal negotiations and makes the best saving decisions
- Streamline SaaS approvals: Provides automated approvals and workflows with insight and visualization tools to streamline and simplify SaaS management. Offers Slack integration to streamline this process
- Track renewals and shift to mindful procurement: Manages all your renewals with custom notifications and plans for timely upgrades or downgrades ahead of time. Offers assistance from expert negotiators to get the best deals
- Streamlined approvals via Slack/Teams
- A dedicated customer success manager
Up to 30% of your SaaS expenses
Pricing: $2,500 per month (billed annually)
Check out some customer case studies on how Spendflo is helping companies save thousands on their SaaS procurement:
Coupa is a cloud-based procure-to-pay software that enables complete visibility of spend, along with maximum spend under management, to ensure compliance, increase savings and drive impact toward ESG goals.
Some of the key features of Coupa include:
- Invoicing: Streamlines accounts payable and improves cash flow. Also rescues the AP department with efficient, accurate, and timely e-invoicing processing.
- Procurement: Simplifies purchase requisition and order processes and tracks them in real time to get the most pre-approved spend flowing through the procurement system.
- Sourcing: Provides easy-to-use templates and group sourcing programs that free up limited resources. It also unlocks new sourcing opportunities with real-time spend visibility and suggestion alerts.
- Expenses: Offers comprehensive expense management software that drives value beyond basic expense processing. It captures all T&E spend to control costs and reduce spend leakages.
- Contract lifecycle management: Streamlines contracting for increased value and decreased risk. It provides control and efficiency across the entire contract lifecycle and minimizes contract risks.
- Analytics: Provides easy-to-use spend analysis solutions. Enables measuring success against spend management goals and drills directly into transactional details for deeper granularity.
$45.75 per month (billed annually)
Precoro is a cloud-based procure-to-pay software that provides a robust solution for managing the procurement process. It offers a range of features to help companies streamline their procurement process and maximize cost savings.
Some of the key features of Precoro include:
- Budget management: Simplifies budget management and makes it a straightforward process for project managers
- Real-time tracking: Offers real-time budget and report tracking that improves the accuracy of critical business decisions
- Paperless approval: Reduces paper trail and drives substantial use of resources, reducing workload and saving money
- Three-way matching: Makes it easier for purchase requests to be confirmed, orders sent out, and billing handled effectively. It offers an automated way to achieve a three-way match procurement process with no human intervention.
- $35 per use per month for smaller teams with ≤20 users (billed annually)
- Individually tailored pricing for larger teams with ≥20 users
Procurify provides software solutions for managing the procurement process. It offers a range of features to help companies streamline their procurement process and maximize cost savings.
Some of the key features of Procurify include:
- Request and approve: Centralize requests, approvals, and real-time budgets to empower your teams to make data-informed spend decisions
- Purchase and receive: Consolidate purchase requisitions, catalogs, purchase orders, and vendor information
- Invoicing and payments: Give your accounts payable team the confidence to pay invoices quickly with centralized communication and documentation around every purchase decision
- Budgets and reporting: Make better informed financial decisions with robust spend reports, real-time data visualizations, and user-friendly budget dashboards
- Mobile app: Request and approve on the go with the Procurify mobile app
- Integrations: Enrich accounting and ERP system data with Procurify's financial integrations
Starts at $2,000 per month
5. Kissflow procurement cloud
Kissflow procurement cloud offers no-code and low-code features on a single platform. It streamlines your procurement and approval processes, all from a centralized portal. It provides several benefits, such as improved accuracy, increased consistency and reduced operational spend.
Here are some of its key features:
- Progress tracking: Provides all-round visibility into work progress, improved transparency, and better collaboration
- Hands-off workflows: Connects your users across the world and has a mobile app for Android and iOS
- Advanced reporting and pre-built reports: Creates cross-form reports by combining various data sources, including process tables, child tables, system tables, datasets, and data views, and turns them into useful information
- Single sign-on: Supports single sign-on (SSO) integration with industry-standard SAML 2.0, OAuth, OpenID Connect, Social Authentication, and other supported protocols
- Attaching Google Docs and Dropbox documents: Connects directly to Google Drive or Dropbox so you can organize your work and collaborate faster and with improved visibility
Starts at $1500 per month
Simplify your procurement process with Spendflo’s procure-to-pay software solution
Spendflo is a robust cloud-based procure-to-pay software that offers numerous benefits to streamline your procurement process. The platform provides business intelligence on vendor spending and ensures the best price for each purchase.
By adopting Spendflo as your cloud-based procure-to-pay solution, you can improve your procurement team’s efficiency and save up to 30% on your SaaS spend.
To future-proof your operations with an efficient SaaS procurement solution, schedule a demo today.
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