'Procure to Pay' Overview

Course details

Procurement to Payment can be a significant workflow in any business. For the workflow to work effectively, each team involved; Procurement; Sourcing and Purchasing, Receiving, Vendor Master, Accounts Payable and Payment Processing and Treasury should have an understanding of the entire flow. 

In this presentation, we will review the basics of Procurement. In most businesses, nothing can be ordered until a supplier has been set up in the Vendor Master Maintenance system. The words Sourcing and Purchasing may be interchangeable or have different meanings in your organization.

The receiving of goods and services and the Posting of Goods Receipts against Purchase Orders can be more critical in some businesses than the processing of invoices. Auditing of aged receipts will also be covered.

Return of product to a supplier also needs to be tracked in order to ensure recovery of funds or receipt of replacement product.  We will explore some options on how that can be done in your organization.

Although Accounts Payable is toward the end of the work stream, their role is no less critical.  They need to ensure costs are posted promptly and accurately, that payments are made timely and that vendor relations are not negatively impacted while complying with best business practices; Compliance Policies, Segregation of Duties, Delegation of Authority, tax liabilities and other business specific rules.

If you would like Continuing Education Credit (e.g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Procure to Pay Work Stream. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an 'approved-by-the-governing-body' CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.