By centralizing your organization’s purchasing processes, a purchase order system can help you reduce costs and improve vendor relationships. With Acumatica, you can automate the entire procurement process from vendor quotes to paying invoices. Here is how you can simplify your purchase order management.
Streamlining your procurement processes enables you to easily track items, manage drop shipments, and automate replenishment to ensure a steady supply of materials while enforcing policy and process controls.
Automatically generate purchase orders based on stock level and inventory replenishment algorithms. Orders are placed with the vendor that best meets the price and delivery time requirements that you specify. Automatically generate drop shipment purchase orders from open Sales Orders.
Create approval rules for various order types, vendors, order amounts, and other order-specific information. Control document release using predefined approval processes.
Track receipts, whether – partially filled, completely filled, or consolidated from multiple purchase orders into a single receipt. Automatically create accounts payable vouchers from receipts. Consolidate multiple rejects into a single voucher and multiple invoices from a single receipt. Modify pricing during the invoice entry in Accounts Payable with automatic variance posting in General Ledger. Link returns to purchase receipts, updating inventory with the correct item cost and reason codes.
A purchase order is used by a buyer to place an order and is issued before delivery. An invoice is issued by a seller using invoicing software after an order is delivered. It defines the amount the buyer owes for the purchased goods and the date by which the buyer needs to pay.
Purchase order management is an internal procurement process adopted by organizations to ensure that each and every purchase is necessary, justified, and optimized for costs.
The purchase order is prepared by the buyer, often through a purchasing department. Using a digital solution allows for better tracking and electronic submission of orders to the supplier.
Acumatica automatically generates purchase orders based on the inventory stock level and inventory replenishment algorithms. Orders are placed with the vendor that best meets the price and delivery time requirements that you specify. Drop shipment purchase orders can be automatically prepared based on the information in open Sales Orders.
Blanket orders allow you to aggregate several orders to receive a volume discount or stock hard-to-get items. After creating a blanket order, you can create several purchase orders that refer to the blanket order and reduce the amount of the blanket order balance. As you enter purchase orders, Acumatica automatically checks for open blanket orders and provides the option to link to them.
Acumatica allows you to include additional shipping and receiving costs with your purchased items. Costs can be allocated across several goods using custom allocation methods. Landed cost bills can be entered directly in Accounts Payable and associated with received items. Landed costs are automatically included in the inventory costs for stocked items.
Acumatica tracks when purchase orders are received. Orders can be partially filled, completely filled, or consolidated from multiple purchase orders into a single receipt. Acumatica automatically creates accounts payable vouchers when goods are received for complete, partial, or consolidated orders. Multiple receipts can be consolidated into a single voucher and multiple bills can be entered for a single receipt. Pricing information can be modified during the bill entry in Accounts Payable and the difference will be posted to the designated variance account.
Acumatica’s purchasing module provides a complete set of inquiry screens and auditing reports to help you analyze your purchasing history. Report and inquiry screens allow you to drill down to the original transactions.
The Purchasing Management Module provides a complete audit trail of all purchasing transactions. After a transaction is released, it cannot be deleted – to correct mistakes, you must enter a transaction to reverse the incorrect entry. The system keeps the details of all purchasing transactions, including the user who entered the transaction, the user who approved the transaction, and the user who modified the record. The auditing process is simplified by having notes as well as supporting electronic documents attached directly to the transactions.
Create different approval rules based on the type of order, vendor information, order amount, and other order-specific information. Purchase orders must be approved by a designated person before they can be printed and sent to the vendor.
Acumatica allows you to create drop shipment orders for goods that should be delivered directly to a customer location. Drop shipments can be created automatically from sales orders or entered manually by linking to a sales order from the purchase order entry screen. After the bill is entered for the drop shipment order, the corresponding sales order will be released and an invoice will be generated for the customer.
Acumatica allows you to upload vendor price lists with product descriptions, prices, and delivery times. Each uploaded inventory item can be mapped to existing inventory or a new item can be created. Inventory information such as cost, quantities, and lead times can be automatically updated each time inventory is received. Statistical information is used to automatically produce purchase orders and analyze vendor performance.
Looking for best-in-class purchase order management software? Give us a call on 011 792 9521 and we’d be glad to guide you in selecting the ideal PO system for your business. PO software eliminates the err-prone paper-based methods. Order creation has never been simpler,.
With automated purchasing, you can streamline your purchase order process. By investing in a reliable PO process, you can free up time for your purchasing manager to focus on more critical tasks rather than redundant repetitive processes.
ERP software that integrates a purchase order management system enables you to get the most out of your business. Ready to learn more about order management software? Try Acumatica order management systems. Read more on how to simplify purchase requisition management.
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