CHAPTER 5.PROCUREMENT AND THE MOVE TO P2P
It makes sense for the controller to assess supply costs and related activities in order to implement measures to increase efficiency and reduce excessive spending.
Procurement can be a valuable ally in this quest by providing records of the vendors the company does business with, showing how much material was purchased, and sharing information on the unit cost of those materials. With that information on the table, the controller and the procurement manager can work together to develop cost-saving solutions.
Controllers can also work with purchasing/procurement to negotiate better prices for supplies with current vendors or shop around for alternatives. In addition, they can work together to find better deals on delivery; having good prices for supplies doesn’t help if the cost to get those supplies delivered is exorbitant.
Staying on top of supply costs on an ongoing basis to make sure these costs are well under control can be an overlooked—but important—part of a controller’s job.
The topics we will explore in this chapter are included in the table below:
| Chapter 5. Procurement and the Move to P2P |
| Trends in Procure-To-Pay |
| Procurement Process Standards |
| Cost Savings and Procurement |
| Key Performance Indicators (KPIs) |
| End-to-End Processing |
| Tips for Successful P2P Redesign |
| P2P Automation |
| Acknowledgments and Resources |
TRENDS IN PROCURE-TO-PAY
The procure-to-pay process—also known as purchase-to-pay, P2P, or PtP—is undergoing ...
Get The Master Guide to Controllers' Best Practices, 2nd Edition now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
