From analyzing and managing spends to managing contracts and making invoice payments, purchasing software can streamline every step of the purchasing cycle. What is it? What does it do? How will this software benefit your purchasing functions? We will learn all that and more in today’s blog. But first, allow us to give you a list of some of the best purchasing tools in the software market.
13+ Purchasing Software
1. SAP Ariba
4. SAP Fieldglass
6. Tradeshift Pay
9. Zoho Books
11. Emburse Certify Expense
13. Eyvo eBuyerAssist
What Is Purchasing Software?
Purchasing software automates and records every step in the purchasing cycle. Mainly implemented by buyers and accounting teams, this software allows users to easily manage the purchasing process and automatically link purchasing functions with accounting functions in order to promote better financial awareness and purchasing records.
Purchasing orders may sometimes be mistaken from procure-to-pay software as they are closely related. However, unlike purchasing software, procure-to-pay software includes a wide range of functions, covering the entire procurement lifecycle. Procurement is basically a wider, more strategic process, unlike purchasing, which focuses solely on merchandise acquisition.
With purchasing software in place, you can streamline the entire purchasing process. This software allows you to get full visibility in the purchasing cycle and makes it easy for you to manage contracts and documents. And, more importantly, it helps you make informed purchasing decisions.
What should purchasing software offer?
Purchasing software should:
– provide features to create electronic quotes and purchasing orders
– allow for purchase order approval using predefined criteria (e.g., order amount)
– record purchase invoices and map with quotes and purchase orders
– provide confirmation for the receipt of goods and track discrepancies
– deliver portals for suppliers to access orders and submit invoices
– be able to manage supplier and vendor information, and monitor their performance
Top 10 Purchasing Software
1. Kissflow Procurement Cloud
Kissflow Procurement Cloud is a purchase and vendor management software that offers approval workflow management, quotations, purchase requisitions, invoicing, issue tracking, cash flow monitoring, order generation, and analytics for small to large organizations. Kissflow has 324 employees and makes $62M in revenue.
2. Bellwether PO and Inventory
Over a thousand purchasing managers rated Bellwether PO and Inventory as the number 1 purchasing software. Bellwether makes $5M in revenue and has a company size of 26 employees.
3. Promena e-Sourcing
Promena e-Sourcing helps customers in managing requisitions and purchase orders according to their customizable approval workflows. Promena centralizes procurement and spending management.
Promena has 110 employees and makes $24M in revenue.
Procurify allows proactive management of spending culture by providing a combination of accessible data, convenient processes, and manageable controls. Procurify has 120 employees and generates $25M in revenue.
5. Email Shield
Email Shield’s cloud-based email security add-in helps businesses across industries prevent email-based fraud attempts and receive fraud risk scores and alerts.
ProcurementExpress.com is a user-friendly and time-saving purchase order management solution. This software offers faster PO approval, rejection, comments, tracking, and escalation. Besides that, ProcurementExpress.com is also easy to use, even for the not-so-tech-savvy users. And, it also eliminates the hassle of walking a PO into multiple offices for approval.
Precoro is a purchasing software for progressive small business and enterprise organizations. This tool offers transparency of the purchasing through the full automation of the procurement process. Using this app, you can streamline approvals, do smart budgeting and expense tracking, and automate PR and PO processing. Precoro has 27 employees and makes $5M in revenue.
Expeni is a low-priced, easy-to-use purchase order system. With this software, you can track purchases as needed within a small budget!
ShippingEasy is an online shipping fulfillment software for eCommerce businesses. This solution automates back-end fulfil printing labels in batches, applying shipping rules to assign postage to common order types, simplifying the returns process, managing inventory, and more.
ShippingEasy has 102 employees and makes $21M in revenue.
Xero simplifies the purchase order process — from creating purchase orders to converting one into an invoice — while helping you maintain control.
Xero has 3,055 employees and makes $514 Million in revenue.
What Are the Deployment Options Available?
There are two main deployment options to choose from before selecting a purchasing system for your business: cloud-based deployment and on-premise deployment.
What Are Purchase Requisitions?
Purchase requisitions are internal documents sent by employees to initiate a purchase upon approval by the necessary person or department. Then, a purchase order will be sent to a supplier to order the goods/service in question.
What Does Purchase Order Approval Mean?
Purchase order approval refers to the flow of actions required from various stakeholders to validate purchase orders and bring them into effect. Upon passing the internal approval processes between the buyer and vendor, any purchase order becomes a legally binding contract.
Purchasing management plays a significant role in any business. Being able to come up with effective purchasing decisions can result in significant cost savings. Apart from that, you can also ensure price stability, streamlined supply chain management, and increased customer satisfaction. All that can be made possible by implementing a purchasing system in your business.
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