Whether you need to buy a single piece of office equipment or several thousand, you need to know your company's purchase order approval process. This process requires a series of approvals. Depending on the purchase order amount, different approvals may be required, and different departments must approve a purchase order. For example, if you need to buy a computer, it should be routed to the IT manager for approval. It's also important to keep in mind that purchasing an item over $10,000 will likely require the approval of senior management.
In addition, a manual process may leave the purchasing manager responsible for copying the details from a manual requisition to a purchase order. This manual process can lead to human error, resulting in wrong delivery of the items. Furthermore, it is difficult to keep track of spending because the purchasing manager must copy and paste the details twice. An automated purchasing management platform will give you insights within seconds. To make the most of the purchasing process, ensure that your company is using the right tools.
A proper purchase approval process can save your company time and money. For example, you can avoid unnecessary expenditures by indexing purchase orders. It will also reduce inefficiencies and frustration. By automating the process, you can reduce the time it takes for your company to approve a PO. If you've already indexed your purchase orders, you can even use the indexing feature to easily match purchase orders to invoices. A well-developed approval process will ensure the approval of purchase orders, as well as avoid ordering items that are already in inventory.
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