Purchase Orders

eProcurement’s heart and soul

As you might expect, the PO module is the heart of any purchase order software. Surprisingly, many companies simply don’t use purchase orders. We believe this is a fundamental error in business practice.  The lack of using purchase orders allow opportunities for misunderstandings to take place between buyer and seller. A correctly formatted and approved purchase order document assures that you are not open to misuse and maverick buying. In other words, proper POs curtail activities where people feeling empowered to pick up the phone and place an unapproved order with a supplier.  Having a properly constructed PO allows you as the buyer to explicitly state what you wish to buy, at what price, and under what terms. It may also specify your policies on the acceptance of the goods/services and your policies on rejects and returns. This is crucial information that both parties to the transaction should be aware of prior to entering into the transaction. This eases the payment of the eventual invoice. A centralized control point does not only help curtail unwanted or unapproved spending but also helps see the overall spend through management reports.

Features:

  • One requisition can generate multiple orders
  • Multi-currency
  • Explicitly specify, delivery, payment and invoice instructions
  • Multiple account codes with split financial allocations
  • Multi-level signoffs and approvals based on role
  • Supports internal catalogs, free text and vendor punchout as standard
  • Allows for personalized PO formats with logos and scanned signatures
  • Fully details all terms and conditions of purchase
  • Controlled change management with audit trails

purchase order managmemt

 

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Legislation & Compliance

A Purchase order document allows for easier auditability, traceability and most importantly accountability. If you are a publicly traded company then you will be aware of Sarbanes-Oxley (SOX) compliance measures.  Furthermore, we have internal systems in place with our platform that empower buyers to trace any errors on their POs to the suppliers before the suppliers are aware of such errors – allowing the Approvers to only approve valid requests that they know are within budget. Such enforcement of personal accountability within your organization ensures visibility of the process from request initiation to final payment of the invoice – this is important if you wish to implement best practices within your organization. Eyvo’s eBuyerAssist cloud based purchase order software system can do exactly that – putting you in control of your spend and ensuring vendor compliance with all your transactions.

For more information please Contact Us