What is Procure to Pay? A Complete Guide for Businesses
In today’s fast-paced business environment, organizations must focus on streamlining processes to stay competitive. One such critical business function is procurement. But procurement alone isn’t enough—it must seamlessly connect with finance. That’s where the concept of procure to pay comes into play. So, what is procure to pay ? It is a comprehensive process that covers the entire cycle from purchasing goods or services to paying suppliers. This blog will break down what is procure to pay, its components, advantages, and best practices for successful implementation. What is Procure to Pay? The term procure to pay (often abbreviated as P2P) refers to the integrated process that begins with identifying a business need and ends with the payment to the supplier. When we ask what is procure to pay , it’s not just about procurement or finance—it’s about aligning both functions to ensure transparency, control, and efficiency. This process includes creating requisitions, approving ...