Purchase Management

Introduction to Purchase Management.

Purchase Management process can be considered to be a two stage process. Procurement cycle and Invoice recording and posting into finance and accounts. Procurement cycle can also be termed as a part of Material Requirements Planning, a purchase request can be created which will follow the process of request for quote, quotation approval and purchase order. Purchase order is the basis for vendor invoicing and receipt of items.

Procurement Cycle.

Procurement cycle is the series of steps that are taken to purchase any product a business might require. Boon provides a standard set of process to systematically maintain the purchasing process. Let us brief through the process in procurement cycle.

1. Purchase Requisition.
2. Request for Quotation.
3. Quotation recording.
4. Finalization of quotation.
5. Purchase order.

Purchase Management.

Purchase Management [Accounts Payable] is an important execution module under finance segment of Boon. Financial relationship with vendors who are providing input to the organization in the form of goods and services are maintained in Purchase Management [Accounts Payable] module. This module provides the functionality to enter, monitor, maintain and process for payment of invoices and credit notes that the organization received from its vendors. The key features of this module is as follows:

• Create and maintain Vendor information. Purchase Management module systematically enables more effective vendor management, accelerate the processes and achieve more economic results.
• Immediate registration of incoming invoices.
• Tracking & Authorization of incoming invoices. Approval workflow can be set in place which will enable us to authorize the invoices.
• Entry of order-based and sundry invoices. There is provision for entry of invoices directly, or order based invoices which will require a purchase order and its confirmation.
• Automatic matching of invoices with receipts. There are matching rules which will validate the quantity amount etc. according to the setting.
• Accounts Classification for reconciliation.

Reporting.

Standard reports are available with rich parameters and options. With the help of easy-to-use options, Excel, PDF, text documents can be transferred easily to different environments. There are provision to get output of purchase register, various printable document reports such as purchase order, invoice, Item receipt etc. 

Integration.

The Purchase Management module works in an integrated manner with many modules in the system to ensure an effective purchase process. With the Inventory Management module integration, receipt of purchased materials into the inventory takes place directly with the purchase document. The stock receipt status of the order can be tracked through purchase applications. Integration with the Vendor Invoice module allows order documents to be matched to invoices and the invoice receipt status of the order to be monitored.