Consumer Guide: Purchasing Software for your Business
Bellwether Purchasing Software, helps small and mid-sized organizations reduce costs, gain organizational control overspending, and improve regulatory compliance. There are many businesses who need help automating their purchase order process and that’s when they see the advantages of purchasing order systems that can help make their business more efficient and productive. Here is a list of the top purchasing system on the market and what they aim to do.
Procurify: This procurement solution allows businesses to easily design a workflow of tasks from approval routing to cost allocation.
SpendMap: SpendMap aims to cost-effectively automate and streamline purchasing processes using SaaS and On-Premise Purchasing Management Software.
eRequester: This purchasing order system helps businesses gain insight into spending and simplifies the requisition-to-approval process while providing real-time visibility with a complete audit trail.
Coupa: Coupa is considered a “Business Spend Management” platform for the procurement to expense processes that helps businesses save money.
Sage Intacct: Sage Intacct allows businesses to create structured workflows that give your business more control over spending and help automate the purchase order process.
What does purchase order software do?
Purchase order system allows businesses to easily automate and control spending from one simple platform. With 90% of business using manual methods of tracking purchasing, using a simple spreadsheet can become difficult for a growing business to manage their POs. Cloud-based purchase order and e-procurement solution allows you to easily automate your workflows, making a once stressful task more simple and manageable while eliminating redundancy from the entire process, helping to improve efficiency and productivity.
What are the key features of a purchase management order software you must consider?
As you can see from our list above, most purchase order software is meant to do the same thing: automate and control spending while helping businesses design a workflow that makes them efficient and productive. While there are many benefits to this type of system for businesses, it’s important to choose the correct one that will help improve the procurement process. There are a few things you have to consider when deciding which PO system is best for your business:
A database lets you to track information about vendors while allowing you to see order history and payment as well as service terms. When you want to compare vendors, a database is essential to help you make crucial businesses-affecting decisions. You can easily find who your biggest customers are and remind yourself of the service terms to make sure you’re doing everything you can to add value to your existing customers.
When it comes to productivity in the workplace, automation is crucial. If you’re currently tracking your POs in a spreadsheet, you know how time-consuming it can be. Instead, automation of purchase order management software and procurement solution allows you to create purchase orders easily and handle recurring orders. Instead of typing up all of the necessary purchase information into spreadsheets, good procure to pay software keeps crucial information on file for so that you don’t have to go searching through your computer.
Because purchase order management can often be time-consuming and difficult without the right documentation, it’s important that your procurement management and procure to pay system creates documentation that allows you to easily track procurements inside your business and creates beneficial communication between yourself and your vendors. Good e-procurement system should show you the details of each PO including who made the requisition, who the customers is, what items were purchased, and when it was created.
Tracking is important for both your business and your customers. It’s crucial for production as it helps them plan their day and prepare for future POs, while it’s important for your customer service team to be able to find information on tracking customers’ products. This is vital information for any business because it helps manage customer service issues along with tracking employee efficiency and productivity.
Approvals and Requisitions
When many businesses first start out, they don’t have a clearly defined purchase order requisition and approval process that makes it difficult to control costs. E-procurement software will help implement a more manageable approval, requisition, and review process that helps to control costs and make sure every step of the process is as efficient as it can be.
Matching Purchase Orders with Invoices
While a purchase order lists all of the items that are to be shipped, invoices are the documentation of what should be paid and by when. Purchase Orders may list pricing, but they are not an invoice, so it’s important that your purchasing order solution can automate the process of turning a PO into an invoice that you can send to your customers and keep on file. Instead of having to look up a customer’s purchase order to create and/or find their invoice, good purchase ordering system should be able to automatically do this for you each time a new PO is created.
What are the different types of procurement system?
Most procure-to-pay suites are cloud-based and are all-purpose tools for purchase order management. They automate all tasks that need to be done under the procurement process, from PO management to invoicing and everything in between. P2P easily allows for automated approvals and requests for quotes that will improve workflows and help businesses stay efficient. For businesses who have been using spreadsheets for purchasing, P2P suits will dazzle and delight.
This type of solution has a procurement module that can handle purchasing, but can’t handle all of the functions that more robust procurement system can. ERP tools are also not as user-friendly and instead of simplifying the process, can make it more difficult.
There are PO apps out there that are meant to serve specific functions and can help improve workflows, but they are not ideal for larger businesses who need a robust and comprehensive PO system.
What is a Purchase Order System?
A purchase order system refers to your business process for managing purchase orders. Whether you use a manual system with paper or a digital one, you have a purchasing system. Your PO system may vary from other business’. You may be in a different industry, have a different type of business, or have built the business yourself from the ground up and made your own purchasing requisition software.
How Does My Business Use POs?
If you have a small business, you may think that your POs can just be typed up in Microsoft Word and that’s it. However, if you want to use these purchase orders to your advantage, you need to set up a defined purchasing system. The best way to do this is with e-procurement solutions.
A more automated system will help you generate unique PO numbers for each PO document. These numbers can then be looked up in the system and even matched to corresponding invoices. Think of your accounts payable department who needs to be able to quickly check that each invoice matches a purchase order before paying it. You’ll make your employees’ jobs a lot easier, which will make them more productive each day.
Manual Purchase Order Systems Vs. Automated
Most businesses start with a manual paper-based system because it’s easier at the the time than purchasing procurement software. However, in the long run, keeping up with all of the paperwork can become chaotic and difficult.
A single purchase involves records of quotes, order acknowledgments, notes, packing slips, invoices, and of course, the PO. If you have a manual system, you may lose these documents, or worse, input the wrong information that can be disastrous and cost your business money. That’s why many businesses, no matter their size, are making the transition to digital, automated procurement.
Your purchase order system should be able to generate purchase orders quickly. They’ll also track the paperwork for each order and match relevant documents together so that you don’t have to. If record-keeping is not your strong suit, you’ll benefit from digital procurement systems that simplify record-keeping and protect them from damage.
PO Software and ROI
Many of our customers come to us because their manual processes are no longer effective. However, they are also wary about investing in PO system when their manual system is free.
These customers quickly realize that PO software offers a significant return on investment(ROI). Because the system saves time in all aspects of the procurement and purchasing process, businesses are saving money. Their employees are able to do more, complete more tasks, and focus on the tasks that really matter. Automation is key for remaining ahead of the competition in the business world.
How to simplify your purchasing system with Bellwether purchase software
Create and Send Purchase Orders
Cut down on the time it takes to make purchase orders. Instead, create and send purchase orders in seconds with Bellwether. The small business purchase order software fills in the details automatically so that you can send the order to your vendor quickly.
Web based purchase system stores and sorts your purchase orders in one location so that you can track your spending and search through past POs.
Get a breakdown of company spending so that you can understand your spending. You’ll also be able to identify who is doing the spending, why it was spent, and where the money is going. Gather the data and set policies for a better spend culture and put a stop to maverick spending.
Save Time and Company Money
Set up catalogs of your pre-approved vendors and their products so that your team can easily negotiate preferred rates.
Consolidate purchases into a single PO to save on shipping costs, make it easy on your vendors, and minimize paperwork.
Why Is Purchasing and Inventory Software Good For Your Business?
Reduced Manual Intervention
By digitizing and automating the purchasing process, you can eliminate a lot of manual intervention. This will save them time and reduce errors that occur to improper data entry.
Saved Operational Costs
Purchasing and Inventory management software speeds up the entire purchasing process and can save your business up to 65 percent in operational costs.
Make sure everything is on track with the complete transparency that cloud-based PO software offers. You can view the status of all open POs on your computer, mobile phone, or tablet wherever you are.
Which Software is Right for My Business?
Before you buy PO system, you must know yourself and your business.
If you work in direct procurement
If you buy raw materials or goods for production, then an ERP solution with an added procurement module might be right for you. You’ll need your software to handle non-procurement functions, such as vendor-managed inventory. This type of software will work when you need procurement as part of the larger list of functions.
If you handle direct and indirect purchasing
If you handle any type of purchasing, P2P is right for you because it gives you the added functionality to cover a broad range of procurement-related functions.
If you handle purchasing for a department or are trying to control expenses in one area
You would still benefit from digital procurement solutions. However, you may not need as robust a procurement software as you think. Many offer just purchase manager software that can help you control spending in one area and handle all of the purchasing for one department.
The best purchasing and inventory software will scale your business’ needs. You shouldn’t pay for a complicated system designed to work on a large scale if you are a small business. You also want to make sure to get the procurement software that can grow with your organization. Cloud-based procurement software, such as Bellwether, is designed to scale to your needs.
If you have worked only with a manual purchasing system in the past and want to implement a new, automated system, start out right with the one that’s easiest to use.
All in One, Cloud-based Purchase Order System
Founded in 1985, Bellwether E Procurement Software, helps small and mid-sized organizations reduce costs, gain organizational control over spending, and improve regulatory compliance through implementation of our procurement management software and online spend management SaaS based solutions.
Whether you’re looking for simple procurement software or a more robust system, Bellwether has options that can suit your needs.
Bellwether EPMX software is great for companies looking for a robust, fully-functional purchasing solution. is a complete, E procurement management software suite that offers full features and functionality suitable for organizations of all sizes.