Boost Compliance With Enhanced Purchase Order Features

If you're a CFO, finance leader, or financial controller, efficient purchase order management (as part of a wider procurement process) can transform how you handle invoice processing, boosting accuracy, policy compliance, and efficiency.

Need even more control over your procurement process? We designed our latest features to make p2p faster and more transparent, and here’s how they work…

Our new purchase order features

Last year, we announced the release of our Purchase Orders system, and the response was amazing. Thanks to all the feedback from our awesome clients, we've been working hard to make it even better. Today, we're excited to run you through a handful of new features that expand the functionality of the PO system, including:

1. Add supplier invoicing information directly to your spend management system

Financial controllers can avoid errors and improve purchase order compliance and communication with our new features, including "supplier invoicing instructions". They can add extra information to purchase orders, which will appear as an additional last page, providing additional guidance and detail.

2. Export purchase orders seamlessly

As a finance leader, you need accurate, reliable financial data to make informed decisions that drive company growth. So, exporting purchase orders and running analysis and reports from your corporate spend management system directly is vital.

Let’s say the CFO (maybe you) wants to see a purchase order system report containing all purchase orders raised in the last month. The financial controller (perhaps you) can generate reports over a specific period and share them quickly with the CFO and other stakeholders. This functionality keeps everyone in the loop without requiring individuals to access the spend management system themselves.

Whatever your role in finance, you can save time by exporting purchase orders in bulk, by status, or based on other key specifics. Some fields included in the export are:

• PO Number
• Link to PO (In Payhawk)
• Status
• Approved by
• Approved timestamp
• Supplier name
• And many more

Payhawk customer? You’ll find the ‘download’ button in the top-right corner of your ‘Purchases’ dashboard (so you can download all purchase orders with just one click).

How our purchase order improvements benefit finance professionals

You asked, we listened. Our new purchase order features will help you streamline the procurement process so you can:

• Minimise the risk of errors in invoicing details
• Generate high-level reports to help you understand corporate spending
• Identify bottlenecks and inefficiencies with the process

Paired with our accounts payable solution, you gain increased visibility and control over your business purchases and can easily track real-time and planned spend. Something which is just a dream for disconnected legacy systems.

Top five benefits of efficient purchase order management

Improved accuracy

Automation reduces manual data entry and associated errors, leading to more accurate financial records and reports. This ensures that your financial data is reliable and up-to-date.

Streamlined workflows

P2P software automates and streamlines approval workflows, reducing delays and bottlenecks in the procurement and payment processes, meaning faster processing times and more efficient operations.

Compliance and control

The software enforces compliance with company policies and regulatory requirements, reducing the risk of non-compliance and associated penalties, helping maintain regulatory standards and internal controls.

Faster invoice processing

P2P software automates invoice capture and matching, leading to quicker processing and approval. This approach speeds up the payment cycle and improves cash flow management.

Enhanced visibility

Finance teams gain real-time visibility into spend, invoices, and payment status, facilitating better financial planning and decision-making. This level of insight allows for more strategic management of company resources.

Ready to see our purchase order system in action?

Purchase orders are vital to keeping your business running smoothly. But you can’t stay on top of spending and planning without an efficient process. Our spend management solution clears the way for a smoother, more streamlined process. See it in action, and schedule a personalised demo today.