Purchasing software helps companies automate and record the steps in the purchasing cycle. It allows users to better manage the purchasing process and automatically links purchasing functions with accounting functions. By doing this, it promotes better financial awareness and purchasing records, as well as provides cost and time savings. This software is mainly implemented by buyers and accounting teams. Purchasing software is closely related to procure to pay software, but it’s important to distinguish between the two. Procure to pay software includes a wider range of functions than purchasing software, which cover the entire procurement lifecycle.
Purchasing software integrates with ERP systems, accounting software, and inventory control software.
To qualify for inclusion in the Purchasing category, a product must:
Provide features to create electronic quotes and orders for purchasing
Allow for purchase order approval using predefined criteria such as order amount
Record purchase invoices and map with quotes and purchase orders
Provide confirmation for the receipt of goods and track discrepancies
Deliver portals for suppliers to access orders and submit invoices
Manage supplier and vendor information as well as their performance
