“The future of finance is all about managing across functions, building the right combination of capabilities and establishing a strong data foundation. That’s what will distinguish tomorrow’s winning organizations. Doing just one or two things exceptionally well probably won’t cut it. Nor will working in isolation.”   ~ Deloitte
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Managing the procurement process without a strategic approach can be time-consuming and prone to errors. For instance, manual data entry by in-house teams can result in transposition errors, leading to incorrect orders and payments. Such errors can cause delays and additional expenses.
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A comprehensive procure-to-pay (P2P) software solution can streamline the entire procurement process, from requisitioning to payment. Such automated workflow improves the efficiency of your in-house teams

This blog post describes the top procure-to-pay software solutions to automate the procurement process. 

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What is a procure-to-pay software solution?

A procure-to-pay software streamlines and automates the entire requisition-to-payment process. 

According to Gartner, over 85% of organizations will adopt a cloud-first approach by 2025 and will be unable to fully implement their digital strategies without using cloud-native architectures and technologies.

This trend suggests that software-as-a-service (SaaS) solutions that are built using cloud-native architecture principles will be more adaptable and easy to integrate into an organization’s existing systems and processes. 
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As a result, there will be a growing need for more organized and automated operations to support these applications. 

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Procure-to-pay software includes the following modules to optimize procurement: 
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1. eProcurement allows employees to browse supplier catalogs and initiate purchases.
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2. Supplier management manages vendor relationships, develops sourcing strategies, and analyzes vendor performance.
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3. Contract management defines procurement catalogs, policies, and procedures for procurement.
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4. Invoicing processes vendor invoices, issues and settles vendor payments, and manages vendor debits and chargebacks.
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5. Inventory management plans supply, procures materials and services, and manages inventory to deliver business processes, including receiving and material movements.
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The successful execution of the procure-to-pay strategies that impact cash positions requires a level of cohesion and visibility across the entire procure-to-pay process that is usually best supported by technology solutions. ~Deloitte 
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Best procure-to-pay software solutions to streamline your procurement process 

Procure-to-pay software was initially an extension of traditional enterprise resource planning (ERP) and accounting systems with limited on-premise features. However, new-age providers have adopted the cloud-delivery model for relevant procurement practices. 

We have compiled a list of the top procure-to-pay software solutions available in 2024:
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1. Spendflo
2. Coupa
3. Precoro
4. Procurify
5. Airbase
   

1. Spendflo

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Spendflo is a unified procurement solution for streamlining and optimizing your Intake to procure process with guaranteed savings. It is the only unified that platform offers a suite of tools, including product discovery, contract management, usage insights and visualizations, vendor security trust metrics and customizable approval workflows.
 

As the only unified platform for procurements, Spendflo not only helps companies streamline procurements, but also maximize cost savings by providing business intelligence on vendor spending and ensuring the best price for each purchase.
 

Spendflo’s customizable workflows help reduces manual effort and by streamlining your procurement process specific to your business needs, making it easier for companies to manage their procure-to-pay process.

What makes Spendflo stand out?
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1. Fast-track vendor and security compliance: Accelerates security reviews by bringing all stakeholders under a single platform, enabling seamless collaboration, avoiding unnecessary back and forth, and speeding up the review process.
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2. ‍Managing SaaS contracts in one place: Streamlines contract negotiation, keeps track of approval workflows, and stays on top of renewal dates.
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3. ‍Tracking employee SaaS usage: Tracks all your SaaS tools usage in one place and monitors usage by users and departments.
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4. ‍Understanding employee sentiment: Spendflo’s Sentiment Hub offers periodic surveys to gauge employee sentiment and measure the ROI of SaaS tools. Allows data-backed renewal negotiations and makes the best saving decisions.
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5. ‍Streamlining SaaS approvals: Provides automated approvals and workflows with insight and visualization tools to streamline and simplify SaaS management. Offers Slack integration to streamline this process.
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6. ‍Tracking renewals and shift to mindful procurement: Manages all your renewals with custom notifications and plans for timely upgrades or downgrades ahead of time. Offers assistance from expert negotiators to get the best deals.
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Savings

Up to 30% of your SaaS expenses 
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Pricing: Based on your business needs
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Check out some customer case studies on how Spendflo is helping companies save thousands on their SaaS procurement:
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2. Coupa

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Coupa is a cloud-based procure-to-pay software that enables complete visibility of spend, along with maximum spend under management, to ensure compliance, increase savings and drive impact toward ESG goals.

Some of the key features of Coupa include:

• Invoicing: Streamlines accounts payable and improves cash flow. Also rescues the AP department with efficient, accurate, and timely e-invoicing processing.

• Procurement: Simplifies purchase requisition and order processes and tracks them in real time to get the most pre-approved spend flowing through the procurement system.

• Sourcing: Provides easy-to-use templates and group sourcing programs that free up limited resources. It also unlocks new sourcing opportunities with real-time spend visibility and suggestion alerts.

• Expenses: Offers comprehensive expense management software that drives value beyond basic expense processing. It captures all T&E spend to control costs and reduce spend leakages.

• Contract lifecycle management: Streamlines contracting for increased value and decreased risk. It provides control and efficiency across the entire contract lifecycle and minimizes contract risks.

• Analytics: Provides easy-to-use spend analysis solutions. Enables measuring success against spend management goals and drills directly into transactional details for deeper granularity.

Pricing:

Based on business needs.
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3. Precoro

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Precoro is a cloud-based procure-to-pay software that provides a robust solution for managing the procurement process. It offers a range of features to help companies streamline their procurement process and maximize cost savings. 

Some of the key features of Precoro include:

• Budget management: Simplifies budget management and makes it a straightforward process for project managers

• Real-time tracking: Offers real-time budget and report tracking that improves the accuracy of critical business decisions

• Paperless approval: Reduces paper trail and drives substantial use of resources, reducing workload and saving money

• Three-way matching: Makes it easier for purchase requests to be confirmed, orders sent out, and billing handled effectively. It offers an automated way to achieve a three-way match procurement process with no human intervention.

Pricing:

• $499 per month for smaller teams.

• Individually tailored pricing for larger teams.
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4. Procurify

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Procurify provides software solutions for managing the procurement process. It offers a range of features to help companies streamline their procurement process and maximize cost savings.

Some of the key features of Procurify include:

• Request and approve: Centralize requests, approvals, and real-time budgets to empower your teams to make data-informed spend decisions

• Purchase and receive: Consolidate purchase requisitions, catalogs, purchase orders, and vendor information

• Invoicing and payments: Give your accounts payable team the confidence to pay invoices quickly with centralized communication and documentation around every purchase decision

• Budgets and reporting: Make better informed financial decisions with robust spend reports, real-time data visualizations, and user-friendly budget dashboards

• Mobile app: Request and approve on the go with the Procurify mobile app

• Integrations: Enrich accounting and ERP system data with Procurify's financial integrations

Pricing:

Starts at $2,000 per month

5. Airbase

Airbase is a comprehensive procure-to-pay software designed to streamline procurement and approval processes through a centralized platform. It offers several benefits, including improved accuracy, increased consistency, and reduced operational spend. Here are some of its key features:

• Guided Procurement: Automates the intake process, ensuring compliance, visibility, and control with no-code routing.
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• AP Automation: Simplifies bill payments and synchronizes all transactions directly to your General Ledger (GL), reducing manual tasks and errors.
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• Expense Management: Provides a user-friendly process for managing expenses, enhancing user satisfaction and compliance.
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• Corporate Cards: Offers a versatile card program compatible with various financial institutions, facilitating controlled spending and real-time tracking.
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• Advanced Reporting and Spend Analytics: Delivers real-time reporting and analytics, turning data into actionable insights for better decision-making.
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• Single Sign-On (SSO): Supports SSO integration with industry-standard protocols, ensuring secure and streamlined access for users.
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• Mobile App: Provides a mobile application for both Android and iOS, enabling users to manage procurement processes on the go.
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Pricing: Airbase offers tailored pricing based on company size and requirements.
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Simplify your procurement process with Spendflo’s procure-to-pay software solution
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Spendflo is a robust cloud-based procure-to-pay software that offers numerous benefits to streamline your procurement process. The platform provides business intelligence on vendor spending and ensures the best price for each purchase. 

By adopting Spendflo as your cloud-based procure-to-pay solution, you can improve your procurement team’s efficiency and save up to 30% on your SaaS spend.

To future-proof your operations with an efficient SaaS procurement solution, schedule a demo today.