Purchase requisitions play a key role by obtaining the needed raw materials and supplies in support of the company’s operations. Even smaller companies, with single digit million dollar spend, need a system that provides management, administration, and supervision of the purchasing process.
It must be noted that a solid procurement system also saves the company a lot of time on the ‘front-end,’ as well as on the ‘back-end’ of the company. In Purchasing, streamlining the requisition and purchasing process, saves many hours yet allows the processing of an ‘ever-increasing’ workload with the same resources.
On the back-end, time is also saved as Invoicing and Accounts Payable systems require an exact ‘match’ between purchase order, receipts, and the invoice before they can be paid. And, to get the purchase order correct, you must have a valid purchase requisition.
Finally, as company’s grow their business, their raw material purchases as well as overhead spend can increase significantly both in the number of purchases and the value. A good purchase requisition and purchasing process goes a long way in controlling and streamlining all of these functions.
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