Sopela Business Market – Get Expert Advice on Email Advertising

Main Menu

  • Advertising
  • Business
  • Corporate
  • Entrepreneurs
  • Industry
  • Marketing
  • Media

logo

Sopela Business Market – Get Expert Advice on Email Advertising

  • Advertising
  • Business
  • Corporate
  • Entrepreneurs
  • Industry
  • Marketing
  • Media
Business
Home›Business›What is source to pay and what can it mean for your organisation 

What is source to pay and what can it mean for your organisation 

By Flavio Otis
October 19, 2022
288
0
Share:

A source to pay process, you’ve probably heard of it before. But do you know exactly what it entails and what it can mean for your organisation? In this blog, we will explain exactly what this is, what it can mean for your organisation and the difference between source to pay and procure to pay. 

What is source to pay? 

Source to pay services help organisations set up the procurement process more efficiently. Source to pay refers to the process from sourcing to payment. This involves synergy between the procurement and finance departments. In fact, it often happens that these departments work independently of each other. The work done in the finance departments affects the procurement department and vice versa the same. It is therefore important that these departments do work together. Through source to pay, you no longer approach the departments as two separate departments, but as 1.  

What are the benefits of source to pay? 

Through source to pay, you ensure that the procurement and finance departments work better together, we know that by now. But there are of course other benefits of source to pay. We have listed a number of benefits. These mainly involve digitising the source to pay process. 

  •     This digitisation means less paper and manual work 
  •     Always visibility of the organisation’s performance and expenditure 
  •     Communication with suppliers will improve 
  •     Supplier performance can be prepared and then monitored 
  •     There is more overview and strengthening of supplier relations 
  •     Purchasing conditions can be improved 
  •     The supplier base can be reduced by up to 80% 

How to start with source to pay? 

You can start with source to pay based on 4 points of focus.  

  •     First map the current processes. Make a good inventory of everything.  
  •     What goal do you want to achieve? And what is needed to achieve this goal? 
  •     Take a good look at how to do this step by step. 
  •     Improve. Stay sharp on opportunities, for example. 

What is the difference between source to pay and procure to pay? 

 If you are already somewhat familiar with source to pay, the term procure to pay probably sounds familiar to your ears as well. But what exactly is the difference? Source to pay assumes the end-to-end process, covering all procure to pay phases. Procure to pay limits itself to a few specific phases within the entire source to pay process. Indeed, source to pay provides a 360-degree view of the organisation’s performance and expenditure. With procure to pay, this is limited to analysis on purchased goods.  

Source to pay can therefore mean a lot to your organisation. Processes are designed smarter and then digitised. By taking into account the aforementioned focal points, the process will therefore run smoothly.  

Previous Article

How to Find Top PR Firms According ...

Next Article

What Businesses Should Know to Maximize ROI ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • Business

    What Is The Role Of Diffractive Optical Elements In Different Industries?

    April 5, 2021
    By Flavio Otis
  • Business

    Storage Rack In Singapore Considerations For Buyers

    December 8, 2020
    By Flavio Otis
  • Business

    Fundamental Analysis in Stock Trading: Understanding Financial Statements and Ratios

    March 13, 2023
    By Flavio Otis
  • Business

    The Many Benefits of Capital Market Digitalization

    March 13, 2022
    By Flavio Otis
  • Business

    What Are the Benefits of SAP Services?

    April 7, 2021
    By Flavio Otis
  • Business

    Aws Sapphire Tips For Business

    June 14, 2021
    By Flavio Otis

  • Business

    What Are the Benefits of SAP Services?

  • Business

    Sustainability Reporting Software for New Managers

  • Business

    Best Practices for Maximizing the Health of Transplanted Trees

  • Recent

  • Popular

  • Comments

  • Modern Era Ways Business Deals Are Done

    By Flavio Otis
    September 21, 2023
  • Conversational Marketing in B2B: Driving Lead Generation and Nurturing with Dialogue

    By Flavio Otis
    September 15, 2023
  • From Setbacks to Solutions: Aaron Kull’s Tech Evolution

    By Flavio Otis
    August 29, 2023
  • Why is SIP an attractive investment for Millennials and Gen Z Investors?

    By Flavio Otis
    August 26, 2023
  • Diving into the dynamics of stock trading: essential concepts and terminology

    By Flavio Otis
    August 9, 2023
  • Modern Era Ways Business Deals Are Done

    By Flavio Otis
    September 21, 2023
  • 5 Affordable Marketing Tactics That Actually Work With Smaller sized Budgets

    By Flavio Otis
    October 16, 2019
  • Marketing for Professionals

    By Flavio Otis
    October 16, 2019
  • What Drives Entrepreneurs to produce Something From Nothing?

    By Flavio Otis
    October 20, 2019
  • The advantages of Learning What Effective Entrepreneurs Do

    By Flavio Otis
    October 21, 2019

Recent Posts

  • Modern Era Ways Business Deals Are Done
  • Conversational Marketing in B2B: Driving Lead Generation and Nurturing with Dialogue
  • From Setbacks to Solutions: Aaron Kull’s Tech Evolution
  • Why is SIP an attractive investment for Millennials and Gen Z Investors?
  • Diving into the dynamics of stock trading: essential concepts and terminology
  • Flavio Maluf: A Visionary Leader Driving Innovation and Sustainable Growth
  • What Makes An Executive Consultant Succeed? Kevin Modany of Bluerock Partners Defines Key Traits.
  • Best practices for targeting specific customer segments with plastic postcards
  • 5 Key Things to Look at When Choosing an Accountant

2023

  • – September (2)
    • Modern Era Ways Business Deals Are Done
    • Conversational Marketing in B2B: Driving Lead Generation and Nurturing with Dialogue
  • + August (3)
  • + July (1)
  • + June (4)
  • + April (1)
  • + March (9)
  • + February (3)
  • + January (3)

2022

  • + December (7)
  • + November (3)
  • + October (2)
  • + September (1)
  • + August (3)
  • + July (6)
  • + May (3)
  • + March (4)
  • + February (6)
  • + January (3)

2021

  • + December (2)
  • + November (1)
  • + October (5)
  • + September (6)
  • + August (10)
  • + July (6)
  • + June (15)
  • + May (8)
  • + April (6)
  • + March (3)
  • + February (3)

2020

  • + December (8)
  • + November (10)
  • + October (3)
  • + September (3)
  • + August (3)
  • + July (4)
  • + June (1)
  • + May (2)
  • + April (3)
  • + March (2)
  • + February (2)
  • + January (5)

2019

  • + December (6)
  • + November (10)
  • + October (5)

Tags

Birmingham Accountants Birmingham Tax Accountants car insurance car insurance policy car policy
  • Mail us
© 2023 Sopela Business Market- All Rights Reserved.