Business processes, especially those in procurement, can be highly complex and often fail to be transparent. This can lead to a failure to manage invoices, purchase orders and costs which leads to jobs either not being done or not being properly tracked. In addition, if purchase orders cannot effectively be tracked against departmental budgets and spending, it becomes hard to accurately forecast cash flow, leading to higher costs and lower profits.
Multiple signatures from various authorised individuals are required to generate and authorise just one purchase order successfully. This takes time – and it’s often difficult to keep track of the purchase order while in process. Lack of oversight and visibility can affect company cash flow. If you, and your finance team can’t see exactly what is currently being spent, or correctly forecast future spend, it’s only a matter of time before your business finances come under pressure. The right purchase order software simplifies the day-to-day challenges of managing budgets across various departments, and keeps your company finances in check.
There are, however, ways in which you can improve both the management and tracking of purchase orders, their progress and costs. Purchase order software helps to improve the efficiency and simplicity of your work orders by storing them in one place online with real-time viewability and tracking, which can help you to better predict costs and income, leading to more accurate cash flow forecasts.
Compleat’s eCompleatOrder solution, for instance, enables accounts payable and finance teams to have full visibility and control over corporate spend by capturing committed and planned costs across the business as they take place, therefore, tracking purchase orders. Budget holders, as well, benefits from real-time visibility into their budget availability and improve supplier relationships.
The other advantages are that you can view real-time analytics of both financial success and purchase order progress to get clear indications of efficiency. This can help to improve your time efficiency and as a result the number of orders that can be completed in a day. In addition, you can create realistic and high achieving targets for staff with incentives to help improve these results whilst also improving customer satisfaction.
Overall, failure to implement clear and transparent purchase order processes can lead to many issues, including lower customer satisfaction and growth, inefficient financial management, higher costs with fewer jobs being completed, and a diminished reputation. Therefore, it is key to consider if your work order process is effectively implemented and efficient or if you should look into changing how you manage this key aspect of your business.
To find out more about Purchase order software click here or contact our team today by emailing firstname.lastname@example.org