Even if you know what you are doing the source-to-pay process can be extremely daunting. From the beginning in the planning stages, through finding and securing the appropriate sources that will be of value to your company, to the very end when all of the bills are paid and the invoices are satisfied. Every step of the way is filled with details that can make or break the whole process. If you want a simple way to do it, you have to be prepared to roll your sleeves up and get some help. Here is how to simplify and get the most out of your s2p process.

First Step: Plan it Out

Before you move forward with anything the best thing you can do is to map the entire process out and make a plan. Take a look at each step in the process and unpack what needs to be done in order to get the most out of each one. The basic steps for the process are:

• Planning
• Establishing sources
• Finalizing contracts
• Buying items
• Paying for items

Each company will have its own unique needs and stipulations for every step. During the first planning phase, it is best to look at how each of these steps will be accomplished in a way that will be most beneficial for the company.

Second Step: Establishing Sources

This next step is the one that will count the most. During this phase of the process is when you will discover the best sources that are available for you to deal with. If you use s2p software that can be available to you if you hire a consultant, you will be able to compare multiple sources side by side to see which ones would be the best for your needs and the most probable to save you money and put money back into your pockets.

Third Step: Finalizing Contracts

Each and every business will have different needs and unique resources to meet those needs. Contracts with the sources are put into place so that when it comes time to purchase the items listed in the contracts for specific prices, the prices are granted at the time of checkout. Getting deals and price cuts on quantities are great, but making sure they are documented and agreed to is crucial.

Third Step: Buying Items

This is the part where the contracts come into play. At the time of ordering the items either through a catalog or online platform, in the time of ordering the prices may not meet the conditions of the contract. This is where whoever is dealing with the ordering of products or services has to pay attention and be diligent. Some consulting companies have a type of software in play that simplifies this whole process and keeps everybody in line with the agreements and fulfills the orders without flaw.

Final Step: Payment for Items

The very last step in the source-to-pay process is the final payment phase. It is in this step that all of the bills are paid and all of the invoices are satisfied in full. In many cases software that is specially created to process payments and keep track of all money transactions is implemented and put to use. When all of the transactions are finalized, and everybody is paid, the procurement process is done, and ready for the next round.

Simplify The Process

When it is all said and done, the best way to simplify the source-to-pay process is to hire a consultant to come in and show you the best way to get the most out of all of your transactions. You could actually put more money back into your pocket by finding the places where the business’s money is being needlessly spent. Talented, smart s2p consultants are the best way to go. Make it really simple, and ask for help.