Question 1

What is Source to pay?

Accepted Answer

Source to pay is the end to end process of sourcing, purchasing, matching and paying vendors for goods and services provided to a business. When a business has needs that cannot be fulfilled internally, vendors offer solutions at better prices and terms. This entire vendor management process can be automated with the help of solutions like RazorpayX Source to Pay

Question 2

What is accounts payable?

Accepted Answer

Accounts payable is the money owed by a company to its vendors for goods and services purchased on credit. It is considered a current liability, and must be paid on time to avoid penalties or deterioration of vendor relationships. Managing accounts payable is part of the larger source to pay process.

Question 3

What is procure to pay?

Accepted Answer

Procure to pay begins with procuring goods and services needed for daily operations and ends with paying vendors for those goods and services. It is a simplistic version of the larger, more complex source to pay process, which includes strategic sourcing and supplier relationship management.

Question 4

What is accounts payables automation (AP automation)?

Accepted Answer

The process of managing accounts payables can be automated, reducing the risk of errors, delays and making the entire process much more efficient. AP automation can improve visibility over the entire process and free up staff to focus on more strategic tasks.

Question 5

How does AP automation work?

Accepted Answer

AP automation works by automating manual tasks like invoice capture with OCR technology, approval routing, payment processing and automatically reconciling bank statements and books of accounts. Any AP-related task that was previously done manually can be automated and made more efficient.

Question 6

How to automate 3 way matching?

Accepted Answer

3 way matching is an important part of the accounts payable process, where businesses match the GRN, PO and Invoice. This process can be automated to reduce risk of errors and delays – once the documents are uploaded by the vendors and business to a centralized portal, automation can instantly read, match and verify information.

Question 7

What is the procure to pay process?

Accepted Answer

Procure to pay (P2P) is the end to end cycle of acquiring goods and services from external vendors. It encompasses all steps from identifying a need, to making payments, cost control and supplier management.

Question 8

Why is procure to pay (P2P) important?

Accepted Answer

The P2P process plays a crucial role in optimizing organizational spending, streamlining operations and enhancing business-vendor relationships. Automating this process reduces errors, promotes transparency and ensures prompt compliance with regulatory requirements.

Question 9

How does procure to pay software work?

Accepted Answer

Procure to pay (P2P) software works by streamlining and automating the procurement cycle, from requisitioning and purchasing to invoice processing and payment. It eliminates the need for manual data entry, reduces human error and provides visibility into spending patterns and payment statuses.

Question 10

What are procure to pay solutions?

Accepted Answer

P2P solutions encompass cloud-based software, platforms, and tools designed to automate and manage the procurement process. They provide a centralized platform for managing requisitions, invoices, payments, and supplier relationships.

Question 11

What are the steps in the procure to pay process?

Accepted Answer

The P2P process typically involves:

Identify and requisition: Define the need for goods or services and create a purchase requisition.
Purchase order creation: Issue a purchase order (PO) to the selected supplier.
Goods receipt and inspection: Receive and inspect the goods to ensure they meet specifications.
Invoice receipt and matching: Receive and match the supplier's invoice to the PO.
Invoice approval and payment: Approve the invoice and make payment to the supplier.
Automatically sync transaction data with your ERP and reconcile books with ease.

Question 12

What are the benefits of P2P solutions?

Accepted Answer

P2P automation and solutions reduce costs and improve efficiency by streamlining operations and eliminating the need for human data entry.

Maximum Financial Control With a Fully Integrated
Source to Pay Solution

Simplified Procure to Pay Suite Powering
1000+ Companies

Built for Financial Resilience

Meticulous Spend Management

Advanced Accounts Payables

Effortless Vendor Management

Streamlined Procurement

Automatic Input Tax Credit Checker

Real-time Accounting Integrations

All-In-One Finances Built for Scale

Instant payouts, anytime, anywhere

Bulk Payouts that are 10X smarter

Easy integrations with accounting softwares you use

Add, track, and pay invoices by just forwarding an email

Pay TDS, Advance Tax, GST in 30 seconds

Automated payroll, tax filings, and benefits. In one place

Get paid seamlessly with Razorpay Suite

Say Good-Bye to a Scattered Process and Welcome an Integrated Solution

Cash flow is king, and RazorpayX is the guard of that king

Pawan Demla

We now receive all invoices directly on the dashboard

Chetan Mahajan

Frequently Asked Questions

What is Source to pay?

What is accounts payable?

What is procure to pay?

What is accounts payables automation (AP automation)?

How does AP automation work?

How to automate 3 way matching?

What is the procure to pay process?

Why is procure to pay (P2P) important?

How does procure to pay software work?

What are procure to pay solutions?

What are the steps in the procure to pay process?

What are the benefits of P2P solutions?

Maximum Financial Control With a Fully Integrated.css-tiez0w{font-size:inherit;color:#8682FF;}Source to Pay Solution

Simplified Procure to Pay Suite Powering 1000+ Companies

Built for Financial Resilience

Meticulous Spend Management

Advanced Accounts Payables

Effortless Vendor Management

Streamlined Procurement

Automatic Input Tax Credit Checker

Real-time Accounting Integrations

All-In-One Finances Built for Scale

Instant payouts, anytime, anywhere

Bulk Payouts that are 10X smarter

Easy integrations with accounting softwares you use

Add, track, and pay invoices by just forwarding an email

Pay TDS, Advance Tax, GST in 30 seconds

Automated payroll, tax filings, and benefits. In one place

Get paid seamlessly with Razorpay Suite

Say Good-Bye to a Scattered Process and Welcome an Integrated Solution

Cash flow is king, and RazorpayX is the guard of that king

Pawan Demla

We now receive all invoices directly on the dashboard

Chetan Mahajan

Frequently Asked Questions

What is Source to pay?

What is accounts payable?

What is procure to pay?

What is accounts payables automation (AP automation)?

How does AP automation work?

How to automate 3 way matching?

What is the procure to pay process?

Why is procure to pay (P2P) important?

How does procure to pay software work?

What are procure to pay solutions?

What are the steps in the procure to pay process?

What are the benefits of P2P solutions?

Maximum Financial Control With a Fully Integrated
Source to Pay Solution

Simplified Procure to Pay Suite Powering
1000+ Companies