Purchase-to-pay

Purchase-to-pay, often abbreviated to P2P and also called Procure-to-Pay and req to check/cheque, refers to the business processes that cover activities of requesting (requisitioning), purchasing, receiving, paying for and accounting for goods and services.

Most organisations have a formal process and specialist staff to control this activity so that spending is not wasteful or fraudulent.

[1] Since the dot com bubble more businesses have moved to automated systems in an effort to deliver significant savings in the face of increased procurement costs.

This business-related article is a stub.

You can help Wikipedia by expanding it.