What is the process of procuring good or services?

Question

festus limo · Accepted Answer

Procurement deals with the sourcing activities, negotiation and strategic selection of goods and services that are usually of importance to an organization. Purchasing is the process of how goods and services are ordered. Purchasing can usually be described as the transactional function of procurement for goods or services.

festus limo · Answer

The process of purchasing these good and services is known as the Procure-To-Pay Cycle. The entire Procure-To-Pay Cycle can be an involved process with numerous steps:
•	Identification of Requirement
•	Authorization of Purchase Request
•	Approval of Purchase Request
•	Procurement
•	Identification of Suppliers
•	Inquiries Receipt of the Quotation
•	Negotiation
•	Selection of the Vendor
•	Purchase Order Acknowledgement
•	Advance Shipment Notice
•	Goods Receipt
•	Invoice Recording
•	3 Way Match
•	Payment to Supplier

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