Effective usage of Purchase Orders plays a very vital role for success of any business. The main purpose of the PO that maintains an accuracy in the items you are purchasing, creating this an asset once the product is delivered besides documentation and meeting regulatory perspective.
A purchase document is re-usable by audit, legal, finance, purchase, reconciliation, stock and inventory management besides the management. At the time of packing, suppliers can efficiently recheck the items and purchasers validates what item was purchased or approved.
A typical PO process is like- a document sent from a buyer to a vendor with a request for a product or service. The Purchase Order contains a list of items or name of services, quantities, and agreed prices. When a supplier accepts PO, it means there is legally binding between buyer and seller (or two parties). Suppose, a supplier had accepted an order, but not delivered – then it can be a legal situation.
In case, the organization has not an automated system and is still working manually, then the organizations will have to face a number of challenges in purchase orders, such as:
-Clarity in manual documentations (internal and external)
– Chances of errors while delivering
– Single step entry- an organization may not like to process the line items to generate an invoice or job completion which can have errors while data entry is being made.
An organization can address to these problem areas by streamline their purchasing via automated software and solutions.
NetSuite is one of the best tools to help you as a solution so you can quickly get it implemented and meet the material handling woos and drive the business growth and sales.
NetSuite System has the ability to produce accurate purchasing orders, track all stock and inventories, sales order, payments and invoices. NetSuite purchasing module is quick to configure and simple to implement in automating.
Organizations can smoothly track supplier’s information like items list, quantity, prices, stock, receipt, MRN entries etc through a single dashboard which helps you generate document with few clicks after the configuration is mapped correctly.
Now automate your inventory management, implement this with third parties who are selling or consuming your products and enjoy the success through NetSuite implementation.
Consult us with your enquiry on automating inventory managmene & purchasing processes in your company to enable one of our representative to help you.
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