What is purchase-to-pay process?

Procure-to-Pay (sometimes referred to as Purchase-to-Pay and often abbreviated to P2P) includes the whole process from point of order to payment, spanning the activities of requisitioning, purchasing, receiving, paying for, and accounting for goods and services. As such, the entire P2P process consists of many individual processes that take place across different parts of the organization and involve many people. This introduces complexity and, at times, confusion. If the P2P process is manual, it takes more time and effort and opens the door to human error. An automated P2P process, however, is designed for efficiency, minimizing potential errors, increasing transparency, and reducing overall costs.