Procurement Software FAQ

Simple. Spending. Software. As above. But, more specifically, penny is a cloud-based Procure-To-Pay system. penny helps you digitize and manage your full procurement cycle from request to approval. Manage RFQs to vendors, compare quotations, send POs and even payment. penny was designed to make things easy and consolidate all of your organization’s spending needs into one intelligent system.

penny allows you to create a catalog of your vendors’ products to give your team an e-commerce like experience when requesting products/services. With catalogs and product listings, you’ll get more accurate ordering and avoid purchasing mistakes.

Yes. With penny, you can create multiple catalogs and assign users to their relevant catalogs.

There are three types of requests in penny;

• Product / Service Request
• Travel Request
• Expense Request

With the product/service request, requesters can browse products from the company catalog, and submit requests in a smooth eCommerce-like experience. The expense request helps users submit receipts for reimbursement. The travel request helps users request for upcoming travel and upon approval communicate with the company travel agency (the travel agency as a vendor). All requests follow the approval workflow of the company.

Yes. If your product search finds no results, you can submit a non-standard request.

Yes, penny is designed to handle complex procurement operations. We make EVERYTHING simple. Via the contract management feature, you can set the terms and conditions of your contract, and the system will recognize the products and the vendors of your request and match it with specified terms of your contract. Easy.

penny allows you to tailor the approval workflow per your organization’s org chart, or project needs. When creating a requisition, it will follow the internal company approval workflow before it becomes a Purchase Order and goes externally to the supplier.

penny allows you to customize roles and privileges per your organization’s needs.

Putting you in control of your spending is integral to our mission. penny allows you to create Expense Accounts that match your P&L, and assign budgets to them. For example, you can assign $X for your “Travel Budget” and reflect on the budget before approving a travel request. In addition, penny allows you to set budgets for cost centers like projects, departments, locations, and so much more. With penny, you can extract reports and view your spend per Expense Accounts or cost center.

Two ways. You can assign it to the product when creating a product listing, or you can assign it manually when sending a PO. Note that a PO cannot be initiated unless an Expense Account is assigned.

A workspace is the space in which users operate in. A workspace could be a department, project, location, or whatever environment/group you need to set up. When creating a workspace, you can add users, budget, location, and other relevant information to the workspace.

It all starts by creating your vendor list. You can store your vendor’s info such as name, address, contact, email..etc. When submitting an RFQ, PO, or Payment, the vendors will receive the request via email. You can also store contracts and payment terms.

penny helps you manage your contracts with vendors. With every order, the system recognizes locked prices and payment terms per stored contracts.

No. Your vendors can still receive your order via email. Once a request is approved by you, penny will send an automated email to the vendor with your request details.

Yes. Vendors will be provided with a free penny Vendor Account. The penny Vendor Account will allow them to manage multiple customers and organize their sales data.

Yes, email customization is available for professional and enterprise customers.

To ease the experience to your vendors, penny allows them to take action via email. For instance, an RFQ email will allow vendors to submit a quotation via a link in the email.

The Good Receipt Note (GNR) is how you acknowledge the receipt of a product or service. Once you confirm the GRN for a request, the request will move to the payment stage.

The Payment section consolidates all your due payments into one view. You can close payments by uploading a proof of payment and submitting. You can also pull reports and view payment history.

No. penny is a tool that helps you manage your relationship and work with vendors. The payment is to be submitted outside of penny. On the other hand, the acknowledgment and proof of payment can be submitted and registered via penny. An order is not marked as complete in penny until the payment is marked complete.

Yes. You can pull advance reports and analysis on your purchases and customize them to be per vendor, per team, per project..etc.