What is penny source to pay software?
The Software for Sourcing,
Purchasing and Vendor Management
A Software for Sourcing, Purchasing and Vendor Management
Who Can Use penny Source to Pay Procurement Software?
Medium and large enterprises benefit from penny's s2p and p2p software to automate sourcing, purchasing, and vendor management.
Medium & large organisations
in procurement spend
How Does penny S2P and P2P Software Work?
penny’s source to pay and procure to pay management software simplifies and optimizes B2B supplier management, strategic sourcing, and contract lifecycle management.
1. Supplier Management
Our purchase approval software for vendors allows you to source, onboard, evaluate, and manage suppliers.
2. Cloud Based Inventory Management
Maintain optimal stock levels, find the best quality raw materials, and manage accounts payable with automated inventory management.
Integrate Payment and ERP Solutions
With our software, you can leverage payment and ERP integrations and easily process payments, track expenses, and manage resources.
Comprehensive Analytics and Reporting
Our purchase approval software for vendors allows you to source, onboard, evaluate, and manage suppliers.
Unified Platform for All Your Spends.
Necessary features for
easy, efficient &
seamless sourcing
Purchase Requisition (PR)
- Upload bulk items by drag and drop
- Prioritise your purchase request
- Generate request report
- Add items manually
- Add items from public catalog
Approval Workflow
- Customisable workflow
- Add remarks to your approval & rejection
- Return and close request configuration
- Different workflows for different workspaces
- Add multiple levels of approvers
Sourcing (RFQ, RFP, RFI)
- Send rfx to multiple vendors in a click
- Automatically gather organise, compare and analyse quotation/proposals
- Find the best offer in value-basket
- Get saving summary
- Assign review committee
Purchase Order (PO)
- Send PO in vendor currency
- Add your terms and conditions
- Create contract from approved offers
- Order from your contract
- Add an expense account for budgets
Good Received Note (GRN)
- Create multiple GRNs
- Control the receiving quantity
- Close the GRN anytime and generate bills
- See timeline of all your GRNs track deliveries
Bills
- Create Pro-forma bills
- Upload / attach invoices
- Print bills with and without approval
- Combine multiple GRNs in one bill
- Set your bill preferences
Payments
- Record your payment transactions
- Combine multiple bills and make one payment
- Accounts payable automation
- See all your payments in timeline
Catalog Management
- Customise catalogs as per your needs
- Associate users to the catalogs
- Create categories and sub-categories
- Bulk import and export items
Vendor & Contract Management
- Bulk upload vendors in one click
- Create vendor registration form
- Invite vendors
Workspaces
- Create multiple workspaces
- Define your approval workflow
- Specify the budget for the workspace
ERP Integration
- Integrate your ERP system with Penny software
- Keep your current ERP or accounting system
- Maintain the work process with no interruption
Enterprise Customisation
- Achieve the company requirements
- Customise procurement system for your organization needs
- Tailor software to your needs
Why Use penny?
Companies in various industries rely on penny software to minimise expenses, optimise performance, mitigate risks, and bolster vendor partnerships.
penny's source to pay solution fully digitalises the S2P and P2P workflows for all expenditures and suppliers, equipping teams to drive superior value for your organisation.
Need more clarity
on penny source to pay software features?
We help you unlock
better Sourcing and Spend Management
Frequently Asked Questions
Does source to pay and procure to pay software offer spending visibility and analysis?
Yes, S2P and P2P provide comprehensive direct and indirect spend analysis, allowing businesses to gain deep insights into their spending habits. This visibility ensures that companies can identify cost-saving opportunities and optimize their procurement strategies.
How does S2P and P2P software automate procurement?
What is the difference between S2P and P2P?
S2P (Source to Pay) encompasses the entire procurement process, from sourcing suppliers to paying invoices. P2P (Procure to Pay), on the other hand, focuses on the latter part of the process, specifically from ordering goods to the payment of invoices and invoice processing. While P2P is a subset of S2P, S2P offers a more comprehensive view of the supply chain.
How is source to pay different from order to cash?
Procure to pay and source to pay processes help with tasks from sourcing suppliers to making payments, while order to cash revolves around the processes in receiving and fulfilling customer orders. The s2p software is designed for vendors and procurement, whereas order to cash is more customer-centric.
What are the benefits of s2p and p2p software?
Both s2p and p2p solutions offer numerous benefits, including streamlined procurement processes, enhanced supplier relationships, improved spend analysis, and cost savings. By using the platform, businesses can ensure better compliance with procurement regulations and standards.
Is source to pay platform compliant with procurement regulations and standards?
Yes, reputable source to pay procurement software is designed to be compliant with various procurement regulations and standards. This ensures that businesses can maintain transparency, adhere to best practices, and avoid potential legal pitfalls.
How does source to pay help suppliers?
Source to pay tool for vendors offers tools that make collaboration with businesses more efficient. Suppliers can easily onboard, manage contracts, receive timely payments through automated accounts payable systems, and gain insights into their performance, leading to improved supplier relationships.
What is the implementation timeline for source to pay software?
The implementation timeline for s2p software varies based on the complexity of the business’s procurement processes and the specific software solution chosen. However, with the right support and training, most businesses can expect to have their source to pay platform up and running within a few months.
Is penny source to pay tool good for large procurement teams?
Absolutely! penny’s p2p SaaS tool is designed to cater to both small and large procurement teams that are working to improve their source to pay process. Its comprehensive features and scalable architecture ensure that large teams can achieve process efficiency, align with business objectives, and manage complex procurement tasks seamlessly.
Is penny source to pay tool good for managing spend portfolios?
Indeed, penny’s source to pay applications are excellent for managing spend portfolios. With advanced spend management and invoice management tools, businesses can gain a clear overview of their expenditures, ensuring they stay within budget and achieve cost savings.
Is penny source to pay tool good for optimizing supply chain processes?
Yes, penny’s tool offers robust features for supplier risk management. By centralizing contract management and providing insights into supplier performance, businesses can proactively identify and mitigate potential risks, ensuring stable and reliable supplier relationships.
How to integrate penny source to pay software?
Integrating penny’s source to pay software for vendors typically involves a few steps, starting with understanding your current procurement processes. Once that’s established, you can configure penny’s tool to align with your needs, integrate it with existing systems, and then train your team on its functionalities. The software’s user-friendly interface and support resources make the integration process smooth.
How much does penny’s S2P tool cost?
The cost of penny’s S2P tool varies based on the specific features, the size of the procurement team, and other tailored requirements. It’s best to reach out to penny’s sales team for a detailed quote tailored to your business needs.
How do you signup for penny’s S2P software?
Signing up for penny’s S2P software is straightforward. Simply visit penny’s official website, navigate to the signup or contact page, and provide the necessary details. A representative from penny will then guide you through the next steps, ensuring you get the most out of their solution.
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