Purchase requisition and purchase order are simply interdepartmental forms which serve the purpose of handling the accounting and finances better. They bring in transparency along with setting of a defined process flow.

Let’s have a quick look about where these forms are placed with respect to the process flow:

Understanding The Basics Purchase Requisition and Purchase Order 

As seen in the above figure that once the purchase order is received it goes through approval process and based on the approval the purchase requisition is converted into purchase order.

Procurement management process involves purchase requisition and purchase order. Now that we know how PR and PO are important in the workflow, let’s understand few basic terms :

1. What is a purchase requisition?

In simple terms, purchase requisition is an internal document used by an employee to purchase goods or services on behalf of their firm. It is the formal intimation to let the purchase department know to start the purchasing process. It also serves as a ready reckoner to the finance department to co ordinate and verify basis this document.  

2. Who sends the purchase requisition?

It is first filled out by an employee who sees the need for that product or service.

3. What are the details in purchase requisition form?

An employee fills details like item name, description of goods, quantity, price, suggested vendor, etc

Here’s an example of a purchase requisition form:

4. Who receives the purchase requisition?

Once PR is raised, it is received either by department head or the purchase department.

5. What comes first: the PR or PO?

Purchase requisition comes first, a purchase order is issued by the buyer who makes sure they got exactly what they had ordered.

Now let’s quickly understand more about a PO:

1. What is a purchase order?

It is a document issued by a business purchasing department while placing an order with its supplier or vendor. It is a legally binding document which contains information such as price and agreed terms with the vendor or seller. If digitalized, it also provides excellent tracking function for any organization.

2. Who sends PO and what are the details contained in it?

A PO is issued by the purchase department and it contains details like purchase order date, product level, ship location, select vendor, bill location name, send mail to vendor, etc.

Here’s an example of a PO form:

3.Who receives the PO?

PO is received by the seller who then decides whether to fulfill the order or not. If he decides to fulfill the order, the purchaser sends payments at agreed price or at a later date as mentioned in the PO.

4. Who makes the payment against purchase order?

The purchaser makes the payment against the PO. Once the vendor delivers order along with an invoice, the purchasers finance department compares their invoice to the PO and makes sure that these two documents match with each other.

5. How can the process of  purchase requisition or purchase order be automated?

With TYASuite the entire process of purchase order management can be automated and these documents can be prepared in a jiffy.

With TYASuite supercharge your purchase workflows & streamline your purchase approvals from days to hours.

Procurement as an important function for small businesses

Procurement, which is the act of buying of goods or services by a company has grown into a full-fledge activity of tracking and selecting the right tools in order to be profitable.

Procurement software for small business has successfully redefined the entire P2Pprocess, right from procurement to payment to the vendors.

TYASuite is the best procurement software for small business as it enables you to make a timely, safe, and accurate purchasing decision, all of which is vital for the growth of your small business.

Point to consider before buying procurement software for small business

According to Apps Runs The World, the procurement application market is expected to reach $5.45 billion by 2025.

As large business houses realize the importance of procurement software, the small businesses too, do not want to be left behind. They too want to grab a share in the pie! 

Choosing the right procurement software for small business from hoards of software companies is surely an uphill task. In this blog TYASuite will make things simpler for you and guide you through the process of choosing the best P2Psoftware.

Is procurement software built for my industry? Which procurement software is best for my business?

Retail, manufacturing, transportation, logistics and Healthcare are few examples of industries which use procurement software.

TYASuite has served both small and large companies across various domains for best procure to pay solutions. Our procure to pay (P2P) solution is flexible enough to suit across all the industry types. 

Below are few features to consider before buying the best procure to pay (P2P) solution for your small business

1. Vendor management and buying efficiency.
2. Multi-layer approval process based on cost centers.
3. Provide transparency to suppliers.
4. Enable accurate purchase decisions based on past patterns.
5. Inbuilt billing and invoicing.
6. Cash management with audit trail.
7. Budgeting and forecasting to make informed business decisions.
8.  Easy alerts and notifications.
9. Highly customized and flexible.
10.  Removes the need for manual processing as it automates the entire function in one platform.

TYASuite procurement software for small business solving the issues of small businesses

Here are the few challenges which small businesses face today and how TYA Suite procurement software for small business solves them:

Challenge#1: Payment to vendors eats too much of our accounting time, each vendor has to be properly paid since there can be duplication too.

Solution: With our procurement software, small firms can make payments simultaneously to small vendors without the risk of duplication. Small businesses can also automate intimations to vendors for payments through procure to pay solutions.

Challenge#2:TDS deductions are always there to stay, with GST for few of our vendors things are complex and there is no room for error

Solution: Procure to pay solution automates the TDS deductions at an item level. There are other features like automatic GST calculation, adding pre-paid invoices, automatic debit note raising and built in approvals.

Challenge#3:Though we keep a track of the cash flow I want to get all relevant information in a single click.

Solution: At TYASuite we very well know that unless any business keeps a track of their income and expenses intact, things might go out of control. With procurement software for small business it becomes easy to manage the cash flow. Small businesses can get this information at a single click.  Great user interface (UI) and flexibility in the software makes it a cake walk and arrive at profitable business decisions.

Challenge#4:What about my legacy system? What will be the downtime for implementation?

Solution: It is rightly said that: It is not the strongest or the most intelligent who will survive, but those who can best manage change…. 

TYASuite being the best Procurement software for small business, instantly connects with your legacy systems. In fact this is one of our core feature of Procure to Pay (P2P) solution. The easy integration will save your time and resources too.

Challenge#5:Since our suppliers and vendors are our lifeline, how does TYASuite help manage them?

Solution: At TYASuite we very well know that vendors are an integral part of your business, our procure to pay software include features which will onboard every vendor seamlessly, manage vendor pricing, automate debit and credit notes as well as map vendors to their respective cost centers. TYASuite is the best procurement software for small business.

Challenge#6:I usually do micro management and rely heavily on the reports. What are the reports I can pull up using TYASuite (P2P) solution?

Solution: Our customized in-depth report will give you meaningful insights into the businesses in order to make timely decisions. At the click of mouse you can generate accurate reports in various formats, giving you enough insights to make intelligent, data-backed decisions.

Conclusion: TYASuite cloud-based software has been instrumental for many start up as well as small businesses. Our main USP lies in the fact that small businesses need to manage vendor relations as well as save money, both of these are offered in our cloud solution which makes us the number one choice for procurement software for small business.

Our clients adore us for the value for money we bring to mid-size organizations too. With user-friendly interface, cost reduction and 24*7 support TYASuite plug and play procurement software is one of the best procure to pay solutions in the market.  

Procurement as an important function for small businesses

Procurement, which is the act of buying of goods or services by a company has grown into a full-fledge activity of tracking and selecting the right tools in order to be profitable.

Procurement software for small business has successfully redefined the entire P2Pprocess, right from procurement to payment to the vendors.

TYASuite is the best procurement software for small business as it enables you to make a timely, safe, and accurate purchasing decision, all of which is vital for the growth of your small business.

Point to consider before buying procurement software for small business

According to Apps Runs The World, the procurement application market is expected to reach $5.45 billion by 2025.

As large business houses realize the importance of procurement software, the small businesses too, do not want to be left behind. They too want to grab a share in the pie! 

Choosing the right procurement software for small business from hoards of software companies is surely an uphill task. In this blog TYASuite will make things simpler for you and guide you through the process of choosing the best P2Psoftware.

Is procurement software built for my industry? Which procurement software is best for my business?

Retail, manufacturing, transportation, logistics and Healthcare are few examples of industries which use procurement software.

TYASuite has served both small and large companies across various domains for best procure to pay solutions. Our procure to pay (P2P) solution is flexible enough to suit across all the industry types. 

Below are few features to consider before buying the best procure to pay (P2P) solution for your small business

1. Vendor management and buying efficiency.
2. Multi-layer approval process based on cost centers.
3. Provide transparency to suppliers.
4. Enable accurate purchase decisions based on past patterns.
5. Inbuilt billing and invoicing.
6. Cash management with audit trail.
7. Budgeting and forecasting to make informed business decisions.
8.  Easy alerts and notifications.
9. Highly customized and flexible.
10.  Removes the need for manual processing as it automates the entire function in one platform.

TYASuite procurement software for small business solving the issues of small businesses

Here are the few challenges which small businesses face today and how TYA Suite procurement software for small business solves them:

Challenge#1: Payment to vendors eats too much of our accounting time, each vendor has to be properly paid since there can be duplication too.

Solution: With our procurement software, small firms can make payments simultaneously to small vendors without the risk of duplication. Small businesses can also automate intimations to vendors for payments through procure to pay solutions.

Challenge#2:TDS deductions are always there to stay, with GST for few of our vendors things are complex and there is no room for error

Solution: Procure to pay solution automates the TDS deductions at an item level. There are other features like automatic GST calculation, adding pre-paid invoices, automatic debit note raising and built in approvals.

Challenge#3:Though we keep a track of the cash flow I want to get all relevant information in a single click.

Solution: At TYASuite we very well know that unless any business keeps a track of their income and expenses intact, things might go out of control. With procurement software for small business it becomes easy to manage the cash flow. Small businesses can get this information at a single click.  Great user interface (UI) and flexibility in the software makes it a cake walk and arrive at profitable business decisions.

Challenge#4:What about my legacy system? What will be the downtime for implementation?

Solution: It is rightly said that: It is not the strongest or the most intelligent who will survive, but those who can best manage change…. 

TYASuite being the best Procurement software for small business, instantly connects with your legacy systems. In fact this is one of our core feature of Procure to Pay (P2P) solution. The easy integration will save your time and resources too.

Challenge#5:Since our suppliers and vendors are our lifeline, how does TYASuite help manage them?

Solution: At TYASuite we very well know that vendors are an integral part of your business, our procure to pay software include features which will onboard every vendor seamlessly, manage vendor pricing, automate debit and credit notes as well as map vendors to their respective cost centers. TYASuite is the best procurement software for small business.

Challenge#6:I usually do micro management and rely heavily on the reports. What are the reports I can pull up using TYASuite (P2P) solution?

Solution: Our customized in-depth report will give you meaningful insights into the businesses in order to make timely decisions. At the click of mouse you can generate accurate reports in various formats, giving you enough insights to make intelligent, data-backed decisions.

Conclusion: TYASuite cloud-based software has been instrumental for many start up as well as small businesses. Our main USP lies in the fact that small businesses need to manage vendor relations as well as save money, both of these are offered in our cloud solution which makes us the number one choice for procurement software for small business.

Our clients adore us for the value for money we bring to mid-size organizations too. With user-friendly interface, cost reduction and 24*7 support TYASuite plug and play procurement software is one of the best procure to pay solutions in the market.  

Procurement as an important function for small businesses

Procurement, which is the act of buying of goods or services by a company has grown into a full-fledge activity of tracking and selecting the right tools in order to be profitable.

Procurement software for small business has successfully redefined the entire P2Pprocess, right from procurement to payment to the vendors.

TYASuite is the best procurement software for small business as it enables you to make a timely, safe, and accurate purchasing decision, all of which is vital for the growth of your small business.

Point to consider before buying procurement software for small business

According to Apps Runs The World, the procurement application market is expected to reach $5.45 billion by 2025.

As large business houses realize the importance of procurement software, the small businesses too, do not want to be left behind. They too want to grab a share in the pie! 

Choosing the right procurement software for small business from hoards of software companies is surely an uphill task. In this blog TYASuite will make things simpler for you and guide you through the process of choosing the best P2Psoftware.

Is procurement software built for my industry? Which procurement software is best for my business?

Retail, manufacturing, transportation, logistics and Healthcare are few examples of industries which use procurement software.

TYASuite has served both small and large companies across various domains for best procure to pay solutions. Our procure to pay (P2P) solution is flexible enough to suit across all the industry types. 

Below are few features to consider before buying the best procure to pay (P2P) solution for your small business

1. Vendor management and buying efficiency.
2. Multi-layer approval process based on cost centers.
3. Provide transparency to suppliers.
4. Enable accurate purchase decisions based on past patterns.
5. Inbuilt billing and invoicing.
6. Cash management with audit trail.
7. Budgeting and forecasting to make informed business decisions.
8.  Easy alerts and notifications.
9. Highly customized and flexible.
10.  Removes the need for manual processing as it automates the entire function in one platform.

TYASuite procurement software for small business solving the issues of small businesses

Here are the few challenges which small businesses face today and how TYA Suite procurement software for small business solves them:

Challenge#1: Payment to vendors eats too much of our accounting time, each vendor has to be properly paid since there can be duplication too.

Solution: With our procurement software, small firms can make payments simultaneously to small vendors without the risk of duplication. Small businesses can also automate intimations to vendors for payments through procure to pay solutions.

Challenge#2:TDS deductions are always there to stay, with GST for few of our vendors things are complex and there is no room for error

Solution: Procure to pay solution automates the TDS deductions at an item level. There are other features like automatic GST calculation, adding pre-paid invoices, automatic debit note raising and built in approvals.

Challenge#3:Though we keep a track of the cash flow I want to get all relevant information in a single click.

Solution: At TYASuite we very well know that unless any business keeps a track of their income and expenses intact, things might go out of control. With procurement software for small business it becomes easy to manage the cash flow. Small businesses can get this information at a single click.  Great user interface (UI) and flexibility in the software makes it a cake walk and arrive at profitable business decisions.

Challenge#4:What about my legacy system? What will be the downtime for implementation?

Solution: It is rightly said that: It is not the strongest or the most intelligent who will survive, but those who can best manage change…. 

TYASuite being the best Procurement software for small business, instantly connects with your legacy systems. In fact this is one of our core feature of Procure to Pay (P2P) solution. The easy integration will save your time and resources too.

Challenge#5:Since our suppliers and vendors are our lifeline, how does TYASuite help manage them?

Solution: At TYASuite we very well know that vendors are an integral part of your business, our procure to pay software include features which will onboard every vendor seamlessly, manage vendor pricing, automate debit and credit notes as well as map vendors to their respective cost centers. TYASuite is the best procurement software for small business.

Challenge#6:I usually do micro management and rely heavily on the reports. What are the reports I can pull up using TYASuite (P2P) solution?

Solution: Our customized in-depth report will give you meaningful insights into the businesses in order to make timely decisions. At the click of mouse you can generate accurate reports in various formats, giving you enough insights to make intelligent, data-backed decisions.

Conclusion: TYASuite cloud-based software has been instrumental for many start up as well as small businesses. Our main USP lies in the fact that small businesses need to manage vendor relations as well as save money, both of these are offered in our cloud solution which makes us the number one choice for procurement software for small business.

Our clients adore us for the value for money we bring to mid-size organizations too. With user-friendly interface, cost reduction and 24*7 support TYASuite plug and play procurement software is one of the best procure to pay solutions in the market.  

In today’s era where construction is going digital, ERP for construction helps in technology and streamlines the operations. Modern technologies have been developed to address industry challenges and issues like project management, health, and safety. Construction companies can now see their financial statements, assets, timelines, and workforce. An ERP solution enables rapid change adaptation and provides access across the entire business. It allows for more precise and meaningful decisions.

ERP for Construction focuses on providing technology solutions that improve industrial, commercial construction, engineering, and field service industry efficiency and effectiveness. Contracting firms must rely on cutting-edge business solutions that can streamline complicated construction processes to compete in today's global market, where administrative burdens are mounting and innovation is a top priority. Use the Best ERP system in construction to lower costs, improve productivity, and meet projects deadlines.

How does ERP help in construction?

We have mentioned some points how ERP for construction industry and infrastructure helps in growth of the organization: 

1. Payroll for construction workers
2. To-do lists and time management
3. Smart budgeting and planning based on predictive capability
4. Analyses of financial data
5. Management of subcontractors and contractors
6. Designed to be simple to use by people of all technological backgrounds
7. CRM and prospecting
8. Experimental procedure recognizing and billing income

What is the advantage of construction ERP software?

Below are the key advantages for evaluating the best ERP for construction industry: 

#1. Optimum Planning
Mismanagement of a construction company's resources can result in project delays and even leads to the company's downfall.
ERP Software can help you optimize resource allocation, raw materials, labor, architectural design, and schedules. It can also help control costs and budget allocations. As a result, wastage and contractual troubles with clients are kept to a minimum.

#2. Simplifying Project Management
Project management across multiple worksites has always been difficult in construction. Construction managers can easily track various activities using an ERP system. It can track employees' time spent on each task using real-time data projects, and assign tasks to the right people.

#3. Estimating Costs and Revenues
Clients have varying priorities. The best bid is selected depending on the design, the company's public image, and, most importantly, the estimated costs. ERP for the construction industry can accurately estimate raw materials, designs, labor, and project duration. The construction ERP software helps determine each project's revenue and loss. So they can better manage future projects' time and costs.

#4. Boosting ROI
Contractors do occasionally want to improve their ROI. Return on investment can be measured in terms of money, but it can also be measured in terms of other benefits, and ERP software can help boost ROI.

#5. Enhancing Decision-Making
The ability to see the big picture before making decisions is a big benefit of centralization. The ERP software helps personnel extract data from various sources, and it can also identify criteria that need to be adjusted before granting a request.

#6. Health and Safety Management
ERP system in construction industry helps in the well-being and safety of your employees is the top priority. The ERP software tracks, investigate, and analyze all types of incidents, people, equipment, inspections, etc. Depending on your ERP software, you can photograph every incident and upload it to the device.

#7. Reporting
Reporting is critical to making good business decisions. A reporting system provides easy access to all business information, and real-time operational reporting enables you to make data-driven business decisions. The ERP system must be implemented in any construction company in building projects that require effective operational, management, and accounting tools.

Best ERP for Construction Company in India

We have mentioned the list of Best ERP for construction companies in India. Along with the criteria on how to evaluate Which software is best for construction?

#1. TYASuite
TYASuite is a cloud-based ERP software that is curated by keeping in minds the need of construction industry. TYASuite ERP software is suitable for small and medium-sized businesses (SMEs) as well as large corporations and it had more than 4000+ Plug & Play features allowing the user to enable or disable them via admin panel as per the business requirements streamlining every process

#2. Construction Edition of Acumatica's Cloud ERP
Acumatica helps the team on board with the newest project findings, contracts, budgets, plans, specific requirements, change orders, invoices, purchase orders, and job costs.
You can access reports, reporting tools, and data analytics from your phone, tablet, or PC anywhere with this safe SaaS solution.

#3. Microsoft Dynamics SL
Microsoft Dynamics SL is designed for project-based businesses and has long been a favorite of contractors. However, Microsoft has redesigned this product to give construction firms more flexibility in deployment and integration.

Conclusion 

Overall, there are a number of options available when it comes to Construction ERP Software. However, in this blog we were able to highlight how ERP software can help in the construction industry. If you’re looking for cloud ERP software for your construction business then TYASuite is the most affordable option available in the market. TYASuite is a prominent ERP system provider for a wide range of industries, including construction. It helps in increasing project efficiency by real-time integration of project modules. Residential and commercial building projects alike can benefit from their ERP software. There are project reports, budgets, plans, and specifications as well as change orders and invoices, purchase orders available in the system at all times. Get a free demo today and check for yourself!

As a key participant in the supply chain, vendors are one of the most important stakeholders in the procurement process. Successful companies focus a lot on their vendor management process and get benefited from it in the market and are always one step ahead of any risks they could encounter. This blog will help you understand the importance of the vendor management lifecycle including tips and tricks for effective vendor management.

What Is Vendor Management Process? 

The vendor management process refers to the strategic approach that enables organizations to keep valuable vendor relationships under their control and hence improve resilience and drive success. It includes selecting the right vendors as well as negotiating their terms of service and monitoring their performance to reduce risks and costs.

What Is The Role Of Vendor Management? 

In addition to choosing the correct vendors for your business, vendor management is about forming strategic partnerships that will benefit both parties. By managing vendors effectively, companies can control costs, minimize risks, provide outstanding service to customers, and generate maximum profits from the relationship.

The Vendor Management Process Workflow

If you think of a step-by-step formula for your vendor management process it would definitely look like the points discussed below.

1. Finding vendors

This step involves finding qualified vendors that have the skills or capability to meet your needs. You need to develop profiles for the goods or services provided by these vendors along with the prices they charge.

2. Selecting the right vendors for your business

Once you’ve found potential vendors, it’s time to select one that best meets your needs and for the best prices. You may wish to request that they submit a contract proposal in order to be considered for your business.

3. Negotiating price and terms

This is where the service conditions and terms are negotiated as per the business needs and preferences that both can agree upon. For instance, the quality standards, delivery instructions, and prices are negotiated in order to create a mutually beneficial agreement.

 
4. Monitoring vendor performance

Here starts the more strategic approach to the vendor management lifecycle. Keeping up with your vendor’s performance ensures you are aware of any changes that may affect your company’s cash flow or reputation (e.g., late shipments, defective products).

5. Controlling expense

Ultimately your business shall move on with the extent you have decided for costs. By effective vendor management, you can ensure the expenses are monitored closely and controlled whenever required.

Why is Vendor Performance Management important? 

When you spend so much time and effort on-boarding the right vendors and look forward to doing business with them, you should constantly monitor their value. Vendor performance management entails having the right KPIs (Key Performance Indicators) and regular reporting so you are aware of the value your vendors are providing. 

How To Measure Vendor Performance?

In order to track the vendor performance of your business, you need clear strategies and smart vendor management systems. Systems like these help you segment vendors according to your priorities, track and monitor their performance according to KPIs, and report the results in the way the department desires.

5 Reasons why you need a Vendor Management Software 

It's 2022 and it becomes paramount for businesses to have more productive strategies. Thank god, we are equipped head-to-toe with technology for everything we do. Vendor management systems can truly change the way a company does business and is of immense value when it comes to Vendor Performance Management. Such a system can align with your strategies and provide a fail-safe mechanism to vendor risk management as well. 

Here are 5 reasons, Vendor Management System is a primary need to your business

1. To simplify the invoicing process
One of the challenges facing any company is getting paid on time by its vendors. This can be especially difficult if your vendors are located worldwide, or if you are buying goods from multiple countries. The problem is compounded when you factor in language barriers, currency exchange rates, and cultural differences. Vendor management software simplifies this process by allowing you to automate invoice processing.
 
2. To manage risk
Vendor performance management software allows you to develop a comprehensive risk management system. The system allows you to monitor and evaluate the performance of suppliers at any time. This gives you better insights into the risks your business faces with regard to the quality of products and services provided by your suppliers.
 
3. To improve visibility
A vendor management system provides visibility into the performance of vendors by giving managers access to real-time supplier data in one single place. This allows for informed decision-making about suppliers, ensuring that you are always working with the best ones for your business needs.
 
4. To streamline internal processes
Vendor management systems help streamline communication between internal teams and external vendors. Such systems make it easier for companies to collaborate with their supplier community because they have easy access to relevant information on the system.

5. To improve communication
With the help of a vendor management system, it is easy to communicate with vendors. There is no need to send emails or write letters. You can simply start communicating with your vendors directly from the system. They can also communicate with you directly through their own accounts. This makes communication very easy and fast.

The Bottom line 

One of the biggest advantages of vendor management software is that it gives you an insight into data related to all aspects of your business relationships with vendors. A good Vendor Management Software can help you better manage your cash flow and save you both time and money! Moreover, it can be a game-changer for your business as it can help automate any of the tedious and time-consuming portions of the vendor management process.