DTAS09E22 - How to Streamline Your Business' Procurement-to-Payment Process | A Complete Guide for Entrepreneurs

Digital Transformation Academy Podcast

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21d ago 9:23

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Understanding the Procurement-to-Payment Process is essential for businesses of all sizes. In this video, we’ll break down the complete step-by-step process of procurement for businesses in the Philippines — from purchase requests to payment. Whether you’re in retail, services, or manufacturing, mastering the P2P process can save time, reduce costs, and keep your operations running smoothly.

We’ll discuss:

• Timing in Procurement: How to time orders effectively, especially during peak seasons or when stock is low.
• Department Requests vs. Stock Monitoring: How to handle procurement based on department needs or through admin monitoring using inventory software.
• Goods vs. Services: Learn the difference in procurement processes between products and services, including the required documents and ideal roles for each.
• Documents You’ll Need: From purchase requests to invoices and payment vouchers, we’ll cover all the essential documentation for the procurement-to-payment process.

If you’re a business owner, entrepreneur, or interested in finance and operations in the Philippines, this video is a must-watch! Don’t forget to check out our previous topic on setting up your chart of accounts to manage finances effectively.

Next Topic: Stay tuned as we dive into accounting documentation, journal entries, and updating your books for the P2P process.

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