Buyer's Guide for Top Purchasing Software

Found our list of Purchasing Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!

Buyers Guide Content

  1. What is Purchasing Software?
  2. Types of Purchasing Department Software
  3. Steps to Buy the Right Purchase Order Software
  4. Factors to Consider When Buying Purchasing Order Software
  5. Key Features of Purchasing Software
  6. Benefits of Purchasing Software
  7. Who are The Potential Users of Purchase System Software?
  8. Software for Purchase order Management -Trends to Consider

What is Purchasing Software?

The purchasing software is an automated business solution, helping organizations with the procurement process. Purchase order software is critical for comparing and finalizing suppliers within your budget, comparing their products, and finally procuring goods and services.

Purchase order software provides many useful features to create digital purchase orders, manage invoices and acknowledgment receipts. Purchase order management software further helps with invoice reconciliation for suppliers, and contracts management.

Types of Purchasing Department Software

  • P2P Suites 

Procure-to-pay suites have been designed to look after a business' procurement activities and other activities like contract management, strategic sourcing, inventory, and supplier management. P2P suites often support cloud-based deployment.

  • ERP Suites

ERP suites comprise procurement modules along with the features for production planning and control. These tools aren't much user friendly as they have limited features and lack contextual dashboards.

  • Work-stream tools or stand-alone appa

This type of purchase requisition software can be deployed as dedicated purchase order apps for catering to a specific function like PO approvals or vendor management. Work-stream-based purchasing system software depends on approval workflows and a dedicated app interface.

Steps to Buy the Right Purchase Order Software

Once your management has agreed to invest in PO software, your procurement team needs to follow these steps.

  • Step 1: Identify the need for purchase order management software
  • Step 2: Involve the teams which are likely to use purchasing order software
  • Step 3: Set aside the budget for purchasing software
  • Step 4: Research about different PO software vendors
  • Step 5: Shortlist a few purchasing software vendors based on their offerings and support service
  • Step 6: Get purchase management system demo
  • Step 7: make the final selection and make the purchase.

Factors to Consider When Buying Purchasing Order Software

Integration with accounting software: Online purchase order systems must integrate with accounting solutions so that you can exercise better cost controls, save time, reduce error, and manage expenses. 

1. Flexibility: Purchasing software for small businesses and large enterprises should be flexible enough to handle the increasing number of purchase orders and multiple suppliers.

2. Logic-based computation engine: Check for a rule-based or logic-based computation engine in PO software that helps with three-way matching and automating the payload routing process. This ensures that the right data is sent to the stakeholder.

3. Three-way matching: Purchase order management software with three-way matching capabilities is necessary. It helps improve the speed and efficiency of PO processing by conveniently matching a PO with receipts and goods.

4. Policy compliance: Best purchase order management systems make it easy for you to execute all PO functions in line with an organization's spending policies.

5. Purchasing requirements of your business: Most businesses need purchasing software that supports functions related to purchasing, supply, and inventory management. Also, PO software with features for spend management and budgeting will be useful.

Key Features of Purchasing Software

  • Invoice processing: Purchase management software helps with creating, executing and processing invoice receipts for suppliers.
  • Requisition management: Purchase requisition software makes it easy to manage, track and authorize purchase requests.
  • Purchase order management: PO management software is ideal for preparing purchase orders and sharing them with vendors.
  • Contract compliance: PO system software helps track the company's purchases to ensure that the suppliers' payments comply with the existing contract.
  • Sourcing Management: Purchase to pay software makes it easy to choose the right vendor for sourcing products after negotiating the best deal.
  • Supplier management: A purchase order management system can be deployed for managing suppliers, maintaining conversation histories, and tracking all purchases.
  • E-catalogues: Purchase order management software lets you to create and customize product catalogues and manage their pricing.
  • Data warehousing: Purchasing software aggregates all purchase-related data for spend analysis and reporting purposes.
  • Strategic sourcing: Purchasing system software helps with strategic sourcing based on cost analysis and vendor comparison and agreement.
  • ERP Integration: Most popular purchasing software can be integrated with ERP solutions to manage production planning along with procurement.
  • E-Invoicing: It helps create, store and share invoices in an electronic format to ensure faster payment with higher security.
  • Expense management: With a rule-based approach, purchase order software ensures compliance with the expense-related policies of your organization.  

Benefits of Purchasing Software

  • Efficient expenditure control: Purchase to pay software helps manage the spend on different goods purchased in adherence to compliance policies and budget.
  • Paperless processing: PO management software ensures that there is little to no dependency on paper for purchase orders and invoices, thereby helping businesses save costs.
  • Integrated reporting for better visibility: Purchase order software offers a dashboard with comprehensive reporting features for spending and expenditure analysis.
  • Simplified purchasing workflows: Purchase-to-pay software is necessary to simplify the purchasing process with the help of a streamlined approval workflow.
  • Helps manage day-to-day transactions: You can have better visibility of your daily transactions along with purchase order generated, orders processed and payments made.
  • Automatically create recurring POs: Recurring purchase orders can be created automatically to fasten the purchase process.
  • Helps identify the best deal: You can track the purchase history for any product to identify the best deal. Accordingly, you can negotiate with the vendor.

Who are The Potential Users of Purchase System Software?

Those involved in direct or indirect procurement need a dedicated purchase order system for small or large businesses for vendor management, inventory management, etc. For indirect procurement, businesses often need PO software that supports diverse types of purchasing.

Departmental buyers can also use purchase order management software to procure their task-related tools. Also, those who are involved in specific job roles like creating price quotes and performing job costing can use a procurement order management system.

Software for Purchase order Management -Trends to Consider

  • Business intelligence and machine learning algorithms: Purchase order management systems rely on business intelligence and machine learning algorithms for organizing all unstructured data related to suppliers, contracts, spends and costs. The software is also powered by chatbot technology for handling transactions and tracking payment against invoices.
  • Microservices architecture: Microservices architecture is helping businesses deploy the kind of microservice most suitable for their business instead of choosing all-purpose P2P suites. It also supports the integration with all major software solutions.
  • Adoption of RPA: RPA or robotic process automation is increasingly being adopted as it helps simplify various purchase-to-pay processes. It results in higher accuracy, cost savings, and compliant purchase processes.
  • Advanced analytics: Many top PO software solutions come with inbuilt advanced analytic capabilities for turning data into actionable insights. This supports unified data across departments and streamlines the daily end-to-end purchase processes.

Author: Kalpana Arya

Purchase Order Software

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Zoho Books

By Zoho by Target Integration

4.0 (4 reviews)

Starting Price

₹1,061/Month

Inclusive of all taxes

Zoho Books is an excellent GST accounting software for your office necessities. It helps supervise finances for small... Read More About Zoho Books

Primaseller Inventory Software

By Primaseller

4.5 (3 reviews)

Starting Price

₹6,525

Inclusive of all taxes

Primaseller is an order and inventory management software, which helps eCommerce businesses simplify their multichannel... Read More About Primaseller Inventory Software

Sellbrite

By Sellbrite

Price On Request

Sellbrite is a cloud-based inventory management tool for enterprises, which enables them to list their products on some... Read More About Sellbrite

Xero Accounting

By Xero

Price On Request

Xero is an online accounting software platform suitable for all your small business needs. This platform helps users wo... Read More About Xero Accounting

FAQs About Purchasing Software

Some of the best purchasing software for small businesses, which help in creating and managing PO are:  Odoo Purchase  PurchaseExpress  Tradeshift Pay  Emburse Certify Expense  SAP Ariba  Unleashed  Finale Inventory   Spendwise

Purchasing software helps with invoicing, contract reconciliation, expense management and vendor management. These can be integrated conveniently with the existing accounting and ERP solutions for budgeting, cost analysis, purchase order generation, invoice clearance and bank reconciliation.

In Gateway of Tally, go to Order Voucher Creation by clicking ctrl+F2, and then F4 in Inventory Vouchers. Select Yes for enabling Purchase Order Processing. Click ctrl+A to accept.

Pipefy

By Pipefy

4.4 (4 reviews)

Starting Price

₹743/month

Inclusive of all taxes

Pipefy is a cloud-based business process management solution platform that empowers managers to build and execute any ty... Read More About Pipefy

Eyvo eProcurement Solutions

By Eyvo

4.2 (2 reviews)

Starting Price

₹3,263

Inclusive of all taxes

Eyvo cloud procurement software is a procurement management software that provides you with complete mobile support so t... Read More About Eyvo eProcurement Solutions

e-Procurement suite

By C1 India

4.5 (1 reviews)

Price On Request

e-Procurement suite is one of the best eprocurement software that includes Tender Management, e-Auction, Vendor Manageme... Read More About e-Procurement suite

Epicor ERP

By Epicor Software

Price On Request

Compete manufacturing erp software, thrive, and grow in a connected world. Epicor ERP helps manufacturers harness data a... Read More About Epicor ERP

Ecomdash

By Ecomdash

Price On Request

Ecomdashis a complete Order Management Software designed to serve Startups, SMBs, SMEs and Agencies. This Order Manageme... Read More About Ecomdash

Orderhive

By Orderhive

Price On Request

Orderhiveis a complete Order Management Software designed to serve Startups, SMBs, SMEs and Agencies. This Order Managem... Read More About Orderhive

Procurify

By PROCURIFY

Price On Request

Procurify provides a set of features for business users to increase productivity and perform core functions accurately.... Read More About Procurify

Stitch Labs

By Stitch

Price On Request

Stitch Labsis a complete Inventory Management Software designed to serve Startups, SMBs, SMEs and Agencies. This Invento... Read More About Stitch Labs

Skubana

By Skubana

Price On Request

Skubanais a complete ERP Software designed to serve Startups, SMBs, SMEs and Agencies. This ERP Software for has a simpl... Read More About Skubana

Deltek Costpoint

By DELTEK

Price On Request

Deltek Costpoint is a complete Purchasing Software designed to serve Startups, SMBs, SMEs and Agencies. This Purchasing... Read More About Deltek Costpoint

Unleashed Software

By Unleashed

Price On Request

Unleashed Softwareis a complete Supply Chain Management Software designed to serve Startups, SMBs, SMEs and Agencies. Th... Read More About Unleashed Software

Kashflow

By Kashflow

Price On Request

Kashflowis a complete Purchasing Software designed to serve Startups, SMBs, SMEs and Agencies. This Purchasing Software... Read More About Kashflow

Dolibarr ERP

By Dolibarr

Price On Request

Dolibarr ERP is a complete Purchasing Software designed to serve Startups, SMBs, SMEs and Agencies. This Purchasing Soft... Read More About Dolibarr ERP

Last Updated on : 17 Aug, 2022

What is Purchasing Management Software?

Purchase order management software is ideal for handling operations related to procurement and spend analysis. The software helps in managing and executing purchase orders, handling the relationship with suppliers, contracts and agreements, budgeting and price negotiations.

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