P2P (Procure to Pay)

Procure to Pay (P2P) is a business process that covers all steps involved in obtaining goods or services from suppliers, from identifying needs to making payment. It starts with recognizing what is needed, selecting and ordering from suppliers, receiving and inspecting the items or services, and finally processing the payment. P2P streamlines these activities to ensure efficiency, transparency, and accuracy in purchasing, helping organizations manage their expenses and maintain good supplier relationships. Essentially, it's the complete cycle that businesses follow to acquire what they need and settle payments smoothly.