Purchase Orders (POs)
The PO module enables organizations to better control spending through the approval of purchase requisitions or purchase orders (POs) prior to expenditure. While POs can represent a fundamental shift in how businesses handle procurement, they can lead to significant improvements in spend control and cash flow planning. Your organization likely already has a purchase approval process in place, whether agreement is reached via internal spreadsheets or email exchanges. Purchase orders simply systematize and streamline these interactions. NexusPayables makes it possible to effortlessly integrate this step into your operations.
With POs, your company can first confirm available funds and then update budgets prior to an invoice hitting the general ledger. POs are dynamically routed through the approval process and all approved PO data (GL code, vendor, entity, notes, approval tracking, etc.) is then instantly converted (or “flipped”) into an invoice. This removes the need for duplicate data entry and facilitates straight-through processing into NexusPayables.
POs allow Real Estate organizations to:
- Forecast cash flow and control spend before incurring liability
- Speed PO processing by routing POs for approval via configurable workflows
- Reduce processing time by submitting POs electronically
- Eliminate double data entry with POs that seamlessly convert into invoices and auto-populate data such as vendor, price, quantity, line amount, and items ordered
- Approve invoices and pay suppliers faster with auto-approval based on threshold rules