Procure to pay (P2P)
Procure to Pay (P2P) is the sequence of procurement and financial processes. From the first steps of procuring goods/services to the final steps of paying, P2P that includes:
- paying for and accounting for goods and services.
Procure to pay is a process, not a technology. However, there is software designed to handle the entire procure. They mostly include invoicing, or related processes, such as inventory management and financial accounting. Keep in mind, Procure to pay is often abbreviated as P2P, but is not the same as peer-to-peer networking technology (also a P2P). In reality, most companies create P2P statements on paper.