Frequently Asked Questions
A Purchase Order Approval System is a digital solution that streamlines an organization’s approval process for purchase orders. It automates the workflow, allowing stakeholders to review and approve purchase orders seamlessly and efficiently.
A Requisition Management System is a software solution designed to manage and streamline creating, submitting, and tracking requisitions within an organization. It helps automate and simplify the procurement process, ensuring better control and efficiency.
A purchase order (PO) is a legally binding document a buyer uses to communicate specific details for a purchase transaction with a supplier. It includes the purchase order number, buyer and supplier details, goods or services description, quantity, price, delivery date and location, payment terms, and terms and conditions. The supplier acknowledges and accepts the terms outlined in the purchase order, creating a contractual agreement. The purchase order is a reference for invoicing, delivery tracking, and reconciling the goods or services received.
A requisition is a formal request or order made by an individual or department within an organization to acquire goods, services, or resources needed for business operations. It is an internal document that initiates the procurement process, outlining the specific details of the requested item or service, such as quantity, description, estimated cost, and any other relevant information. It typically undergoes an approval workflow before being converted into a purchase order or actioned to obtain the requested goods or services.
