About Procure to Payable
Procure to Pay often referred as Purchase to Pay or Buy to Pay is set of business processes, which helps organizations purchase goods, services or supplies from vendors manufactures or service providers. Procurement business process supports and help business procure goods or services on contract negotiated rates and effectively accrue goods or services on a timely manner in organization's best interest. After successful procurement, Organizations accrue liability and is liable to pay to vendor or service providers. Establishing a Pay process again helps organizations determine what business is actually liable to pay and avail any discount, credit or negotiated prices after appropriate tax accruals and liabilities. Taxes are monetary charges collected by governments to fund building, maintaining and growth local and federal community infrastructure. These taxes are imposed on individuals and organizations.
The scope of this package is limited to Procurement, Accounts Payable, tax data analytics for organizations only.
Problem Statement: Procurment is always very complex process. Purchasing for Individual or Organizations is always challenging. Procurment process starts with raising Requisitions, which can be seen as a request for ordering supplies or services depending on need.
Again, depending on business or individual requirement, Procurement request is appropriately routed to approval process or mahy be auto-approved for small or regular pruchase to avoid any delays. Procurement process is not only responsible for successful ordering and routing orders to vendor or service providers, Procurement process also is accountible for timely receiving, checking goods or quality control, return to vendor and raise match exceptions if applicable. Match exceptions business process determine what business is liable to pay to vendor on procured items.
After, tax libailities and appropriate contactual discounts are calcualted, Business is liable to pay that amount to vendor.
Payment process further pays all duties, collect or pay tax amounts or discount rebate checks and pay to vendor through appropriate bank accounts and ultimately record paid amount entires to Corporate General Ledger.
Often vendor invoices are inclusive of sales, use, freight and other taxes as applicable on Good & Services offered.
However, due to various laws and tax exemptions available, buyers are overcharged due to lack of a vigilant business process. Larger the organization, bigger the over accrued tax amounts are.
Over the period of time, Organizations bear huge costs to sort, correct and claim these over accrued invoices, taxes and spend tremendous amounts of time money to correct these invoices, which could have been prevented at data ingestion.
This package addresses the above problem statement.
P2P.jl package is used to automate loading, sorting, finding patterns and mis-match on such Vendor invoices, finding pattern in Procurement and manage general Accounts Payable transactions.
Further, TaxAanlytics.jl package can be used as a platform to build live, ad-hoc, analytics, advance visualization and data science operations on Accounts Payable data.
This package helps load data from various source including structured / unstructured data to a unified platform and build an advanced self-service analytic data reporting environment.
ERP diagram
