
Unlock cash flow: Master the Days Inventory Outstanding (DIO) formula
Learn what Days Inventory Outstanding (DIO) is and how to calculate it. Discover strategies to improve DIO and optimize inventory management
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We had outgrown QuickBooks and wanted a robust system that could automatically process contracts as purchase orders are received, bill customers, accept payments, post to the general ledger, do revenue recognition, and produce financial reports. After evaluating Oracle NetSuite as well, we found that Sage Intacct’s user interface was superior, along with being more affordable. We were pleased with the software’s Salesforce integration, quick implementation, and helpful training offerings.
Purchase order (PO) software helps businesses automate and manage the process of creating, sending, and tracking purchase orders. A purchase order is a document that is sent by a buyer to a supplier, specifying the goods or services that are being ordered, the quantity, the price, and other relevant details.
A digital purchase order system streamlines this process by displaying preset templates with fields that can be autofilled, making it faster, more efficient, and more accurate. It also checks for discrepancies between the original order and the invoice sent after approval.
By creating and sending purchase orders electronically, PO software eliminates the need for cumbersome and error-prone paper-based systems. It also allows real-time tracking of orders, which can help businesses manage inventory levels and confirm order status.
Many purchase ordering systems include features such as automated approval workflows, supplier management, reporting and analytics. These features can help businesses streamline the procurement process and improve management of their supply chain.
Purchase order software deals with the procurement process from requisition to payment, automatically routing approval requests to the relevant parties. It generates purchase orders and tracks them against deliveries and invoices, ensuring compliance with organizational policies. The software interacts with accounts payable to pay for the purchased goods or services. And you can generate financial reports related to procurement expenses.
The ideal digital purchase order system is easy to use and customizable, so that companies can tap into the benefits of fast and error-free purchase order processing.
The simplest solution is to purchase as part of your accounting and ERP solution so that it's already integrated to your accounting and inventory management. You may also need easy integration to vendor portals. Look for a solution with prebuilt integrations or open APIs.
The best systems provide prebuilt reports as well as easy-to-create ad-hoc reporting, a centralized, electronic document repository, customizable workflows and electronic approvals.
Ensure the solution complies with relevant regulatory requirements and standards for your industry. If your business is growing, ensure you select a scalable solution.
Learn what Days Inventory Outstanding (DIO) is and how to calculate it. Discover strategies to improve DIO and optimize inventory management
Learn about order management, the process of tracking, managing, and fulfilling customer orders to streamline operations and boost customer satisfaction.
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