PURCHASING ASSISTANT™
 

Purchasing Assistant™ manages Procurement cycles from a product's requisition to verification and payment of a vendor's invoice. It is a Cloud based system that allows financial management to observe all spend activity on a real time basis and accurately establish effective budget control. It manages Procurement cycles from a product's requisition to verification and payment of a vendor's invoice. It is a Cloud based system that allows financial management to observe all spend activity on a real time basis and accurately establish effective budget control.

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Requisitions are created by choosing items displayed on a pre-approved Core Items list, accessing hosted vendor catalogs, or identified by 'punching out' to online vendor web sites for selection and requesting.

  • Requested items are either approved / modified / revised, or denied
    by Purchasing staff and submitted to vendors as Purchase Orders.
                             

Purchase Orders are created when requisitions are converted into qualified Purchase Orders and sent to vendors by cXML or e-mail, depending upon each vendor's ordering protocol.

  • All transaction data is recorded in the system's History file,
    showing cost center and General Ledger expense allocation.


Product Receipt
When delivered, products are marked 'received' at the Cost Center.

  • Products can be marked as complete orders, or edited for partial
    delivery. Items can be identified for return, credit, or shown on
    back order. 

                             

Invoice Management The accuracy of vendor invoices is price verified on a per item basis that can be viewed and posted directly to Accounts Payable systems.

  • Transaction data can be downloaded to spreadsheets including
    the buyer's Purchase Order, the vendor's packing slip, invoice data,
    products ordered, products received, items returned for credit,
    or items that are on back order.
                           

Budget Management Cost Center budgets can be set and monitored on a G/L
basis by vendor, item, or quantity
.

  • Expenditures can be viewed with year to date detail showing the
    availability of remaining funds.


Financial Reports
All transaction data can be viewed online, or downloaded
to spreadsheets.
Transaction History is archived for 7 year rolling time periods.

  • Custom reports can be created and sent to designated financial
    management personnel, or sent directly to the Accounts Payable
    department for reconciliation
     

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                           CLOSE



         

                
     Studies by the Aberdeen Group (Boston MA),
     and the Department of Labor indicate that
     approximately 1.5 hours’ worth of time on task
     expense
(approximately $60.00), is required to
     process an individual Purchase Order.

    
As the majority of tasks involved during the
     processing of a complete procurement cycle
     are both manual and repetitive, by automating
     these steps, approximately 58% in labor and
     overhead expense can be eliminated.

                   

        

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