Top 9 Procure-to-Pay Software for Enterprises

‎Introduction

In this blog post, we will dive into a discussion between two individuals about the future of financial services and the opportunities and challenges in the SME (Small and Medium-sized Enterprises) segment. The speakers discuss the impact of technology on businesses, the need for innovation in business payments, and the changing landscape of entrepreneurship. Let's explore the key themes discussed in this conversation.

The Impact of Technology on Businesses

The conversation begins by highlighting the significant focus on consumer-centric technology companies in recent years. Companies like Uber and Instacart have revolutionized the way individuals access services and products. However, the speakers note that there has been a lack of focus on technology solutions for businesses. This is starting to change, with a surge in B2B marketplaces and business planning tools emerging.

The Evolution of the SME Segment

The speakers acknowledge that the SME segment has traditionally been overlooked due to various obstacles and challenges. However, they discuss how the COVID-19 pandemic has accelerated the need for digital transformation in businesses. They mention that 56% of SMEs have pivoted or shifted their business models towards digital channels. This shift has opened up new opportunities for technology companies to cater to the evolving needs of SMEs.

Pain Points in Business Payments

One of the pain points discussed is the inefficiency and frustration associated with business payments. The speakers highlight the challenges faced by businesses when making and receiving payments. They mention the difficulties of distributing petty cash to employees, the reliance on personal cards for business expenses, and the cumbersome process of entering vendor details in banking portals. These challenges result in cash leakages, accounting nightmares, and inefficiencies.

The Opportunity for Innovation in Business Payments

The speakers emphasize the need for innovation in business payments. They discuss the potential for technology solutions to address the pain points faced by businesses. By streamlining payment processes, reducing fraud, and improving efficiency, businesses can save time and money. The speakers believe that there is a significant opportunity to disrupt the traditional business payments landscape and provide better solutions for businesses of all sizes.

The Changing Landscape of Entrepreneurship

The conversation concludes with a discussion on the changing landscape of entrepreneurship. The speakers predict that businesses will continue to shrink in size as more functions become automated. However, they also anticipate the emergence of a new breed of entrepreneurs who will serve multiple businesses through their own ventures. This shift towards self-employment and the gig economy is expected to create new opportunities and challenges for both entrepreneurs and businesses.

Conclusion

In conclusion, the discussion highlights the need for technology solutions in the SME segment and the opportunities for innovation in business payments. The speakers emphasize the importance of addressing the pain points faced by businesses and predict a future where entrepreneurship takes on a new form. As the business landscape continues to evolve, it is crucial for businesses and entrepreneurs to adapt and leverage technology to stay competitive. If you're interested in learning more about the future of financial services and how technology can transform your business payments, we invite you to explore the solutions offered by Holly Wally, the world's first wallet-as-a-service platform. Visit Holly Wally's website to find out how they can help you build your mobile wallets, increase revenue, and reduce time to market. Remember, the future is full of opportunities, and embracing innovation is the key to success in the ever-changing business landscape.

Corporate cards are a great way to manage your spending, control expenses, eliminate petty cash, and, most importantly - give your employees the freedom to focus on their work without any blockages.
But for everything to work smoothly and for everyone to know how to use your corporate cards, you must establish some ground rules.

What is a Corporate Credit Card Policy?

A corporate credit card policy entails the protocols and terms and conditions of use associated with a company credit card issued in an employee's name. A company credit card policy protects businesses and companies from unauthorized payments and inappropriate use by outlining the repercussions and consequences of such actions.

Why Do You Need a Corporate Credit Card Policy?

In the same way, companies have a travel and expense policy; they have a corporate card policy. A company credit card policy is set in place to ensure all company cards are used for authorized and permitted business purchases.

In a corporate credit card policy, the guidelines, responsibilities of the cardholder, dos and don'ts, and repercussions of misuse are outlined. This ensures that all business finances are regulated.

While it is important to have a corporate credit card policy, Pluto takes the extra step to ensure all transactions and purchases are pre-approved, regulated, and permitted by:

• Creating Pluto cards that can only be used with specific vendors
• Setting daily, weekly, or monthly limits on cards
• Having an approval workflow to make sure the necessary departments are approving all transactions

Which Employees are Eligible for a Corporate Credit Card?

It is essential to note which job roles are eligible for a company credit card to protect your business against accusations of favoritism or discrimination.

A company can decide whether all employees, c-suites, or department heads are eligible for corporate credit cards.

Typically, companies only give executives, VP levels, C-suite, and salespeople access to company credit cards. However, there are situations where employees who are not eligible for a company credit card may have to pay for business-related expenses, such as plane tickets. In this case, the employee would ask their manager to pay for such an expense with the corporate credit card, or they will have to pay using their personal credit card or cash and file a reimbursement, which will be reimbursed with the next paycheck.

 With Pluto's expense management platform, a company does not have to worry about corporate credit card eligibility or the hassle of employees filing reimbursements.

Using Pluto's platform, the business will have access to unlimited corporate cards, meaning any employee can be issued corporate cards with spend limits, approval workflows, and category-specific purchases. This results in no overspending and knowing all transactions are pre-approved and authorized due to the card only being accepted at allocated vendors.

Suppose an expense is made using cash or a personal credit card. In that case, the employee can snap a picture of their receipt and have it approved on the spot with Pluto's Whatsapp reimbursement feature, making it easier for finance teams and employees to sort through reimbursement receipts!

Components of a Corporate Credit Card Policy

When creating a corporate credit card policy, the credit cards intended to be used, the credit card provider's requirements, and the company's needs should be known.
In most cases, corporate credit card policies include the following points as part of their corporate credit card policy:

1. Employee Credit Card Agreement

When issuing a corporate credit card to employees, an employee credit card agreement must be signed to ensure that employees understand the card belongs to the company, regardless of the employee's name on the card.
The agreement will also state that the company credit cards can only be used for business-related expenses, where the company can investigate charges, if necessary.

2. Permitted Types of Expenses 

The types of transactions that can be made should be stated clearly in the company credit card policy: work-related expenses only. These include, but are not limited to:

• Meetings with clients
• Work-related travel (e.g., flight ticket, accommodation)
• Educational material
• Software subscriptions
• Legal document expenses
• Business meals

While tending to the above is a good way to ensure company credit cards are being used for business-related expenses, Pluto offers cards that can only be used for specific vendors, such as fuel cards, to avoid mishaps or fraud.

With these policies and procedures in place, employees should note that if an instance occurs where the company credit card is used for non-authorized transactions, personal expenses, or cash withdrawals, they will be faced with disciplinary action.

The disciplinary action could result in the following:

• Cancellation of the company credit card
• Withdrawal of corporate credit cards privileges
• Recovery of funds from employee's salary
• Termination of employee contract

3. Exceptions

In some cases, an employee cardholder may incur an expense that is not usually permitted under the company credit card policy. To be able to do so, the company credit card policy should indicate how the cardholders can apply for an exception and get permission for such expenses.
While doing so, the company should also outline specific transactions that can never be made using the company credit card.

4. Spend Limits

The spending limits on a company credit card usually depend on the employee's job and level of seniority. The company credit card policy should clarify the card's limits when receiving a new card.
In general, businesses can choose to have limits established based on transactions per-item or on a cumulative basis. However, not all employees will have the same spending limits.
With Pluto, you can set spending limits on virtual or physical cards before issuing them to ensure that employee spending stays within their budget.

5. Temporary and Permanent Limit Increase

To get a limit increase on a company credit card, the cardholder must fill out a form stating why they need a limit increase on their card and whether it is a temporary or permanent limit increase. The form will then have to be signed by the employee's manager and sent to the company credit card provider for processing.
Although it is possible, the process of getting a limit increase on a company credit card may take quite some time. Pluto allows managers, administrators, and finance teams to increase limits on virtual or physical company credit cards in seconds.

6. Approval Requests

A company credit card policy must show how approval requests work when using a corporate credit card. Usually, approvers are responsible for reviewing all transactions regularly. By doing so, the following is warranted:

• The transaction or expense adheres to the company credit card policy
• A receipt is attached to the transaction made
• The description of the transaction follows the details mentioned above

Pluto takes the extra mile to automate approval workflows and receipt reconciliation. With Pluto, all approval requests will be made through the Pluto platform, and receipts will be collected through Whatsapp as soon as a transaction is made.

7. Cardholder Responsibilities

Including the cardholder's responsibilities in the company credit card policy is an essential part of the document. The purpose is to describe how employees can ensure they use their cards appropriately.

It's important to include that:

• Cards cannot be used for personal expenses
• Cards must only be used by the cardholder to help avoid fraud 
• Cards and PINs must be stored in a safe place
• Cards must be reported as stolen and lost as soon as possible
• Document all expenses and send monthly reports

8. Policy Violations

Employees are expected to comply with the corporate card policy. If the cardholder violates the terms stated, disciplinary action will be taken against the employee.

The disciplinary action can include:

• Face a written warning for violating the corporate credit card policy
• Pay for the expenses yourself if you've used the card for any inappropriate use
• Lose the right to have a corporate credit card if you lose a receipt or violate the policy
• Suspension or termination of employment if you give the company credit card to unauthorized people or abuse the expense limits
• Loss of company card privileges if expenses are not submitted on time
• Legal action and termination can be imposed if prohibited purchases are made using the company credit card

How Can a Corporate Card Policy Prevent Fraud?

Globalization and remote work have increased the risks of card fraud and identity theft. A proper corporate credit card policy will minimize these risks and ensure that your corporate funds are safe.

1. Flexible limits

With Pluto, it is effortless to set card limits in real-time, so decreasing the spending limit when needed can be done in a matter of seconds. This ensures that a card is not over-exposed. If the card details were compromised, the perpetrator would not be able to withdraw any big sums.

2. Limited users

You can see all the cardholders from your Pluto dashboard and create additional cards if needed. This prevents sharing card details between the employees, as it is simply not needed anymore. The cards are used by authorized personnel, who are aware of the proper use and policies - further preventing any potential fraud and leaks.

3. Vendor-specific cards

Pluto allows you to create a card for a particular transaction, purpose, or project. This will enable you to allocate a certain amount of money that can be spent on the card, meaning the risks of any authorized charges, re-bills, or other online scams are non-existent.

4. No petty-cash

In a bigger organization, petty cash can be an issue as it is easy to defraud. Even when used properly, it is a pain to keep track of. Petty cash is no longer a problem with Pluto corporate cards, particularly when you can issue as many corporate p cards as you need with Pluto seconds (specifically 9 seconds).

The Value of a Corporate Credit Card Policy

Company card policies control employee spending, ensure compliance, and minimize fraud risk. It's even easier to maximize your results by integrating it with Pluto's expense management software.

By integrating with Pluto, you can:

• Issue unlimited corporate cards
• Digitize receipt reconciliation
• Reimburse in seconds
• Review all transactions in real-time
• Approve expenses in an instant
• Minimize the risk of employee fraud

Key Takeaways

A corporate card policy will help you to establish ground rules that will keep things running smoothly but, at the same time, will not limit your employees in their day-to-day work.

Ensure everyone who will have the card is aware of the rules. The great thing about using Pluto is that you can make your corporate card policy very simple, as Pluto has all the tools to manage your spending and keep everything under control.

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The traditional procurement process is time-consuming, prone to errors, complex, and challenging to implement efficiently. From raising a purchase request to making vendor payments, multiple stakeholders are involved. In addition, securing approvals through various channels of an organization leads to chaos. Hence, 77% of companies are shifting to procure-to-pay solutions, also known as procurement software.

What is Procurement Software? 

Procurement software are tools that automate the procurement process. 

Instead of relying on multiple platforms and different channels to procure goods and services, the process is automated and brought together on a centralized platform. 

A powerful procurement solution helps you in:

• streamlining the request and approval process for purchases
• generating, tracking, and managing purchase orders
• creating, negotiating, and tracking supplier contracts
• managing and maintaining supplier relationships 
• automating invoice validation, approval, and payment workflows
• integrating with other systems for seamless data flow and coordination.

What Are the Benefits of Procurement Software? 

By automating your procurement process with a procurement management software, you can improve it in the following ways: 

• Once you enter data, it is auto-populated throughout the procurement cycle. This minimizes the risk of errors due to manual data entry in purchase orders, invoices, and other documents.
• You get real-time visibility into the procurement process. You can also track the status of purchase requests, orders, deliveries, and payments. 
• With built-in reporting and analytics tools, you can generate detailed reports on spending, supplier performance, and other key metrics. This data-driven insight enables better inventory planning and strategic decision-making.
• You can standardize workflows for purchase requisitions and approvals. Route the requests to the appropriate individuals for approval and reduce any delays. Notifications and reminders are automated, ensuring timely responses.
• Invoice processing and payment workflows are automated. This ensures that invoices are paid on time. This helps in taking advantage of early payment discounts and strengthens vendor relationships. 

Top 6 Procurement Software 

To help you select the procurement management software best suited for the needs of your organization, we have listed the top 6 procurement solutions:

1. Pluto 

Pluto is an all-in-one procurement software designed to transform your accounts payable (AP) processes. It reduces your finance team's workload and makes procurement easy. From automating purchase requests to setting multi-layer approval workflows and managing vendors, it is the ultimate procurement solution to transform a chaotic procurement process into a faster and more efficient one. 

Key Features:

• Features fully customizable and automated workflows for raising purchase requests and purchase orders, requiring no technical expertise
• Offers flexible approval engine capable of managing intricate hierarchies
• Enables multi-layer invoice approvals with policies to align with your company's structure
• Ability to upload invoices easily via WhatsApp images, eliminating the need to search for invoice details. Also, facilitates invoice capture via emails directly to speed up the receipt capture process.
• A centralized dashboard to gather bills in one place and track the status to avoid double payments
• Vendor-specific corporate cards to control budgets and detect irrelevant expenses
• Supports local and international wire transfers to make payments 
• OCR technology minimizes manual data entry by creating and populating bills from invoices
• Supports ERP integration to synchronize your vendors, POs, and bills and integrates with accounting software, such as Oracle, NetSuite, Zoho, Quickbooks, Wafeq, Xero, etc.
• Raises alerts for upcoming payments and enables scheduling payments in advance and automate invoices 
• Provides a complete audit trail of the process to ensure visibility at each step
• Shows real-time analytics to facilitate deep insights for supporting budget control

Pricing:

‍Request the sales team for a custom quote

Pros:

• More financial control with vendor-specific corporate cards 
• Better Forex rates than most local banks 
• Multiple integration options

Cons:

• Slightly longer on-boarding due to corporate card offering 
• Integrates with all other major ERPs except Tally

2. Yooz 

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Yooz optimizes the AP process, specifically focusing on invoice management. It is a cloud based software that uses artificial intelligence (AI) and machine learning technologies to enhance security and control in AP automation. It is suitable for mid-size companies of all sectors wanting to automate procurement with a cloud-based procurement solution. 

Key Features:

• Enables online, real-time management of supplier relationships, improving communication and collaboration
• Provides mobile access for invoice approval and communication
• Maintains regulation-compliant traceability, ensuring adherence to relevant laws and standards
• Automates real-time GL coding and purchase order matching
• Captures all types of documents through various channels, such as email, drag-and-drop, mobile, scan, and sFTP, supporting multiple formats, including PDF, Factur-X, UBL, CII, and EDIFACT
• Integrates with accounting software and  and ERPs
• Allows users to approve and pay invoices in batches, offering multiple payment options, such as Virtual Credit Card, ACH, eCheck, and Paper Check
• Offers a range of services, including consulting, configuration, training, and user support

Pricing:

Free trial for up to 15 days followed by a "pay-as-you-use" model.

Pros:

• Integration with Sage Intacct
• Ability to tag people in the comments and email them directly from the invoice
• Numerous criteria available for setting up the approval workflows

Cons: 

• Doesn’t offer payment services in UAE, so you need to carry out payments on a different platform
• Doesn't have integrations with major suppliers as a form of punchout
• Time-consuming to download and export files
• Hard for vendors to send the invoices through Yooz

3. Procurify

Procurify speeds up the procurement process, enhances internal communication, and reduces financial risks. It is an easy-to-implement tool that saves time for finance and operations teams. From catalog management to custom user controls, it helps to track the procurement process in real-time. 

Key Features:

• Tailors purchase orders to match your internal processes and vendor expectations
• Creates, tracks, and maintains an audit trail of all procurement transactions for transparency and compliance.
• Enhances financial controls by enabling purchase order-based purchasing
• Ensures that requested items are approved against budgets before procurement.
• Sync purchase orders with your accounting system or ERP, whether via API, CSV, flat file, or direct integration
• Integrates with trusted suppliers through PunchOut catalogs to streamline the ordering process.
• Enables blanket purchase orders, which involve making multiple purchases against a single purchase order, even when details of future purchases may be unknown.
• Purchase order workflows to save on shipping costs, unlock vendor discounts, and reduce paperwork 

Pricing:

Starts at $2000/month with a custom pricing tier

Pros:

• Easy to make amendments in the original purchase order
• Enables ordering from multiple websites for resources, including Amazon
• Makes it easy to upload documents to support expense and order reports

Cons:

• Doesn’t offer payment services in UAE, so you will need to carry out payments on a different platform
• Isn’t catered to the UAE market, and does not support UAE specific workflows such as VAT management
• Cannot edit orders once they are approved
• Cannot see the order history for a catalog item without running a report
• Physical inventory has to be tracked outside Procurify

4. Precoro

Precoro is a cloud-based solution designed to streamline operations, automate tasks, and centralize purchasing procedures. It enables tracking discounts, monitoring corporate expenses, and enhancing cash flow transparency. It also provides analytics and reports for strategic procurement planning.

Key Features:

• Simplifies the approval by allowing users to approve from any device via email or Slack notifications. 
• Supports customizable approval workflows with multi-step and role assignment
• Facilitates creating, approving, and tracking purchase orders and transfer orders from Amazon Business via Punch-in
• Connects with various ERPs and business tools like NetSuite, QuickBooks, and Xero, or its API
• Ensures data security through Single Sign-On (SSO) and 2-factor authentication
• Offers an intuitive interface and guidance from a dedicated customer success manager whenever needed
• Gives a risk-free 14-day free trial with access to all features

Pricing:

Starts at $35 per user per month billed annually for teams with under 20 members and offers custom pricing for enterprises

Pros:

1. Provides flexibility for enterprise needs
2. Works well for budgeting procurement
3. Allows tracking invoices in a centralized environment

Cons: 

1. Requires training to customize complex workflows
2. Invoice processing is slow
3. Isn’t suitable for manufacturing industries
4. Difficult to collaborate on invoice drafting

5. Kissflow

Kissflow simplifies and enhances procurement processes while ensuring transparency and compliance. It helps to automate the entire process without requiring technical expertise or coding experience. It comes with 50+ ready-to-use applications, enabling unlimited automation applications.  

Key Features:

• Offers fluid forms to enable easy capturing, approval, and tracking of purchase requests
• Allows to register and maintain vendors effortlessly with access to multilingual catalogs
• Integration with accounting systems, ERP, and finance systems like Quickbooks, SAP, and Microsoft Dynamics 
• Accelerates the invoice approval process with timely alerts and automated checks. Connect invoices to contracts, purchase orders, and service entry sheets in a single dashboard
• Customizable reports to visualize data using charts, filters, and heatmaps
• Ability to define and manage budget restrictions with dynamic rules throughout the entire procure-to-pay lifecycle
• Customized approval workflows to ensure transparency with rule-based approval processes
• Smart alerts that provide real-time updates on the status of purchase orders and invoices to keep stakeholders informed 

Pricing:

Starts at $2499/month (billed annually). Pricing varies based on transaction volume and number of users.

Pros: 

• Intuitive interface with a relatively short learning curve
• Allows automated workflows to be created with limited technical expertise

Cons:

• Not built specifically for procurement teams
• Does not support payment flows in UAE
• Cost of its license is high (particularly for SMBs)
• Can not handle intricate processes that require a high degree of customization or involve multiple conditional branches
• Customization options are limited, including specific integrations, advanced business rules, or more sophisticated automation capabilities

6. Vendr

Vendr is a practical solution for streamlining SaaS procurement. It simplifies the entire process, from intake requests to contract management. It provides essential SaaS insights, negotiates expert advice, and integrates with core business tools for procurement and vendor management. 

Key Features:

• Buyer guides to provide negotiation insights and gain the upper hand in software purchases
• Negotiation advisory to provide personalized guidance on negotiating like a pro and enter negotiations with confidence
• Simplified intake forms to ensure company-wide compliance and visibility
• Integration with different accounting and finance tools, such as Oracle, NetSuite, Intuit, Quickbooks. 
• Integrates with platforms like Rippling Workday to include correct stakeholders. Additional integration with SSO providers such as onelogin.
• Comprehensive renewal dashboard to receive early alerts and streamline the renewal preparation process to maximize savings.
• Vendr Slack integration for quick answers and timely notifications to collaborate in real time with your team, minimizing approval cycle times

Pricing:

There are 2 packages—the basic one starts at $15,000/year and the pro package starts at $20,000/year.

Pros:

• Offers assisted buying with a team who negotiates on your behalf
• Comprehensive database of vendors in one place
• Helps standardize procurement workflow 
• Provides insights about fair market value 

Cons:

• Restricted to SaaS procurement only 
• Multilingual services are limited 
• Navigating multiple workflows is not as fluid as desired
• Doesn't support multiple currencies 

Find the Right Procurement Software 

When choosing procurement software, focus on user-friendliness, scalability, and integration capabilities. Make sure the software aligns with your specific needs.

Finding the right software for accounts payable automation will be crucial for your business. For instance, if you frequently deal with multiple suppliers and have a complex approval process, ensure the software can accommodate these intricacies. Similarly, if you're in the healthcare industry, look for procurement software that complies with industry regulations like UAE Healthcare Law and the Dubai Health Authority (DHA) regulations. This ensures the privacy and security of patient data and adheres to local data protection standards. Moreover, check if the vendor offers active support and training. In case of a technical issue, having an unresponsive support team can disrupt the process and create bottlenecks.

Don't rush the decision. Thoroughly evaluate multiple options. Investing in an appropriate solution will save you money and headaches in the long run.

Want a tool that is safe, fast, and transforms your chaotic procurement process into an automated solution? Book a demo today and see how Pluto can simplify procurement for your team.