What is the difference between AP and P2P?

What is the difference between AP and P2P?

What is the difference between AP and P2P?

Accounts Payable

Accounts payable is a discrete part of the P2P lifecycle that focuses on paying for the goods. The process involves the matching of a Purchase Order to a Goods Receipt Note and cross-referencing these two documents with an invoice sent by a supplier. This often manual process is commonly known as 3-way matching.

Purchase to Pay

Purchase to Pay (or P2P) automation allows companies to simplify the steps of their procurement process with the help of various Stratas solutions. P2P covers requisitioning, purchasing goods, receiving goods, then paying for and accounting for goods and services.

From manual to automated AP

Whilst many businesses have already implemented a software solution for the automation of their accounts payable process, often it will only handle the intelligent capture of supplier invoices and not automate the end-to-end process. By helping automate PO matching through 3-way matching of invoices, Stratas is able to provide solutions where the greatest time savings can be achieved, as the AP team now only deal with the exceptions and not the entire invoice log.

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