Purchase Management is an important part of every business, it includes managing suppliers, purchase orders, inventory, pricing, etc. We can say that organizations need a strong purchase management system to make the purchase order management process efficient. Purchase management solution helps you in tracking all your suppliers and that ultimately helps you to make purchase management a lot better. Purchase module in the ERP system will surely provide you with a complete end-to-end purchase management. To put it another way, keep everything managed from the procurement to the payment. Furthermore, purchasing system software helps you make related decisions quickly by providing you with all the information of purchase history and suppliers at a single place. Make the purchase order management process seamless and streamline it from RFQ to payments.
There are so many Purchase management systems in the market. But the best ones only fit into all sizes of business and industry. One of the best purchase order processing systems is one that is based on the open-source platform, Odoo is one of them. Odoo is an open-source ERP system that offers the best solutions for your organization to manage all your purchase processes. PO management tools of Odoo let you manage purchase orders, RFQs, suppliers, pricing, goods returns, accounting, and so many more functions. You can easily create purchase orders, receive goods and materials. Also, make payments and manage your finances in case of return of goods. Furthermore, being an open-source system, Odoo allows you to build custom processes where you can add or cut out steps and make the process as per your convenience.
Also, create, monitor, and maintain all of your purchase order's information at one place to ensure that each purchase order is authorized.
Odoo ERP is a full package of business management solutions and perfectly fits in every type of company and businesses. To put it another way, Odoo has all those features and business management apps that you need to run your business effectively. The main purpose of managing purchasing functions by using ERP purchasing is to automate the entire process. Furthermore, with the OpenERP purchase order management system, you can reduce the costs and human errors. Easily automate the purchase order process across online channels using only one intuitive dashboard. Odoo has specifically designed this PO management system considering the ease of use to the user. Furthermore, the purchase module can be integrated with the other business management applications such as inventory and accounting to make the whole process simple and streamlined.
Purchase management could be crucial for most of the organizations because this function is the base of manufacturing, distribution, and trading business. Efficient purchasing and selection of the right supplier can reduce the total costs of the operations. With this in mind, most of the manufacturers give maximum attention to the purchasing section. Purchase order management is important because when there is a problem in the purchasing department then it will definitely cause problems in the production process, and ultimately sales function will surely reduce corporate earnings. Hence, businesses need a reliable purchase order tracking software that provides clear insights into the whole purchase process. You can make changes while the process is still in progress to eliminate errors and reduce risks.
The best purchase order software automates the purchase process from the procural propositions to handle suppliers and payments. Furthermore, simply launch requests for quotations, track purchase orders, and manage received products.
1.Automate PO process
With Odoo PO management system purchase, order managers can automatically send RFQs to their suppliers according to the stock levels. Automation definitely improves the performance of your purchase and inventory department. Also, a cloud-based purchase order system enables you to follow procurement rules correctly which depends on the stock levels, logistics, sales orders, and more. Furthermore, with this system, you can create your own PO template as per your convenience and get exact look as you needed.
2.Make efficient purchase decisions:
For every company making better purchase decision ultimately results in improved ROI. You can easily improve the decision making while getting accurate information regarding supplier price lists and product availability. Odoo's purchasing control facilities allows you to easily import suppliers' price lists and references that help you to make apt and instant purchase decisions. Furthermore, purchase decisions should be always based on various vendor policies and special contract conditions. Seamlessly check your order status and track the availability of your products in the inventory.
3.Accurate reporting on your purchases:
This PO software allows companies to analyze and forecast product purchases with the efficient planning of orders. Get accurate reports on your suppliers' performance, delivery, negotiated discounts, purchased quantities, at a single platform. Odoo integrates purchases seamlessly with the analytics that helps you to understand and analyze your contracts' profitability. Keep tabs on all the information in real-time. Also, download reports on spend and exceptions with the right cloud purchase order system.
Simply use only one Odoo instance and synchronize operations among multiple companies. You can use the multi-company rule of Odoo and effectively handle multiple businesses at a time while saving costs, efforts, and time. Regardless of the number of companies, easily create sales orders, manage suppliers, customers and products for multiple companies at the same time. Also, it allows you to manage all the invoices of every company. Furthermore, automate invoicing processes among all the business organizations and save your valuable time.
Odoo also supports multi-currency, regardless of where you are in the world. Do not panic whether you are in the USA, UK, Australia, South Africa, India, or anywhere in the world, Odoo allows you to set your home currency. Furthermore, configure the currency for each of your suppliers according to their location.
6.Create and manage multi-step Purchase Approvals
Odoo enables companies to create a multi-step approval process along with numerous conditions. In other words, now you can create the approval process that fits right into your business. At the time of creating the custom multi-step approvals, you can add one or multiple people for the approval. Simply add or cut out the steps as per your business requirement. The approval process may include various aspects of the purchase process such as value conditions that help you to determine who will approve, the origin of the process which include from where the orders are coming, route of the approval, suppliers involved, budget management, buying categories, and more. Also, add the functionality of approval medium, it means, the approver will be able to approve by email or throughout the dashboard using mobile devices.
Odoo is a one-stop solution for the entire purchase management process. With this in mind, integration with inventory, invoice, and accounting enhances the accuracy of the process and makes the whole purchase process a lot simpler. Manage and control the invoicing process using the purchase order management system. Easily receive invoices from your suppliers and record them automatically on your dashboard without performing any manual task. Furthermore, this software will allow you to match invoices against your orders. Now you can post and file it into your network and record these invoices directly into the Odoo accounting module.