Buying
Introduction
If your business involves physical goods, buying is one of your core business activities. Your suppliers are as important as your customers and they must be provided with accurate information.
Buying the right quantities in right amounts can affect your cash flow and profitability positively. iVendNext contains a set of transactions that will make your buying process as efficient and seamless as possible.
Key Stages
The Core Buying Process in iVendNext is primarily designed to streamline procurement workflows for businesses. It typically involves the following key stages:
1. Material Request:
Initiated when there's a need for goods or services.
Users create a Material Request, specifying item details, quantities, and the required date.
2. Supplier Quotation:
The purchase team requests quotations from suppliers.
Suppliers provide pricing, terms, and conditions.
3. Purchase Order:
Once a quotation is approved, a Purchase Order is created.
This acts as a formal agreement with the supplier for procurement.
4. Purchase Receipt:
Upon delivery of goods, a Purchase Receipt is generated to confirm that items received match the Purchase Order.
5. Invoice Booking:
The supplier provides an invoice for the delivered goods or services.
The invoice is recorded in iVendNext for payment processing.
6. Payment Entry:
Payments are processed and recorded, ensuring smooth financial management.
7. Stock Update:
The system automatically updates inventory levels based on the received goods.
