What is the Source to Contract?
What does Source-to-contract mean?
Source to contract, also known as "procure to pay" or "P2P", is the process of acquiring goods or services and then processing and authorizing payment for those goods or services. The process typically begins when a requisitioner submits a request for goods or services to a purchasing department.
The purchasing department then works with suppliers to obtain the goods or services and negotiate payment terms. Once the goods or services have been received, the process ends with the payment being processed and authorized.
The source-to-contract process is a crucial part of any business, as it helps to ensure that all contracts are properly managed and that all parties involved can fulfill their obligations.
By having a transparent and streamlined process in place, businesses can avoid many potential problems arising from the mismanagement of contracts. In addition, the source-to-contract process can help businesses to save time and money by ensuring that all contracts are properly negotiated and executed.
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