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Pros and Cons of Procurify: Analysis of a Popular Procurement Management Software

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Procurify: Top Procurement Tool

USER SATISFACTION 100%
OUR SCORE 8.9

Procurify is a cloud-based e-purchasing platform that helps you manage the whole procurement cycle from order to payment. The app was designed to streamline the end-to-end procurement process of companies and make it more efficient. To realize its goal, it was built with useful features for budget management, fraud prevention, purchase order creation, tracking and reporting tools, mobile capability, and many others.

As a paperless procurement solution, it is equipped to monitor and trace real-time spending, create POs by mobile, simplify verification, automate approval routing, and integrate with popular expense management and accounting apps such as Intacct, Xero and QuickBooks. With these advanced capabilities, Procurify is positioned as the all-in-one software that develops proactive spend cultures for businesses in order for them to make smarter spend decisions. In this article, we’ll take a look at the major pros and cons of Procurify to help you decide it it’s a software right for your company.

Procurify is a highly-ranked software in the category of procurement management. We gave it high markes in our review because of its intuitive features and robust capabilities.  If you’d like to check out the key features of the software first the vendor offers a great free trial plan that you can try. You can easily sign up for Procurify free trial here.

An award given to products our B2B experts find especially valuable for companies
USER SATISFACTION 100%
OUR SCORE 8.9
Procurify won our Expert's Choice Award for 2017

The procurement process is an essential activity for any business or corporation. Yet it is one of the more complicated areas bogged down by inefficiency (lost invoices, long approval times), inaccuracy (wrong entries, excessive purchases), and delay (overdue payment, late reports), among others. Procurify introduces tools to simplify and automate these processes to revolutionize the way you make procurement and spending which must be prudently managed in order for your business to flourish.

Some of Procurify’s many features include:

  • 24/7 live and in-app support
  • Inclusion of all future updates and features
  • Mobile app access for iOS/Android
  • Secure on cloud hosting
  • Purchase approval routing
  • Purchase order management
  • Real-time analytical reporting
  • Supplier management
  • Travel and expense management

We have gone over the details of the Procurify platform and have come up for you a comprehensive information on its functionalities, benefits and downsides. You can also test it out yourself with a free trial at the vendor’s website and check its suitability for your business.

Pros and Cons of Procurify

Being a complete procurement cycle solution, Procurify offers management features that address five key workflows of the spend process:

  • Requisition
  • Approval
  • Purchasing
  • Receiving
  • Payment

Normally, businesses have systems in place for these processes but they are cumbersome and time-consuming. Procurify takes the procedures notches higher in terms of convenience, simplicity, security and accuracy. Let’s go through these five key aspects and see where Procurify can provide you tremendous advantages when it comes to managing your company’s spending.

Faster Requisition

The procurement process starts with a request and must be based on crucial insights and informed decisions. Procurify opens the communication link between managers and teams so that when the latter need resources they get them promptly. This is made possible through a mobile app where teams can get real-time notifications of the status of their request.

Other features also expedite the requisition workflow such as:

  • Catalog management where your team can select items from a catalog of preferred vendors
  • Bundle creation so teams can order pre-selected packages of products
  • Travel budget request so that all expenses related to business trips reside in one system
  • Data import where a list of items is uploaded via CSV file and Procurify will consolidate it into a single request
  • URL pull where teams copy/paste an online product url and the software will automatically add product details
  • A chat box where approvers and requesters can stay connected
  • Automated replication order so that items ordered previously need not be manually entered again

Quicker Approval

You are duly alerted whenever a team needs approval, and you can act on their request even when you’re away through the mobile app.

You can create a chain of approvers per department or location and set price value limits of what they can approve.

You can also use an audit log to view details of every purchase to ensure compliance and spot any irregularities.

Procurify provides you real-time spend visibility to check budget adequacy before approving requests as well as analysis of timely reports for more efficient budget management.

Easier Purchasing

Purchasing order time is trimmed down as Procurify automatically fills in specifics so you can immediately place your orders to the supplier.

You can create custom POs and add legal disclaimers, terms and conditions, and other pertinent information.

You get tools for PO, vendor catalog and receipt management where you can store all vendor details, have a central place for POs for quick retrieval, import product lists sold by preferred vendors and add line items to the catalog.

You also have at hand an approval history to view every purchase approver and the order in which the purchase was greenlighted.

Orderly Receiving

In between the purchase and payment is the important area of receiving where you need to be aware of three things – what was delivered, when the delivery was and who received it. Procurify has you well covered in this respect with its:

  • Quick attach feature that keeps related documents together (it’s a paperless operation so no filing cabinet required).
  • A three way match that lets you associate the packing slip to its respective invoice and matched against a specific PO.
  • An in-app chat that links purchasers, requesters and receivers; and an invoice approval tool that ensures invoices are with the proper received orders before payment is made.

The software also has a handy receive log so you’ll know exactly who received the order and at what time and date.

Dependable Accounts Payable

There is no room for error when it comes to paying of products you procured, and Procurify makes sure of that. Aside from features such as the three way match, approval routing, spend tracker and invoice management that ensure you have all the PO, packing slip and invoices for the item you purchased and received, Procurify notifies you whenever a bill is nearing its payment date so you don’t get blindsided and have time to do due diligence.

Likewise, with Procurify you can set up a payment structure and opt to make partial payments over certain periods – 30, 60, 90 days – that way you take advantage of payment terms normally given by suppliers and stretch your cash flow at the same time.

Finally, before money is transferred from bank to vendor, you can use the software to create a sequence of payment approvers to eliminate incorrect payments and instances of fraud.

But that’s not all. You also have a split payments solution that allows departments and locations to divide costs for services they share. The bill can be split before the accounting cycle ends instead of adjusting entries afterwards.

Downsides

The whole array of powerful features under one package can be overwhelming. Some users even feel inundated with too many menus to choose from. Features-wise, Procurify can further expand its functionalities to include actual costing, ad hoc reporting, budget control and e-sourcing. It would also do well to add functions relating to supplier, asset and auction management. On another note, being exclusively on-cloud limits deployment options especially for large corporations who commonly use on-premise or a combination of the two setups.

Overall, a compelling reason in favor of Procurify are the numerous advantages you get and the chance to radically modernize your procurement management system. It is not known as an all-in-one solution for nothing. Fortunately, The cost of Procurify is quote-based hence you can avail only of features you need most and tailor-fit the software for your business requirements.

Category: B2B News

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