Posted in Financial Process Automation

Purchase Requisitions – a Definitive Guide

The Purchase Requisition process

A purchase requisition is an internal document that an employee within the business creates to procure goods and services. Note that the purchase requisition is different from the actual purchase order (PO). The requisition serves to obtain approval for the purchase from their manager or a VP before Finance actually issues a PO.

Organizations use the purchase requisition process to control the generation, approval, and tracking of purchase requests. It’s part of the overall procurement process.

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Posted in Financial Process Automation

Digital Procurement Strategy – 9 Stats to Consider

Digital Procurement Strategy

When Deloitte surveyed procurement professionals in 2016, the overwhelming priority for most organizations was cost reduction (74%). The study also revealed that 60% of respondents did not have a clear digital strategy in their procurement process.

Fast forward to 2019, and things seem to be pointing in a different direction. The latest Deloitte study found a clear shift in procurement, with an accelerated pace of change in digital procurement. While cost reduction remains a priority (78%), there was a clear emphasis on innovation and value as well.

So with that in mind, here are some key statistics to focus on as we move toward 2020 and beyond.

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Posted in HR Process Automation

5 Leave Management Mistakes That Make Employees Quit (And How to Fix Them)

Employee Leave Management is one of the main things HR departments handle. But, many companies get bogged down in unnecessarily long, complicated processes. Here are 5 common mistakes that can hurt your company, and ways to fix them.

1. Creating a “Vacation Shaming” Culture

In many companies, employees have to deal with comments about choosing to take vacation. These can come from higher-ups at the company, but more often than not, they come directly from peers. We’ve all heard the “You’re taking a vacation? How nice, I wish I had the time to do that,” comment.

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Posted in Workflows

50+ Key Statistics to Help You Automate Smarter in 2019 and Beyond

Key Automation Statistics You Need to Know

Every time we think we’ve got a handle on automation, new statistics emerge to challenge our perception. Just this month, McKinsey released a new report about the future of women at work, saying that an estimated 40 to 160 million women around the world will need to transition their skills.

But the report also pointed out that both men and women will be similarly affected by automation, just in different areas. Without a doubt, the effects of automated processes will be felt in every sector across all roles.

To understand the scale and importance of automation in the workplace, take a look at some of these key statistics.

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Posted in HR Process Automation

Taking the Stress out of Taking Vacation

Taking vacation is about resting, relaxing and de-stressing. Numerous studies have shown that employees who take vacations get better sleep, have lower risk of heart disease, and come back more motivated to produce amazing new things.

And yet, people are stressed about taking vacation. A survey through Healthline found that ~62% of 2,280 readers said that they experienced “very or somewhat” elevated stress levels during the winter holidays — which means employees came back to work just as stressed as before.

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Posted in Financial Process Automation

How Purchase Order and Purchase Requisition Templates Help Your Business Succeed

Purchase Orders (PO) and Purchase Requisitions are extremely common documents that practically every business uses. They help businesses control costs, ensure that employees cannot bypass business standards and that the business gets the best possible deal. Problems are easier to track down. If the vendor delivers the wrong items, the signed copy of the purchase order proves what the business actually ordered.

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Posted in Financial Process Automation, Workflows

How Sales Order Form Templates Help Improve Business Efficiency

Automated sales orders increase cashflow and let salespeople focus on selling.

Organizations create a sales order form to list the products and services being ordered by a customer. The customer may provide one or more purchase orders (PO) for that purpose.

The sales order is a document that’s created internally by the company so that it may process the order in a controlled manner with the necessary checks, authorizations and signatures in place. Generally, the sales order form includes any associated purchase orders for convenience. In some cases, the sales order may also be sent externally to the client for signature, for example, to formally accept Terms & Conditions.

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Posted in Workflows

Workflow Analysis – How to Improve and Optimize Your Processes

Workflow analysis is the process by which your business examines data about its workflows, determines trends and improves their efficiency. In turn, this improves customer satisfaction and the competitiveness of the business itself.

In most cases, if you ask people why a particular workflow is setup the way it is, they’ll tell you “That’s how we’ve always done it.” The design probably made sense years ago but as the business and its environment have changed, the workflow was probably never updated.

Workflow analysis is the first step towards these necessary updates. Apply it in the following ways:

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