Purchase Requisition Software: Five Must-Have Features

Purchase requisition software lets you track every purchase your company makes from every vendor. The ideal solution will help you do more than just automate processes and save time—it will also provide you with visibility into your procurement processes so that you can make smarter decisions.

Also known as requisition management software, purchase requisition software can help streamline your most complex purchasing processes whether you’re serving internal clients, external customers, or both. As you evaluate potential solutions, make sure to look for the following features and capabilities.

Purchase Requisition Workflows in Acumatica

1. Automation of the requisition process

While choosing a product may take some time and thought for your business users, executing a purchase really shouldn’t. Good purchase requisition software will present users with a consistent workflow that includes all of the steps from initiating orders and collecting supplier bids to receiving goods.

2. Strong vendor management

You’ll be far more likely to get the best price when you include multiple vendors in your bidding process. But when time is a factor, it’s tempting for procurement staff to cut corners and include only the vendors with which they’re most familiar. By using purchase requisition software to automate steps in vendor bidding, you can gather more bids in less time—and end up with the best possible deal for your company.

3. Streamline approval process

No purchasing process will be complete until it has all the proper approvals. But with an increasingly mobile workforce, it’s often difficult to track down the right person at the right time for their signoff. This often results in needless purchase delays—which can cause lost productivity for the whole workforce. With purchase requisition software, you can configure workflows that automatically alert each of your decision-makers when their approval is needed.

4. Audit trail

As your company grows, you’ll need to pay greater attention to your financial controls. Who initiated that $10,000 purchase? What was its purpose? Who approved it? Who received the goods? When auditors and shareholders are the ones asking the questions, you won’t want to be scrambling to find answers in file folders—you’ll want to be able to pull them up on screen in seconds. So, make sure your purchase requisition software provides audit trail functionality.

5. Integration with other modules

In some ways, your purchase requisition software is only as good as its integration. It’s all well and good to automate processes, but it is even better that other departments such as service, sales, shipping, receiving, warehousing, and even your management team can see status of procurements on their dashboards, helping them in their decision-making capabilities.

Learn More About Purchase Requisition Software

Want an example of a solution that offers all of the above capabilities and more? Take a few minutes to learn about Acumatica’s purchase requisition software.