Brought to you by
downlaod

The Access Group provides integrated business management software.

Save content
Have you found this content useful? Use the button above to save it to your profile.

How to choose the right Purchase Order (PO) system?

23rd May 2024
Brought to you by
downlaod

The Access Group provides integrated business management software.

Save content
Have you found this content useful? Use the button above to save it to your profile.

Selecting the right PO system for your business is a difficult decision as it can significantly impact your bottom line — for better or worse. Finding the best software for your business means enhancing the efficiency of your purchasing operations, reducing errors, and substantially saving costs. Your PO system should enable you to automate tasks, simplify workflows, and easily integrate with other business systems. All of this to ensure a smooth process from order placement to delivery and invoicing.

This guide will help you to understand the benefits and key factors to consider when choosing a system. One that is tailored to your specific business needs, provides insights and real-world examples around ease of use, customisation, integration capabilities, and reporting features.

Who needs a PO software system?

purchase order software is essential for any business where procurement is a regular activity. This includes small businesses, large enterprises, non-profit organisations, and government agencies. A PO software system helps SMEs to forecast demand and manage orders based on system recommendations. Larger organisations can use PO software to manage complex purchasing processes, and integration with accounting systems, to automate procurement tasks.

Manufacturing, pharmaceutical and retail industries with large-scale procurement needs benefit greatly from PO systems. Additionally, businesses that deal with multiple vendors, operate across various locations, or manage substantial transaction volumes will find PO software indispensable for maintaining efficiency and accuracy in their procurement processes.

10 key considerations for choosing PO software

When searching for a purchase order (PO) system, carefully consider several key factors like the system's ability to integrate with your existing software, the potential for scalability as your business grows, the level of customisation it provides, and of course, the cost. Below we dive into the 10 most essential factors you need to pay close attention to while doing your PO system research:

1. User-friendliness - Assess the software's ease of use to ensure that your team can quickly adapt to the new system without extensive training.

2. Integration capabilities - Evaluate whether the software integrates seamlessly with your existing systems and tools, such as accounting software, ERP systems, and eCommerce platforms.

3. Scalability - Determine the scalability of the system, whether it can grow with your business, and accommodate increased transaction volumes and additional users without compromising performance.

4. Customisation options - Ensure the system has customisation options, templates, dashboards, and designs that can be tailored to fit your business's specific needs and processes.

5. Pricing - Evaluate the balance between cost and the features. Simple options can lack the advanced features of more comprehensive systems that offer scalability, integration, and greater support.

6. Alignment with organisational needs - Determine if the software system aligns with your organisation’s needs such as your company’s size, complexity of procurement processes, culture, and long-term goals.

7. Vendor reputation - Do your research. Establish the vendor's track record for reliability, support, performance, and commitment to innovation. Access Financials is trusted by over 4000 organisations globally, ranking highly on customer reviews.

8. Customer support - Consider the level of customer support offered and whether it includes 24/7 customer assistance to help with any queries or issues that may arise.

9. Security features - Ensure the software vendor has robust policies and programs to protect your data. This should include vigorous identity and access management protocols to safeguard sensitive data, regular security audits, secure design principles, threat modelling, and secure coding practices.

10. Ease of implementation - Consider the ease of implementation, as this will greatly affect the adoption and efficiency of the system in your procurement processes.

Different types of purchase order software

When choosing purchase order software, you should compare and evaluate the various options on the market. Consider the advantages and disadvantages of each and align your decision with the financial constraints and requirements of your business.

Access Financials

What are the main features?

Scalability, fiscal management and reporting, project accounting, budgeting, forecasting, invoicing, billing, and multi-currency support. PO software comes as part of Access’s accounting software package, this integration facilitates seamless procurement and financial management.

Are there any limitations?

Some customisations may be necessary.

Who is it best for?

Midsize / Large Businesses

Coupa

What are the main features?

AI-driven automation for source-to-pay processes, treasury management for financial decision-making, and supply chain design and planning.

Are there any limitations?

The interface isn’t widely seen as user-friendly, with limited supplier network and management features.

Who is it best for?

Insurance, technology, and manufacturing

Business Central

What are the main features?

Connects finance, sales, service, and operations, streamlining processes with AI and automated workflows.

Are there any limitations?

Can be complex to set up, and the pricing model may affect its affordability and accessibility.

Who is it best for?

Small to midsize businesses.

Dynamics 365

What are the main features?

Flexible licensing options, scalable architecture, customisation, integration, vendor, and purchase order management.

Are there any limitations?

The interface can be complex, and implementation costs and monthly user fees may be a consideration.

Who is it best for?

Large enterprises and SMEs

Sage Intacct

What are the main features?

Robust invoicing and efficient reporting, AI-powered general ledger, revenue, and billing process automation.

Are there any limitations?

Customisation options may be limited, the cost can be a barrier for smaller organisations.

Who is it best for?

Midsize and fast-growing SMEs

The best purchase order software for you

If you are choosing purchase order software to enhance your purchasing process, the purchase order feature within Access Financials accounting software may be a great fit for your organisation.

Implement a purchase order system with Access Finance

Access's accounting software package is designed to streamline operations by offering a comprehensive suite of tools, including Purchase Order software. This integration allows you to manage your purchasing processes and accounting needs with greater efficiency and accuracy.

With features like multi-currency support, automated bank reconciliation, and real-time financial reporting, Access Financials can adapt to complex business structures and grow alongside your business. Implementing a purchase order system with Access Finance will bring a host of benefits to your business.

It offers you all the benefits of a streamlined procure-to-pay process, allowing for better control and visibility over financial transactions. The security features necessary to ensure your sensitive data is protected and world class ongoing support.

Building automated workflows saves you time and reduces errors in invoice processing, which can improve your supplier relationships and cash flow management. Our accounting system has the flexibility to handle multiple currencies and automatic exchange rate conversions to minimise errors and simplify international purchase order transactions.

Download our product brochure