F&A Academy PTP Overview
Quiz by chris shocknesse
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- Q1
What is Procure to Pay?
It starts when a customer places an order and ends once they receive their packageor service
It is the process of receiving the order from the customer, fulfilling that order byproviding the goods/services required.
It is a cycle that includes multiple steps, from identifying a need to paying the supplier.
60s - Q2
What is one benefit from PTP?
It helps organizations streamline their procurement process, reduce costs, and improve overall efficiency.
An organized and well-planned process for managing orders can do wonders for a business’ cashflow and inventory.
It helps the cycle of people, processes, and suppliers to create a positive customer experience.
60s - Q3
With P2P, it’s easier to track requisitions, purchase orders, and invoices, which ensures that everything is kept in check?
True
False
60s - Q4
Name two additional ways that P2P can improve visibility into spend
Standardization, Journal entry reports
Cloud Technology, Billing
Standardization, Cloud Technology
60s - Q5
How can Procure to Pay improve Supplier relationships?
By establishing clear processes and timelines, a company can improve communication and trust with their suppliers, leading to more reliable delivery times and better quality, products.
Because it refers to whether a specific item is available for customer orders. Additional information provided by retailers may include the quantity available.
Because it is the process of deciding which customers to extend credit to and evaluating those customers’ creditworthiness over time.
60s - Q6
One of the reason P2P helps to reduce costs?
Provide visibility and controls over the process.
Allowing organizations to reduce time and effort spent on procurement.
P2P can reduce cost by consolidating suppliers and negotiating better pricing.
60s - Q7
Standardization, Cloud Technology and Reporting are additional ways that P2P improve visibility into spend?
False
True
60s