Procurify Overview
Procurify is a cloud-based procurement software designed to simplify and streamline the procurement processes for businesses of all sizes. Here’s a detailed look at what Procurify does and its key features:
What Procurify Does
Procurify is a comprehensive spend management platform that helps organizations monitor, control, and optimize their spending. It provides real-time visibility into company expenditures, enabling businesses to make informed financial decisions and identify cost-saving opportunities. The platform integrates purchasing and accounts payable automation, ensuring a unified and efficient procurement process from request to payment.Key Features and Functionality
Procurement Management
- Purchase Requisitions and Orders: Procurify allows users to easily create and manage purchase requests and orders, ensuring proper approval before purchases are made. It includes automatic PO generation, recurring spend management, and an audit trail for transactions.
- Approval Routing: Users can design customizable approval workflows based on dollar thresholds, departments, locations, and more to ensure that all purchases are authorized by the appropriate stakeholders.
Financial Tracking and Budgeting
- Real-Time Spend Visibility: Procurify provides real-time insights into company spending, allowing businesses to track expenses as they occur and make data-driven decisions.
- Budget Management: The platform enables setting and tracking budgets for different departments or projects, helping businesses stay within budget and avoid overspending.
Accounts Payable Automation
- Invoice Processing: Procurify features automatic OCR invoice capture and generation, as well as AI-enhanced invoice processing to save time and increase data accuracy.
- Three-Way Matching: The platform automates the matching of invoices, packing slips, and purchase orders in one step, and syncs approved bills with ERP and accounting systems.
Vendor and Contract Management
- Vendor Management: Procurify allows efficient management of vendors by storing all vendor information in a centralized location. It also includes features for adding new vendors and tracking current spend against total contract value.
- Contract Management: The platform offers a contract repository with notifications and a full audit log, and leverages AI for smart contract uploads to streamline the contract management process.
Expense Tracking and Reporting
- Expense Tracking: Users can easily submit expense forms by dragging and dropping receipts and invoices into expense reports. The platform also supports mobile submission of expense requests.
- Real-Time Reporting: Procurify generates real-time reports to support data-driven decisions in daily operations, providing visibility into all organizational spend.
Mobile Accessibility
- Mobile App: The platform includes a mobile app for iOS and Android, allowing users to manage the entire procurement process remotely, including requesting items, approving orders, and marking items as received.
Integrations
- System Integrations: Procurify integrates with various accounting systems such as QuickBooks, NetSuite, Sage Intacct, and Microsoft Dynamics 365 Business Central, as well as other financial systems through its API and PunchOuts.
Additional Features
- User Role Controls: The platform offers control over access rights across different teams, departments, and locations to ensure secure and organized procurement processes.
- Purchasing Cards: Procurify provides pre-approved, accessible funds through reloadable physical and virtual purchasing cards, which can be managed and tracked within the platform.
By leveraging these features, Procurify empowers businesses to streamline their procurement workflows, enhance transparency, reduce the risk of errors or fraud, and make more strategic purchasing decisions. The platform is scalable and suitable for businesses of all sizes, from small startups to large enterprises.