Everything You Need to Know About Purchase Order Tracking
Article written by:Ranita Mukherjee
Purchasing is a software application that is used to view the status of purchase orders. It helps the businesses in managing the entire PO cycle right from creation to approval. These trackers help in weeding out the inefficiencies from order processing. Earlier, purchase order tracking was done manually. But now, with the introduction of a purchase order tracking system, it serves many benefits as compared to the earlier one.
Advantages of purchase order tracking
Following are some of the benefits of purchase order tracking:
It helps in saving more time by automating the purchase order creation along with routing and approval
It offers the best way of storing along with making access to make purchase orders.
It helps in maintaining the whole process properly so that inventory cannot be reinvented every year.
All the things are in compliance with the policies along with regulations and contracts.
It helps in tracking all the elements of purchasing along with making the payment in an easy way.
It helps in cutting down the manual labor cost along with paperwork associated with the process.
With this system, the purchasers obtain all the important details like order date along with vendor info and original purchase request in a single click.
It helps in saving the company from both time and money.
It helps in simplifying the record-keeping process.
Factors to consider for purchase order tracking
Purchase order tracking is considered the best option for successful procurement which helps in increasing the overall organizational performance. If it is not done correctly, the organization will not run into profit. There are some important points that need to be considered for purchase order tracking.
Purchase orders act as legal requirements between the purchaser and the seller. It helps in binding the order that has been requested by the purchaser that helps in saving them the sudden increase in their prices. Apart from that, purchase order tracking also helps you in getting protection from duplicate orders and other payment issues.
How to use Purchase order tracking electronically?
There are many ways by which you can easily track the purchase order electronically. Microsoft excel based systems are commonly used for procurement and inventory management.
Let us take a look at the working of this system:
Use of excel for purchase order- In order to set up a purchase order tracking system, then use of excel is the correct option. It is easy for the company employers to buy or purchase the procurement tracking excel for which template is there for Purchase order tracking. The main benefits of using excel include the error-free part which is not possible when someone is using purchase orders. The tension of losing down the document is also removed. The reports which are generated in Excel can be easily shared via mail and the benefit associated with this functioning of this system is, it can be tracked and retrieved easily.
Organized system of procurement- These systems are not meant for generating purchase orders but also help in tracking along with integrating with other departments. They are running on a cloud-based system which helps in allowing the real-time order tracking process from any location and device. These orders can be easily linked with invoices that help in removing the danger of mixing up the payments for the order which is made.
Best system of inventory management- These systems are the same as procurement systems that can be used for inventory management. The cloud-based system of inventory will help in boosting the process of automation along with security and real-time tracking.
Thus we can say that the system or purchase order tracking electronically will prove more useful than manually providing a couple of benefits to the company. The company benefits with its use as it is successful in saving time along with money, as compared to the manual process. The documents which are maintained manually are not safe in nature. On the other side, all the documents which are done electronically are fully safe and secure. If anyone wants to take out the details about the same, they can easily view the record of the past that will help them to show the real status of purchase order inventory.
There are many companies that are providing the main services of the PO tracking system which will prove more effective for the business. There are many companies who are spending a tremendous amount of time in generating the reports and hence they fail to do so. Some of the good points while using the purchase order system include the following:
Faster purchasing process- it will help in managing the locations of the different people along with help in access to your inventory. With this system, purchase order can be easily made which can be sent to suppliers with a single click.
MOQ- Software will prove best in assorting all the product groups which will help you in giving the Pos that are easily approved by both customers and suppliers.
Smart system- The purchase order system is best as it will help in the atomic generation of the PO that carries out the right details about the inventory. It will also help in the prevention of stock-outs which indirectly helps in meeting the demands of the clients. It is the best and effortless solution.
Thus Purchase Order Tracking is the best solution for the company where they will be giving many benefits to the employers and company people. It will help them in many areas which are not possible with a manual system.
