Finance sends over the payment to the vendor in the preferred method of payment. PaymentĪfter the goods have been received or the service has been completed, it’s time for your vendor to be paid. This is the last chance your organization has to change the request, so it’s important to double-check both the invoice and the order for the correct items/services at the correct price. The vendor will also send over an order, which is another detailed description of the goods or services requested. The invoice will also give a deadline for payment, and you’ll need to submit payment before the deadline or else there may be a penalty (which is usually detailed in the invoice, as well). The invoice is a request for payment and gives a detailed breakdown of the cost. The vendor will then submit an invoice to the purchaser. If your company intends on ordering from this vendor long-term (or if your company relies on a lot of third-party suppliers in general), you may want to develop a supplier onboarding process to ensure both parties understand what's expected. That purchase order signals to the vendor that the purchase request has been approved and that they can proceed with the request. Quantity and description of item or service requiredĪfter the purchase request has been approved, the finance department will issue a purchase order to the vendor.You should provide purchasing with the following details: After you’ve identified the vendor and agreed on the details, you’ll need written approval from the department responsible for approving purchases.
Now it’s time to get approval for the purchase.
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