Overview

Automating purchase processes is essential for improving efficiency, reducing errors, and ensuring timely procurement in any business. iVendNext offers a comprehensive suite of tools to automate the entire purchase process—from Request for Quotation (RFQ) to Purchase Invoice. This guide will walk you through how to automate purchase processes in iVendNext, helping you streamline procurement and enhance operational efficiency.

1. Introduction to Purchase Process Automation in iVendNext

In iVendNext, the purchase process can be fully automated, starting from the creation of a Request for Quotation (RFQ) to the generation of a Purchase Invoice. Automation ensures that each step of the process is seamlessly connected, reducing manual intervention, minimizing errors, and speeding up procurement cycles. Key stages in the automated purchase process include:

• Request for Quotation (RFQ)

• Supplier Quotation

• Purchase Order (PO)

• Purchase Receipt

• Purchase Invoice

2. Prerequisites for Automating Purchase Processes

Before automating purchase processes, ensure that the following prerequisites are met:

• Supplier Setup: Suppliers must be created and configured in iVendNext. Refer to the Understanding Suppliers in iVendNext guide for details.

• Item Setup: The items for which you are procuring must be set up in the system.

• Tax and Payment Terms: Ensure that tax details and payment terms are configured for suppliers. Refer to the Tax and Payment Terms Configuration for Suppliers in iVendNext guide for more information.

3. Automating the Purchase Process: Step-by-Step

3.1 Request for Quotation (RFQ)

1. Create an RFQ: Go to Home > Buying > Request for Quotation and click on "New" to create a new RFQ.

2. Select Suppliers: Choose the suppliers to whom you want to send the RFQ. You can select multiple suppliers if needed.

3. Enter Item Details: Add the items for which you are requesting quotations, including quantities and any special requirements.

4. Send RFQ: Once the RFQ is created, send it to the selected suppliers. Suppliers can respond through the Supplier Portal.

3.2 Supplier Quotation

1. Receive Quotations: Suppliers will submit their quotations through the Supplier Portal. These quotations are automatically recorded in iVendNext.

2. Review Quotations: Go to Home > Buying > Supplier Quotation to review the submitted quotations. Compare prices, terms, and conditions.

3. Accept Quotation: Once you’ve selected the best quotation, accept it to proceed with the purchase.

3.3 Purchase Order (PO)

1. Create Purchase Order: From the accepted Supplier Quotation, click on "Create Purchase Order." The system will auto-populate the details from the quotation.

2. Review PO: Verify the details in the Purchase Order, including items, quantities, prices, and payment terms.

3. Submit PO: Once reviewed, submit the Purchase Order to the supplier. The supplier will then prepare and ship the items.

3.4 Purchase Receipt

1. Receive Goods: When the goods arrive, go to Home > Buying > Purchase Receipt and create a new receipt.

2. Match with PO: The system will auto-populate the details from the Purchase Order. Verify the received items against the PO.

3. Submit Receipt: Once verified, submit the Purchase Receipt. This updates your inventory and marks the items as received.

3.5 Purchase Invoice

1. Create Purchase Invoice: From the Purchase Receipt, click on "Create Purchase Invoice." The system will auto-populate the details from the receipt.

2. Review Invoice: Verify the invoice details, including taxes, charges, and payment terms.

3. Submit Invoice: Once reviewed, submit the Purchase Invoice. This will update your accounts payable and trigger the payment process.

4. Key Features of Purchase Process Automation

4.1 Auto-Population of Data

• Seamless Data Flow: Data flows seamlessly from one stage to the next (e.g., RFQ to Quotation to PO), reducing manual data entry and errors.

• Consistency: Auto-population ensures that all documents (e.g., PO, Receipt, Invoice) are consistent with each other.

4.2 Supplier Portal Integration

• Real-Time Communication: Suppliers can submit quotations and update information in real-time through the Supplier Portal.

• Automated Quotation Generation: Quotations submitted through the portal are automatically recorded in iVendNext.

4.3 Tax and Payment Terms Automation

• Tax Calculations: Taxes are automatically calculated based on the configured tax rules and categories.

• Payment Terms: Default payment terms are applied automatically, ensuring consistency across transactions.

4.4 Inventory and Accounting Updates

• Inventory Management: Purchase Receipts automatically update your inventory, ensuring accurate stock levels.

• Accounts Payable: Purchase Invoices update your accounts payable, triggering the payment process.

5. Best Practices for Automating Purchase Processes

5.1 Standardize Processes

• Define Workflows: Standardize the workflows for RFQs, Quotations, POs, Receipts, and Invoices to ensure consistency.

• Use Templates: Use templates for RFQs, Quotations, and Invoices to streamline document creation.

5.2 Monitor Automation

• Regular Reviews: Regularly review automated processes to ensure they are functioning correctly.

• Error Handling: Set up alerts for any discrepancies or errors in the automated process.

5.3 Train Your Team

• Provide Training: Ensure that your team is trained on how to use the automated features in iVendNext.

• Encourage Adoption: Encourage suppliers to use the Supplier Portal for submitting quotations and updating information.

5.4 Leverage Reporting

• Track Performance: Use iVendNext’s reporting tools to track the performance of your purchase processes.

• Identify Bottlenecks: Identify and address any bottlenecks in the procurement process to improve efficiency.

6. Conclusion

Automating purchase processes in iVendNext—from Request for Quotation to Purchase Invoice—can significantly enhance efficiency, reduce errors, and improve procurement cycles. By leveraging features like auto-population, Supplier Portal integration, and automated tax and payment terms, you can streamline your procurement operations and focus on strategic decision-making. Follow the best practices outlined in this guide to maximize the benefits of purchase process automation in iVendNext.