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Below mentioned are the Top Frequently asked Oracle Procure To Pay Interview Questions and Answers that will help you to prepare for the Oracle Procure To Pay interview. Let's have a look at them.
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Well, it is an approach that is commonly called P2P. Basically, it is the process of fulfilling the need for raw material which is required to accomplish manufacturing and other important tasks within an organization simply. The payment making of the raw material is also included in this. One of the best things about this cycle is it easily enables them to manage their cash flow without facing major issues.
The very first thing that enables the users to keep up the pace simply is nothing but planning. Planning is actually mandatory to manage things at their level best. This clearly states the type of material required and exactly when. It also reflects the price at which a company is liable to pay them. Next is to prepare a list that gives information about the vendors who are in a position to supply the requirement reliably. Organizations can ask for the quotation and other useful information from them so that final decisions could be taken.
Well, there are certain benefits to this. The very first thing is users can keep a close eye on the overall consumption. In addition to this, supplies and goods can easily be managed in a reliable manner. This makes it easy for users to understand how and when they have to buy the goods next time. Moreover, a closed eye can be kept on the way the goods are utilized in the organization. There are several other good things that simply enable organizations to derive results in this matter.
Well, the best way is to match the stock received with the consumption register. This simply gives all the information regarding the error. If there is still a mismatch, there are chances that the received stock has an error in it.
The vendor should be in a position to supply them on time. This is necessary to make sure no deadline of the project is violated under any situation. The next big thing about the vendor to pay attention to is the track record of them in providing the supplies. Vendors would cop up with the policies of the organizations and should provide top quality keeping the price as low as possible.
It simply enables buyers to make sure that no damaged goods have been supplied to the buyers. In case there is an issue with the goods provided, buyers can raise a refund or a replacement for the same. Verification at a later date than receiving the stock can create conflicts between both parties. If the stock is not as per requirement, obviously it is a huge loss for the buyer.
There are many problems that can declare their presence and a few of them are:
Most of the errors declare their presence only when there is a lack of communication between the different departments in an organization. There are actually various factors that can influence the same such as personal conflicts, lack of tools, employees on leave, and so on.
Most of the business faces the problem in the initial stage with the stock and raw supply management. This is because the Procure to pay is basically a process that is related to multiple departments in an organization. It generally makes an impact on accounting, production, as well as on purchase. Because each department has to maintain records at their own end, there are certain issues which they need to face with time.
These are the Purchase department and the finance department. Effective communication between both of them is necessary. This is because there are chances that the purchasing department may place an order which is beyond the budget of the finance department. Of course, this will create issues among them both. The purchase department has to get final approval from the finance department before finalizing any order.
Timely payment always makes sure of healthy relations between the vendor and the buyer. Harming this relation is not good for both as it can largely impact the production and the overall availability of raw material. Sometimes vendors delay the delivery because of no other reason than a delay in payments. This can lead to significant losses for the business.
Well, it’s nothing but the vendor bill or other related documents when traveling through different departments for the fulfillment of the formalities necessary for the payment.
It is basically an important document that is prepared by the company after receiving the goods from the vendor. It can be used at a later date or stage to compare whether what has been supplied is the same as what was ordered. In addition to this, the receipt can be compared with the purchase order for matching purposes.
One of their prime responsibilities is to buy and make sure of the availability of goods. They need to make sure they are buying the same at the best available prices so that profits for the organization can simply be enhanced. Those with a good background in academics and finance can enable organizations to get results better than expected.
There are certain times when the need for the same is felt. The very first thing is when there is a conflict between the vendor and the organization due to any reason. Also, when there is always a delay in the delivery of goods from the vendor side, it’s better to look for a new one. In addition to this, when a supplier fails to meet the desired standards, there is a need for this.
Of course, this can help them in saving their money and vendors often don’t mind when organizations have to place bulk orders.
There are several core functions related to a business that is directly or indirectly dependent on this. This is one of the leading reasons why it is considered an important module for corporate strategies in most businesses.
Purchasing is actually a subset of procurement. Most people think it’s simply buying goods & services and nothing else. However, it is far beyond the same in the real sense. There are many critical steps that need to be focused and a few of them are:
It is necessary that the material should be of top quality. It shouldn’t be hazardous for the health of the workforce and the environment. Organizations make sure the same is effectively used with minimum wastage and it is actually the responsibility of the concerned departments. A strong relation is to be built with the vendors so that maximum efficiency can be assured.
The following are the important steps in the procure to pay cycle:
Yes, this is possible. However, it can sometimes lead to additional problems. Only experts in procurement can consider it reliably and without affecting the overall output. It is necessary to pay attention to the cons associated if one wants to tailor the steps in this cycle to get the desired outcomes.
Generally, all the sourcing activities such as goods selection, negotiation are related to procurement and are very important for any organization involved in the production. On the other side, purchasing is a process that clearly states how services, as well as goods, are to be ordered by the organization. There are certain methods and each method can influence other tasks and therefore paying attention to them is very important.
No, this is not true. Different organizations need to adopt different processes that are different depending on organization size and many other factors.
It stands for Purchase order and is basically a document that is issued by the finance department after things are finalized.
There are actually certain things which are really very important. It is not possible for organizations to make sure that everything goes best in the process if they don’t pay attention to this. The very first thing is to pay attention to the selection of vendors who have a good reputation in the market. Once they are selected, the next is to establish the payment terms which make sure no future conflicts. Procurement is actually an umbrella term in which purchasing can be considered integrated.
Recognizing the need for a product→Specifying the need→ Exploring source options→Looking for price and terms→Making purchasing order→Product Delivery→Purchase Inspection→Invoice Approval & payment to vendor→Maintenance of record
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There is always some form of sensitive information which organizations have to share with the vendors. Signing such an agreement always makes sure that the information remains secure and there are no chances of leakage of the same.