In our personal lives or business ventures, we’re all familiar with the idea of recurring spend. This describes the patterns of purchases including services, contracts, blanket orders, ad campaigns, and even SaaS products.
This could manifest as a marketing automation software like Marketo or Hubspot, which is likely the backbone of your marketing operations and the lifeblood of your internal communications. Such services are equipped with an annual contract that renews each year, but in a case like this, there are other congruent spend patterns happening at the same time: the one-time implementation service fee, the monthly recurring fee to add more users and access, and additional user fees tacked onto specific features. With all of this going on at once, recurring spend can easily become convoluted and complex for companies to organize and navigate.
But what if you could track contract commitments, blanket orders, and recurring goods/services in an easy way? What if you could schedule future orders and automatically create receipts for purchases to allow 3-way matching of non-physical purchases?
Whether you’re an employee who needs to request service related purchases, or if you’re a department head in finance or operations who wants to track your remaining budget and budget consumption in real time, Procurify’s platform provides the controls and automates your recurring spend so you can save time and make strategic decisions about your budgets. Procurify ensures you have the right tools to save time by automatically tracking repetitive purchases and to have the ability to manage purchases with complex pricing structures, multiple delivery schedules, and open orders through long periods of time.
Even if the finance functions in your high growth company aren’t sophisticated, the stakeholders here are obvious – procurement processes always benefit from open contracts available for pricing negotiations and centralized vendor agreements, and your accounts payable functions always want to ensure that services have the necessary purchasing documentation and can be confirmed for payment.
Not only does this allow for the automation of monthly services like SaaS products or internet providers, but it also lets you skip a number of redundant steps with auto-receive for purchases and scheduled POs. For QuickBooks users, your post-approval process will be dead-simple, too – after a request has been approved, a PO can be made directly on Procurify without access to QuickBooks Online.
By having a spend platform to oversee your recurring spend, you can integrate purchasing patterns with your existing purchase order approval structure, easily collaborate with approvers, and achieve more effective post-approval control for employees to self-serve in setting up automated purchases, budget tracking, and contract adjustments. For department heads, it centralizes contracts and terms, while also allowing for better tracking and gives spend visibility for services and recurring expenditures to finance and operations.
Ready to get a grasp on those difficult, recurring spend patterns? Procurify’s easy Approval system is a few clicks away.