Procurement

The process of finding, acquiring, and buying goods, services, or works from an external source, often via a tendering or competitive bidding process.

Procurement is the process of sourcing, evaluating, purchasing, and managing goods or services from external suppliers.

- Used in the purchase-to-pay cycle to validate invoices, approvals, and supporting documents.
- Used to strengthen internal controls over purchasing and supplier payments.

- Example: Before payment, the AP team applies **Procurement** to confirm the invoice matches the approved purchase documentation.

- Why it matters: Prevents incorrect/duplicate payments, reduces fraud risk, and improves accuracy of payables and expenses.