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Glossary of terms

Learn how PurchaseSmart can be your end-to-end solution.  

Requisitioning | Negotiating with Suppliers | Ordering | Receiving and Invoice Matching | Inventory Management | Asset Tracking | Analytical Tools

PurchaseSmart's™ automated requisitioning increases efficiency and practically eliminates maverick buying.

  • Create requisitions from catalogs, contracts, on the fly, or from third-party applications such as MRP system.
  • Create requisitions anywhere and anytime you have an Internet connection
  • Our Web-based "shopping basket" model is easy to use
  • Search catalogs by supplier, by commodity, or a variety of additional ways to suit your needs
  • Create contracts that contain specific pricing from individual suppliers
  • Buyers can search multiple catalogs for items by keyword, description, manufacturer or commodity type
  • Provide access to a limited number of catalogs, such as those of approved vendors
  • Customize your requisition workflow to mirror your current approval process

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Negotiating with Suppliers
PurchaseSmart™ supports a sourcing process that encourages buyers to order goods at negotiated prices, rather than non-negotiated ones.

  • Generate Internet-based price requests (bids or auctions)
  • Enable buyers to source goods from vendors at the lowest price
  • Automatically produce quotations from bids
  • Use our bid analysis tool to generate purchase orders from bids
  • Automatically update supplier performance data as receipt transactions are recorded
  • Automatically update pricing and catalog maintenance

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PurchaseSmart™ gives you control over the purchase order process to ensure you get the best price.

  • Split requisitions into multiple POs or convert multiple requisitions into a single PO
  • Convert requisitions to purchase orders and retain pricing history
  • Convert RFQs into purchase orders
  • Use PurchaseSoft's re-pricing function to ensure buyers can order goods at the lowest price

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Receiving and Invoice Matching
PurchaseSmart™ matches supplier invoices to purchase order and receipt information.

  • Capture partial deliveries, over deliveries and returns
  • Handle multiple invoices for the same purchase order
  • Create an accrual report that lists items that can be received, but are not yet invoiced
  • Transmit matched invoices to Accounts Payable already approved for payment
  • Update supplier performance information, such as quality and delivery
  • PurchaseSmart also integrates easily with ERP, legacy and financial systems

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Inventory Management
PurchaseSmart™ ensures that your inventory is always maintained at optimal levels.

  • Automatically route requisitions for stocked items to inventory for release and pick
  • Support multiple geographically distributed warehouses
  • Track all activity relating to the movement of stocked items in a warehouse
  • Consistently monitor available inventory to facilitate automatic replenishment
  • Manage inventory levels based on assigned reordering, below stock and maximum stock levels

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Asset Tracking
PurchaseSmart™ keeps track of all your assets, including office equipment, machinery and furniture so you can create real time asset records with a click of a mouse.

  • Create fixed asset records automatically upon receipt of goods
  • Track warranties and leases
  • Support straight-line depreciation, asset transfers and disposition

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Analytical Tools
PurchaseSmart™ gives you an extensive set of real-time analytical tools and reporting capabilities, so you can evaluate supplier performance, buyer purchasing patterns and pricing fluctuations instantly.

  • Track unauthorized requisitions
  • Evaluate department and commodity spending patterns
  • Evaluate pricing up to six different ways
  • List top suppliers based on dollar spending
  • Track non-contract purchases and negotiated purchases
  • Analyze supplier performance based on quality, price and delivery
  • Track buyer ordering cycles and processing times
  • Track the movement of stocked items
  • Monitor available inventory to facilitate automatic replenishment
  • Capture partial deliveries, over deliveries and returns
  • Track inventory that is ordered, but not yet invoiced
  • Create an up-to-date record of fixed assets-automatically

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