While a procurement system can provide significant benefits as a standalone system, integration with accounting and financial processes is a frequently requested capability. There are three primary touch points between our supplier management and sourcing system and the typical accounting and financial system:
Synchronizing the supplier management system with the accounting system vendor database
Creating a common identifier is both systems is essential to allow linking of the databases. Often a one-way integration that pushes vendor information at the time of award is the best way to achieve this goal. In most cases it is not necessary to have vendor records in the accounting system unless they are under contract.
Converting Requisitions to RFQs
Depending on the volume of RFQs that you are creating, an automated batch process or web service can be used to take a Requisition and convert it to a RFQ that can be distributed for supplier competition through the sourcing system. This process can include the creation and notification of relevant suppliers.
Awarding RFQs to create Purchase Orders
At the end of the RFQ process, the buyer uses the sourcing system to analyze bids and make award decisions. Similar to the Requisition process above, an automated batch process or web service can be used to take the Award information from the Sourcing system and export it for use in the internal Purchase Order process.
These are just three examples of the key touch points for integration with which we have experience.