What is P2P cycle in interview?

What is P2P cycle in interview?

Also known as purchase-to-pay and P2P, procure-to-pay is the process of requisitioning, purchasing, receiving, paying for, and accounting for goods and services, covering the entire process from point of order right through to payment.

What is P2P cycle in Oracle?

Procure to Pay process which is also known as P2P cycle is followed by any organization in any ERP system if they would like purchase any products for example raw materials, office supplies, infrastructure etc. When there is a purchase there should be a payment.

What is procure to pay in Oracle Apps?

Procure to Pay (P2P) Cycle Overview: ➢Procure to Pay Lifecycle is one of the important Process in Oracle Applications. ➢Procure to Pay means Procuring Raw Materials required to manufacture the final or finished Goods from a Supplier to Paying the Supplier from whom the material was purchased.

What are the steps in the procure to pay process?

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  1. Step 1: Identify needs.
  2. Step 2: Create requisitions.
  3. Step 3: Purchase requisition approval.
  4. Step 4: Create a PO/spot buy.
  5. Step 5: Purchase order approval.
  6. Step 6: Goods receipt.
  7. Step 7: Supplier performance.
  8. Step 8: Invoice approval.

What is the difference between purchase-to-pay and procure to pay?

The key benefits to purchase-to-pay are efficiency, cost savings, and increased financial and procurement visibility. Procure-to-pay is a term used in the software industry to designate a specific subdivision of the procurement process.

What is procure to pay interview questions?

P2P Interview Questions And Answers

  • Q3) Can you give a sample Process Flow for Procure to Pay Cycle?
  • Q4) What is the difference between EFT & Wire?
  • Q5) How many types of purchase order types/agreements are there?
  • Q8) What are the base tables that are affected when you create a P.O?

Why is procure payment important?

Enhanced Visibility for Better Decisions: An automated procure-to-pay system helps to eradicate unnecessary costs in manual procurement processes and increases visibility, compliance and sourcing velocity, while reducing risk at every stage of the procurement lifecycle.

What is the importance of procure to pay cycle in the business?

Improve supplier relationships – By utilizing the supplier portal, suppliers can know when they will receive payment and that gives them the information necessary for better decision making. Quicker resolution on invoice exceptions and disputes also engenders goodwill and allows buyers to gain greater visibility.