Budget-friendly spend management software like Procufiy may become game-changers for medium-sized businesses to simplify their spend management and procurement activities. This article will highlight some of the key features of Procurify procurement management solution for customers and its usability for small to medium-sized businesses.

The global supply chain across industries has taken a hit by Covid-19 induced movement restrictions and production disruptions. To maneuver within this demanding post-covid business climate, cloud based procurement and spend management solutions have become more of a necessity than a luxury for businesses.

To begin with, let’s quickly get familiar with the concept of spend management.

A Quick Overview of Spend Management: What is it?

Spend management is how you manage and control your company’s discretionary and variable costs. It primarily deals with direct and indirect purchases, travel expenses, and using the external workforce.

What Are the Benefits of Using a Cloud Procurement Solution?

A cloud procurement solution gives you ain real-time. It eases the entire procurement process from requisition to purchasing to payment and lets all the departments use the same online platform. One of the main advantages of choosing a cloud procurement software is that it is secure, you do not have to worry about server maintenance, but the downside to that is that you will not be able to enhance or change the design because it is controlled by the company.

In summary, a good procurement solution provides the following:

• Instant and complete view of business operations.
• Precise data from accounts.
• Transparent process.
• Greater efficiency and risk management.
• Optimal spend and greater return on investment
• Valuable business insights.
• Better security.

Now we will see how Procurify qualifies as a spend management solution and whether it is a good choice for small to medium-sized businesses.

What is Procurify?

Founded in September 2012 in BC, Canada, Procurify is a cloud based procurement software for businesses to ease their spend management. It allows consolidated spend management where different teams can collaborate and at the same time handle their own procurement process. The software seamlessly integrates all the procurement steps starting from requisition to payment, under one cloud-based platform.

The services offered by Procuify are not free.

Key Modules of Procurify

Let’s see what Procurify offers for its customers and how it operates.

What are the Main Features?

First, we will start with the platform’s main features. Below, we have handpicked a few good features for you from several others.

• Approval management: Procurify lets you tailor your approval process to match your organizational policies and structure.

• Instant tracking and insights: Before approving any requisitions, you will see their impact on the total budget.

• Analyze vendors and catalog: For each item, you will get a complete picture of the vendor’s performance based on several metrics.   

• Physical and virtual cards: You can issue virtual and physical cards to your team members so that they can make purchases on their own within approved limits.

• Integrated communication: You can use the platform’s internal communication mechanism and also integrate Slack to communicate with all departments and team members.

Some other useful features include:

• User-friendly and feature-packed mobile app.
• Customized user permission and access control.
• Organizing recurring spends.
• Reporting and auditing capabilities.
• Cross-platform support for popular accounting and ERP tools.

Now we will take you through the entire workflow of Procurify.

How does Procurify Organize your Process?

Procurify handles all of your procurement tasks in 5 steps – Request, Approve, Purchase, Receive and Match & Pay.

Let’s get introduced to how the interface looks like:

First, in the dashboard, the buttons on the left side give you instant access to each stage.

1. Request

On the request page, you can control visibility for all user levels. Users can only create requests and receive items at the basic level without accessing any other information.

It will let you create requests for any product or services from a drop-down list of preferred vendors.

You will be able to add items through import, supplier’s portal, or product catalogs.

2. Approve

Here, you will set multiple layers of approvals or even set it to zero layers.

This page will give you a clear picture of who requested the item and when it is needed. It will also generate real-time budget insights.

3. Purchase

On the Procure tab, you can do the actual purchasing. With as little as just four clicks, you can finish purchasing. You can also chat with your team members and avoid using multiple approval layers to save time.

4. Receive

You can track the received items accurately by taking pictures on the mobile app.

5. Match and Pay 

It will let you approve bills and release payment with ease. All concerned stakeholders can participate as well.

What are the Pricing Options?

Procurify offers three different pricing plans to match your organizational needs – Pioneer, Voyager, and Enterprise. The core features, along with mobile apps, Google login, and data exports, are included in all plans. For additional integrations and single sign-ons, you can also opt for Voyager. The Enterprise plan additionally offers API access and multiple domain entities.

The pricing models are set on a per-user basis and fully customizable.

Why is Procurify a Great Choice for Medium-sized Companies?

Here are the main reasons Procurify can be an excellent choice for your business.

Ease of Use and Accessibility

The platform is straightforward and intuitive to use. On top, all the features are available in the mobile app, letting you run your office literally on the go.

Clients

The platform is already trusted by many reputed clients globally.

Easy Integrations

Procurify supports integration with several tools and platforms, including:

• NetSuite
• QuickBooks
• Slack
• Amazon Business Punchout
• API Connection
• Staples Punchout

The following workflow diagram shows how smoothly Procurify syncs activities with NetSuite.

When it comes to features such as integration, supplier network, sourcing, and supplier risk:  solutions like SAP Ariba can smoothly handle the spend management to a great extent for larger companies. However, such large deployment may easily be overkill for smaller and medium-sized companies due to tighter budget constraints and operational limits.

In that aspect, Procurify is an excellent platform with the necessary capabilities for smaller and medium-sized companies to rely on.

Concluding Note

Real-time visibility, cloud-based operation, and integration with other platforms for financial reporting are some of the most valued features that small or medium-sized companies look for in a spend management solution. And, when many of the elements are available through a mobile app, it is indeed a great convenience. Procurify is an excellent solution for businesses looking to optimize and modernize their spending management.