Q. What is P2P process in Business and its traits?

Ans- Procure-to-pay also known as the P2P is the process coordinated and
integrated action taken to fulfill a requirement for goods or services in a timely
manner at a reasonable price. It involves a number of sequential stages, ranging
from need identification to invoice approval and vendor payment. Steps in a
procure-to-pay process need to be executed in a strict order.
Based on organizational practice and the requirement in question, procurement
leaders choose to complete the most relevant stages of a procure-to-pay process.
This is where a tool like Kissflow Procurement Cloud comes in. You can customize
your flow according to your business needs. But, here’s how a basic procure-to-pay
process looks like.

Step 1: Identify needs

The first step of a procure-to-pay process is to determine and define the business
requirements with the help of cross-functional stakeholders. Once a valid need is
identified, procurement teams sketch out high-level specifications for goods/products and
terms of reference (TOR) for services, and statements of work (SOW).

Step 2: Create requisitions

After finalizing the specifications/TOR/SOW, a formal purchase requisition is created. A

requester submits the filled-out purchase requisition form after ensuring that all necessary
administrative requirements are met. Requisitions can be created for any type of
procurement from standard purchases to subcontracts and consignments.

Step 3: Purchase requisition approval

Submitted purchase requisitions are then reviewed by department heads or procurement

officers. Approvers can either approve or reject a purchase requisition after evaluating the
need, verifying the available budget, and validating the purchase requisition form.
Incomplete purchase requisitions are rejected back to the initiator for correction and
resubmission.

Step 4: Create a PO/spot buy

If the requested goods/products have characteristics such as unmanaged category buys,

one-time unique purchases, or low-value commodities, then a spot buy can be performed.
Else, purchase orders are created from approved purchase requisitions.

Step 5: Purchase order approval

Purchase orders are now sent through an approval loop to ensure the legitimacy and
accuracy of specifications. Approved purchase orders are then dispatched to vendors.
After reviewing the purchase order vendors can either approve, reject, or start a
negotiation. When an officer approves a purchase order, a legally binding contract is
activated.

Step 6: Goods receipt

Once the supplier delivers the promised goods/services, the buyer inspects the delivered
products or services to ensure that it complies with the contract terms. The goods receipt
is then approved or rejected based on the standards specified in the purchasing contract
or purchase order.

Step 7: Supplier performance

Based on the data obtained from the previous step, the supplier performance is evaluated.
A number of factors like quality, on-time delivery, service, contract compliance,
responsiveness, and Total Cost of Ownership (TCO). Non-performance is flagged in
existing rosters and information systems for future reference.

Step 8: Invoice approval

Once a goods receipt is approved, a three-way match between the purchase order, the
vendor invoice, and the goods receipt is performed. If there are no discrepancies found,
the invoice is approved and forwarded to the finance team for payment disbursement. In
the case of inaccuracies, the invoice is rejected back to the vendor with a reason for
rejection.

Step 9: Vendor payment

Upon receiving an approved invoice, the finance team will process payments
according to the contract terms. Any contract changes or reviews of liquidated
financial security will be taken into account. A payment made to a supplier will fall
into one of the following five types: advance, partial, progress or installment, final,
and holdback/retention payments.

Business services is a general term that describes work that supports a

business but does not produce a tangible commodity. Information technology
(IT) is an important business service that supports many other business
services such as procurement, shipping and finance.

A good business service aligns IT assets with the needs of a company's

employees and customers and support business goals, facilitating the ability
of the company to be profitable. Documenting the value that an IT department
provides to the business often involves an audit of IT infrastructure processes,
the creation or updating of an IT service catalog and/or the provisioning of
an employee self-service portal to improve communication.

Business service types

There are many types of services that offer companies convenience, luxury and
expertise. Some are essential to nearly all businesses, while others are rewarding
services that improve work satisfaction. Here are some examples of business services
to consider implementing within your organization:

1. Software services

Software services enhance features and upgrade the security for a company or
individual's technological devices, such as computers and phones. These services
provide anti-virus protection and update applications to be more user-friendly and
effective.

2. Training services

A company may benefit from hiring a training company to teach employees specific
computer skills or soft skills. In these cases, the company may hire an outside party to
lead training sessions, workshops or presentations to help team members improve or
learn a certain skill.

3. Event planning services

Companies can hire an event planning service for office parties, fundraising events and
other corporate functions. The event management service is responsible for finding
venues, supplies, staff and catering, if applicable.

4. Consulting services

Businesses can use consulting services for a variety of projects, including financial
budgeting, landscaping, audits and more. Consulting services allow a company's
management team to gain skills and perspectives on topics that they don't know much
about.

5. Marketing services

If a company wants to gain more business and public attention, it may consider
outsourcing marketing services. Marketing services help companies advertise their
products, services and brand by creating marketing campaigns. Though some
companies have internal marketing departments, others outsource this labor in order to
receive faster and higher-quality results.

6. Waste management services

Waste management services help businesses and individuals keep a clean working
environment. Companies generate a sizable amount of garbage each day. Waste
management services gather this garbage and take it away to landfills and recycling
facilities so that a company's workspace and the surrounding area stay clean.

7. Construction services

If a company is interested in expanding or renovating its office space, it may need to

hire a construction team to build the space. Hiring a team of experienced construction
workers ensures that they complete any office renovations or expansions in a safe and
efficient manner. Construction teams usually use their own tools as well, so the
company does not have to rent or buy expensive equipment.

8. Legal services

A company may want to hire legal services if they need to draft business agreements,
ask for advice or navigate a legal issue. Legal teams or individuals can offer guidance,
advice and expertise to a company to ensure its legally binding documents uphold the
organization's original intentions.

9. Health and wellness services

Some companies hire health and wellness experts, such as nutritionists, therapists or
other doctors, to promote good health for their employees. These health services are
available to the company's employees if they are feeling unwell. Having these services
can help encourage good health practices and ultimately improve workplace
satisfaction.

10. Insurance services

Companies need insurance services not only to provide health and life insurance for
employees but also for its property and practices. Insurance services help reduce a
company's financial liabilities.

11. Security services

If a company is hosting a special event, works with a sensitive subject or is in a highly

populated area, it may hire security services to ensure the safety of its employees and
guests. Companies can hire security professionals for single events or for daily
operations.
12. Travel services

When an employee is required to travel for work, it is customary for the company to
provide travel arrangements. Travel services can make this process much simpler.
These services can help ensure travel plans are accurate and cost-efficient.

13. Research services

Companies can outsource research services to save time and ensure accuracy.
Research service businesses may conduct academic research, experiments and focus
groups to help the company reach its goals. For example, a company may hire an
agency to complete market research and gather information about competitors.

14. Design services

When a company wants to create a website or other media, it may need to hire a design
service, such as a graphic or website designer. These professionals create websites,
logos, advertisements and other promotional content for companies to increase public
interest.

15. Finance services

Companies often hire financial professionals to help prepare tax documents, budgets
and audits. These financial services allow companies to understand their financial
position and ensure that their fiscal practices are beneficial.

16. Delivery services

Delivery services allow companies to receive essential supplies without having to

physically shop for the items, saving time and offering convenience for employees.
These business services also can help companies transport their products to
customers.

17. Real estate services

Many companies rent their office or retail space instead of owning it. Real estate agents
help companies find workspaces and arrange rental agreements.

18. Child care services

Though not always offered, some companies hire caregivers to host in-office day cares.
This helps employees maintain a better work-life balance and save time and money by
providing them with reliable child care. This service is more commonly offered in
workplaces like hospitals and some schools.
19. Utilities

Utility service businesses provide water, electricity and gas to companies in order to
keep workplaces running smoothly.

20. Printing services

Companies use printing services to mass-produce promotional and specialty items.

Print shops often have their own special equipment, such as laminators or photo
printers, that many companies do not own themselves.

21. Personal services

Personal business services include anything that can improve an employee's work life.
Some companies hire servicers to provide exercise centers, transportation assistance
and relaxation areas. These personal services improve employee satisfaction, allowing
them to reach their full working potential.

22. Landscaping

Landscaping businesses design and maintain the land around company property. This
service allows companies to have an appealing and well-kept lawn without having to
purchase special equipment or spend the extra time and effort to maintain it
themselves.

23. Pest extermination services

Companies need animal control or pest exterminators to handle occasional infestations.

Hiring a pest extermination service ensures that the infestation is addressed safely and
quickly. Pest control is important for the overall health and safety of employees and
helps companies avoid code violations.

24. Maintenance services

Companies need maintenance service professionals to fix appliances and other

malfunctioning equipment. Maintenance professionals help ensure that a company's
property functions properly, and they're available to address service requests as
needed.

25. Tech support services

Tech support professionals work with companies and individuals to help troubleshoot
any problems regarding networks, computers or other technology. These business
services help companies solve tech problems quickly, which allows employees to
remain productive.
26. Bookkeeping services

Companies can hire bookkeeping services to maintain accurate records of employee

information and fiscal activities. Bookkeeping professionals lend their expertise to offer
convenience for companies. These services focus on record-keeping and data entry
and allow employees to focus on other work instead of filing documents.

27. Video and photography services

Companies use videos and photos for training, promotion and other purposes. A
company may want to hire a photographer or videographer to create this content to
guarantee a high-quality result. Many videographers and photographers also edit their
own work, which is beneficial for companies that don't have their own editing tools.

28. Translation services

A company may need to hire a translator or interpreter to reach a wider range of clients
or to accommodate an employee. Translators and interpreters join meetings,
conferences and conversations to help overcome language barriers and promote
inclusion.

29. Parking services

Parking service professionals, also known as valets, wait by building entrances to park
a guest's car for them. This is a convenient service that saves time and helps to use
parking lot space efficiently. In heavily populated or high-traffic areas, a company may
hire valet services to accommodate guests, customers and employees.

30. Public relations services

Public relations professionals represent companies to help each organization maintain a

good public image. Public relations specialists may draft press statements, manage
social media accounts and help organize campaigns to improve a company's reputation.