Global spend management platform, Payhawk, has launched a new Purchase Orders system. The solution streamlines procurement operations by integrating purchase requests, approvals, Purchase Order creation, three-way matching and the ability to pay in local or cross-border transfers in one seamless platform.
In the past, procurement processes have often involved tedious manual data entry, scattered documentation, and multiple tools. Payhawk says that these inefficiencies can slow down business scaling and increase operational costs.
Payhawk’s entry into the Procure-to-Pay market addresses these challenges head-on.
Building on its existing accounts payable solution, it introduces a Purchase Order system that allows for streamlined creation and approval of purchase requests, two- or three-way matching between invoices, Purchase Orders (POs), and Goods Received Notes (GRNs), and easy identification of discrepancies.
According to Payhawk, this cohesive solution eliminates the time spent on manual data entry and approvals. It reduces errors, duplicate payments and unnecessary costs, while providing an overview on committed spend. It is, says Payhawk, reinforcement of its commitment to optimise business spend management.
Payhawk partners with Wise
Payhawk’s ongoing growth and strategic updates includes the recent implementation of its global payment solution in partnership with Wise. The collaboration, announced in October, enables Payhawk customers to make transfers in over 50 currencies across more than 160 countries directly from the platform
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It underscores the company’s commitment to providing comprehensive, integrated spend management solutions. Hristo Borisov, CEO and co-founder if Payhawk, said:
“Payhawk’s vision has always been to simplify and streamline our customers’ financial operations. With the introduction of our Procure-to-Pay solution, we’re further optimising our customer’s experience of the Payhawk platform. This solution, coupled with our free local transfers and the most competitive FX rates for International Business Payments with Wise, enhances our automated accounts payable offerings. It’s about giving businesses the tools they need to manage spend more effectively. It reduces errors and saves valuable time. It’s more than just a new feature, but a testament to our commitment to driving the future of spend management.”