A procurement outsourcing contract that covers approval workflow, material acquisition, purchase order, expediting, material and invoice receipt, invoice payment, financial performance, compliance management, policies and procedures, and performance and results reporting is called:

A. source-to-pay (S2P).

B. procure-to-contract (P2P).

C. source-to-contract (S2C).

D. third party logistics (3PL).

E. procure-to-pay (P2P).

Question

Business

Picasso

7 March, 05:13

A procurement outsourcing contract that covers approval workflow, material acquisition, purchase order, expediting, material and invoice receipt, invoice payment, financial performance, compliance management, policies and procedures, and performance and results reporting is called:

A. source-to-pay (S2P).

B. procure-to-contract (P2P).

C. source-to-contract (S2C).

D. third party logistics (3PL).

E. procure-to-pay (P2P).

+3

Answers (1)

Know the Answer?

Tori Palmer · Answer 1

The correct option is E

Explanation:

Procure-to-pay (stated as P2P), it is the procedure or process for obtaining or gaining the raw materials required for the manufacturing of the products or offering a service and making the payment for the same.

In short it is described as, it is the process for receiving, requisitioning, paying as well as purchasing for as well as accounting for the goods and services.

Therefore, the contract of procurement outsourcing covers the compliance management, expediting material, material acquisition, purchase order, policies and procedures and results and performance is referred to as the Procure to Pay.