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Glossary
Procurement & Legal

Accounts

After procurement, several other steps may be involved in the process of purchasing new software tools, such as:

Account Receivable

The Accounts Receivable team manages the organisation's outstanding invoices and ensures that payments are made on time. They may work with the procurement team to ensure invoices are correctly processed and authorised for payment.

Accounts Payable

The Accounts Payable team manages the organisation's payments to vendors, including software vendors. They may work with the procurement team to ensure payment terms are met and that vendor invoices are properly coded and recorded in the organisation's financial systems.

Purchase Orders

The procurement team is typically responsible for issuing purchase orders for software tools. A purchase order is a formal document outlining the purchase terms, including the price, delivery date, and other relevant terms.

Renewals

The procurement team is also typically responsible for managing software renewals, including negotiating new contracts with vendors and ensuring the organisation's software licenses are up-to-date.

Overall, the procurement, accounts receivable, and accounts payable teams all play important roles in purchasing new software tools and ensuring that the organisations.

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