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Payhawk unveils Procure to Pay solution to streamline business spending

By Gloria Methri

November 22, 2023

  • Accounts Payable
  • Cross-border Transfers
  • FinTech

Payhawk, Spend Management Solution, Procure to Pay, Purchase Orders System, Procurement Operation, Cross Border Transfers, Accounts Payable, FinTech, UKPayhawk, the global spend management platform has launched a solution that helps businesses to automate their procure-to-pay process.

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. These inefficiencies can slow down business scaling and increase operational costs.

Payhawk’s entry into the Procure-to-Pay market aims to address these challenges. Building on its existing accounts payable solution, it introduces a Purchase Order system that allows for streamlined creation and approval of purchase requests, two three-way matching between invoices, Purchase Orders (POs), and Goods Received Notes (GRNs), and easy identification of discrepancies. This cohesive solution eliminates the time spent on manual data entry and approvals, and reduces errors, duplicate payments, and unnecessary costs.

Payhawk’s ongoing growth and strategic updates — including the recent implementation of its global payment solution, in partnership with Wise — underscore the company’s commitment to providing comprehensive, integrated spend management solutions.

Hristo Borisov, CEO and Co-Founder of 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 are 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 is about giving businesses the tools they need to manage their spending more effectively, reducing errors and saving valuable time. It is more than just a new feature, but a testament to our commitment to driving the future of spend management.”

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