|| PGDM'25🖋️📒 || Finance_Intern @VoltasBeko | Finance and Business Analytics enthusiast | SEBI Certified Investor | Leadership | Adaptable | Quick Learner |Member of Cultural Committee @I Business Institute
⭐ Learnings & Exposure during Internship ⭐ 😊 Hello Connections as you know currently I am getting exposure as Finance & Accounts Intern in one of the established organizations in the Home Appliances Industry. Analyzing the procurement-to-payment cycle in organization to show the importance of vendor management, cost analysis, and strategic planning are. 👉 Following 10 stages are involved in Procurement to Payment Cycle : 1) Finance Department receives request for purchase : We Received a request for purchase from a department. A department representative or requestor submits a purchase requisition form or request online. 2) Approval: We Review the purchase request and verify budget availability. The request moves through an approval workflow, with designated approvers signing off at each stage. 3) Vendor Selection: Now starts the process of choosing a vendor, requests bids, and assesses them according to their quality, price, and other criteria. Vendor quotations and evaluation criteria are compared and that particular vendor is marked. 4) Purchase Order: Then we generate a purchase order (PO) once the vendor is selected and approved. A PO document is created and sent to the vendor, outlining the goods or services to be purchased, quantities, prices, and terms. 5) Goods Receipt: Later on we tracked the receipt of goods against the PO. And updates are made to the system as goods are received, indicating quantities received and any discrepancies. 6) Invoice Processing: We Match vendor invoices with POs and goods receipts, verifies accuracy, and processes for payment. Invoices are matched against POs and goods receipts in the system, with discrepancies flagged for resolution. 7) Payment Authorization: In this stage we review and approve invoices for payment. The authorization process explains how invoices are approved, with final approval coming before payment is processed. 8) Payment Processing: Now Processes payments to vendors. Payment transactions are initiated and recorded in the accounting system, reflecting the outflow of funds. 9) Record Keeping: Maintaining records of procurement transactions for financial reporting and auditing purposes. Documents, including purchase orders, invoices, and payment records, are filed and organized for easy recovery. 10) Analysis and Reporting: Now we analyze procurement data and prepare reports on spending, budget variances, and vendor performance. Reports and dashboards on procurement information and trends can help identify opportunities for improvement. In this Way Procurement to Payment Cycle works ✌ I Business Institute #Learning #exposure #summerintern #internship #voltbek #summerinternship
SIP @ Dabur || PGDM'25 || Finance and Business Analytics || SEBI Certified Investor || Learner || NCC cadet || Graduate in Music || Member of Finance, BA , Entrepreneurship and Digital Committee @IBI
1moKeep learning sam 👍