Best Purchase Order Software

Best Purchase Order Software in 2023

By Team TranZact | Published on Nov 24, 2022

Do you want to make your procurement and production processes faster and error-free? That’s where a Purchase Order (PO) comes into the picture. It is a commercial document that you issue to your vendors to order goods and services.

The efficient management of your purchase orders is crucial to ensure that you get the right supplies on time. But it is no mean feat for businesses, especially for SMEs to create and manage their purchase orders in a timely manner. The lack of skilled manpower in small businesses further complicates this problem.

Therefore, as an SME manufacturing business, a PO software can greatly support the management of your procurement process in an automated manner to mitigate delays.

The best purchase order software equips department managers to control purchase requests in real time and ensure the smooth inflow of materials required for production.

Read on to understand more about PO software or procurement software.

TranZact - Best Inventory Management Software

Best Purchase Order Software

  1. TranZact

  2. Team Procure

  3. Netsuite

  4. Procurify

  5. Spendwise

What Is a Purchase Order Software?

Software for purchase order management is a tool that automates the creation and supervision of purchase orders right from the purchase requisition stage to delivery. It enables automated tracking of all POs, and helps to maintain an easily accessible record of all order details, thereby saving time and energy.

Managing purchases is a key function within the manufacturing process and it is important to automate as much of it as possible to cut down costs and minimize order delays. A purchase order software provides business owners and managers with all the tools required to digitize the end-to-end material-purchase process. It also ensures that you have the right inventory on hand, and all your materials are received on time from suppliers.

In just a few clicks, a purchase order and inventory management software avoids the problem of overstocking and shortages by planning procurement effectively, and also preparing an accurate list of materials needed for production. This contributes to meeting customer demands better and providing them with an enhanced overall experience.

Types of Purchasing Software

There are various types of PO software and knowing about them will help you to decide which one you must adopt for your company:

Automated Purchasing Software

This type of PO Software generates purchase orders automatically. It recommends various items, quantities, and vendors based on your business requirements and past order history.

Inventory Management Software

An integrated inventory and purchase order software ensures that your inventory is not overstocked or does not run out of stock either, and it plans purchases accordingly. It also tracks customer orders and decides the raw materials required at every stage of production.

Enterprise Resource Planning (ERP) Software

This type of purchase order software oversees various aspects of your business from start to finish including inventory, purchases and procurement, vendor management, production and accounting. Every ERP software covers different features and may differ from industry to industry.

Features of Purchasing Software

The key features of a purchasing software should essentially enable efficient management of all POs for a business by ensuring that inventory and production teams have all the necessary supplies in time for production.

Here is a list of features that sets apart an ordinary purchasing software from an exceptional one:

1. It is cloud-based

The most important factor for a purchase order or purchasing software is that it is cloud-based, and doesn’t occupy unnecessary space on your devices. By using the web for storage and operations, a cloud-based purchasing software makes a perfect fit for the dynamic production requirements of small businesses.

2. Automated purchase order creation

A purchasing software should ideally be an intuitive tool that drafts purchase orders hassle-free, based on the requirements of your business. Once you receive orders from customers, the software identifies the materials you need for production, and prepares a list of material requisition to be sourced from suppliers.

3. It checks and verifies your orders

Using this purchase requisition draft, the software shares it for approvals as needed and confirms it as a Purchase Order that can be sent to appropriate vendors without causing unnecessary hold-ups. A purchase order management software also helps you to verify details in the final PO to ensure that you always get the right supplies without delays.

Benefits Of Purchase Order Software

A Purchase Order software provides several value-adding benefits for SMEs that accelerates the purchase functions of a manufacturing business manifold:

1. It is easy to use, time-saving & cost effective

A purchase order software for small business saves precious time by creating a PO within seconds. You don’t have to manually note down and verify every item that you need to buy. Isn’t that amazing?

An automated and easy to use purchase order tool like TranZact also assists in easy approval of the purchase order by the management and sends it across to the vendor.

This equips your team to manage their purchases seamlessly and saves costs on hiring added skilled staff to handle manual purchasing tasks.

2. It boosts business efficiency

During the preparation and management of POs, a single error may cost significant loss. A purchase order software oversees the end-to-end procurement process and also integrates it with other aspects of your business like inventory and production to enhance business productivity and efficiency.

3. It provides robust security

With a trusted purchasing software, you can be assured about the privacy and security of your business data, as it provides strong security measures to ensure your data always stays safe and protected.

4. Strengthens vendor collaboration

As purchase teams juggle numerous requirements they tend to miss out on placed orders and may forget to follow up on the same. It’s also possible that they erroneously place duplicated orders which in turn strains the stock levels.

A PO software enables seamless collaboration on a centralized platform and also aids easy negotiation with external stakeholders. This improves relationships between buyers and sellers to ensure error-free production cycles.

It provides BOM solutions for small and medium-sized enterprises. You can access their business solutions through a web browser.

Speed Up Your Purchases With the Best Purchase Order Software

With an expert purchase solution like TranZact, you can auto follow up on purchases, track historic orders, and expedite approval processes. TranZact is a cloud-based purchase order software that boosts your business efficiency by automating key steps in your procurement process, thereby becoming the best free purchase order software for your business.

As a purchase order tracking software, it also integrates with other business functions like production and inventory. This provides you with higher insight over all business operations in real time. All this with an implementation time of 7 days only.

So, why wait further? Book your demo now.

FAQs on Best Purchase Order Software

1. Why is a purchase order needed?

You need a purchase order to buy and keep a record of all the raw materials required for the production process. A PO also helps to verify whether you have received the correct supplies in the right quantities.

2. What is the best software for purchase orders?

A purchase order software that streamlines all purchase requirements and auto updates existing stock levels is the best purchase order software for small and medium manufacturing businesses.

With a modern purchase tool like TranZact, you can exercise greater supervision on all purchase workflows and analyze past orders seamlessly. It is designed specifically for SME manufacturing businesses, making it the best software for purchase orders!

You can also sign up on TranZact for free and explore all its base modules across Sales, Purchases, Inventory and Production for an unlimited free time. Upgrade to advanced features only when you feel the need for it.

3. How to make a purchase order?

Following are the brief steps that should be completed to make a purchase order:

  1. Mention the order date and order number in the header.

  2. Provide the supplier’s information.

  3. Mention the shipping location.

  4. Specify your order details and send the PO.

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TranZact is a team of IIT & IIM graduates who have developed a GST compliant, cloud-based, inventory management software for SME manufacturers. It digitizes your entire business operations, right from customer inquiry to dispatch. This also streamlines your Inventory, Purchase, Sales & Quotation management processes in a hassle-free user-friendly manner. The software is free to signup and gets implemented within a week.