HomeProcurement Management System

Along with core features such as a supplier database, the cutting-edge purchase management system of Forsa ERP encompasses numerous beneficial features. The system includes:

The option to create purchase orders indicating the types of products or services purchased, their quantities, and their prices.

A supplier database housing all relevant data of goods and services suppliers, such as their name, address, phone number, industry, products and services provided, and their prices.

Credit card support to save data regarding credit cards used to purchase goods and services for the business.

Contract management to store information about all contracts concluded for the purchase of goods and services.

The option to source queries to identify suppliers that can be contacted to procure specific goods or services.

Supplier audits to verify whether a vendor has provided the required goods or services as expected.

The option to input second sources for goods and services in order to acquire goods and services most efficiently and at the best cost.

In addition to the aforementioned features, Forsa ERP’s comprehensive procurement module comprises six core sub-modules. The core sub-modules of the procurement management system include:

 After the need for procurement has been identified and before a purchase order has been placed, you can create and place a purchase requisition or request through this sub-module. A purchase requisition is a request detailing the goods and services needed along with the quantities required.

Once a requisition has been placed, you can get quotations from vendors for the required products. Quotations are the prices at which each vendor supplies its good or service. These quotations can be recorded in the purchase quotation sub-module.

 Once the purchase requisition has been approved, an order can be placed for the product. The purchase order feature allows you to record this order along with information such as the name of the item, the quantity ordered, the price at which it is ordered, and the name of the vendor.

After the goods purchased have been received, you can record information such as products received, their quantities, and the prices in this sub-module.

The procurement module also allows you to record the landed cost, which is the total cost of a product after it has arrived at your doorstep. The landed cost includes the price of the product itself, the shipment or transportation fees, customs, duties, and other taxes, as well as other costs incurred in transporting the goods.

After the purchase has been completed, this sub-module allows you to generate a purchase invoice. The invoice records the money spent on a specific good or service. Because the purchase module is integrated with the accounts and finance module, the invoice automatically gets recorded in the accounting and finance module.

Forsa ERP’s procurement management module integrates procurement and inventory management software to ensure that all information about purchases in stored in a centralized database. As a result, information about purchases is easily accessible, safe, and useful for business decision-making.

The tightly integrated and fully automated open-source tender management system of Forsa ERP yields a number of benefits including the following:

Integrated business procedures: Results in integrated business procedures, therefore, automating processes, and simplifying communication and decision-making.

Strategic decision-making: Allows strategic decision-making about purchasing raw materials through forecasting and the availability of centralized information.

Real-time information: Provides real-time information about procurement of raw materials, goods, and services to inform important business decisions.

Forecasting: Uses past trends in procurement to help you make future decisions about the purchase of goods and materials.

Price comparison: This allows you to compare prices of goods and services offered by different vendors to choose the most cost-effective option.

Ease of implementation: Easy to implement in your workplace and easy to use for all regardless of their level of technical skill.

Cost savings: Ensures cost savings by recording all procurement history and vendor information so that you can make the most cost-effective decisions while purchasing raw materials.

Single reporting system: Provides a single, integrated reporting system for all purchases through coordination between the procurement and inventory management software.