Approval workflows are key for keeping spending in check and avoiding financial risks. As businesses grow, though, these approval processes often become more complicated, which can slow things down. With its latest update, Precoro introduced a smoother and more customizable process, so companies can make faster decisions without sacrificing oversight or risking budgets. Now, users can assign approvers to specific requesters, and skip redundant approval steps for invoices and POs linked to previously approved documents. We've also introduced an overbudget approval feature for enhanced financia ..read more

As mentioned in Forbes Advisor, recent data from the U.S. Small Business Administration reveals that approximately 33.3 million businesses in the United States qualify as small businesses, making up 99.9% of all U.S. businesses and employing around 61.6 million people. In the EU, small and midsize enterprises represent 99% of businesses and employ nearly 100 million people. Such companies are, indeed, the backbone of economies, as they are often referred to. Yet only about 80% of SMBs survive the first year, about 70% make it through the second year, and just around 50% of such businesses sur ..read more

Precoro presents our latest series of product updates. Please feel free to explore at your leisure or navigate directly to the updates that most interest you: New Custom Fields for Suppliers Streamlined approval processes for invoices and purchase orders The ability to select the Supplier Custom Form within documents The option to restrict document visibility New OCR capabilities Improved bulk deletion for the catalog items Streamlined custom document creation New Custom Fields for Suppliers Managing supplier information in Precoro just got a lot easier. You can now upload and update custom ..read more

As the drawbacks of time-consuming and error-prone manual invoice processing become increasingly evident, more and more companies are switching to electronic invoicing as a convenient alternative. With e-invoicing, the process of generating and distributing invoices is automated – meaning neither the vendor nor the buyer has to key in or send anything manually. Discover the numerous benefits of e-invoicing, learn how it works, and explore tips to implement it effectively. Keep reading to learn: What is e-invoicing? What are the benefits of e-invoicing? How does e-invoicing work? Common categ ..read more

The work that goes behind purchasing for a company is often taken for granted. Materials and things seem to appear on the warehouse shelves in several clicks, and services are just provided upon a brief request. Yet, in reality, it’s all part of the comprehensive process of procurement that includes a number of steps before and after the purchase. Understanding the significance of procurement can be a game-changer for any enterprise. Let's look closer at the procurement function, explore its purpose and value, and discuss the impact that a well-organized procurement process can have on busine ..read more

Precoro presents our latest series of product updates. Please feel free to explore at your leisure or navigate directly to the updates that most interest you: Document Initiator condition in the Approval Workflow The ability to create recurring service orders New in item management New in integrations Streamlined tracking of documents and invitations Other updates Added Document Initiator condition in the Approval Workflow Our latest update introduces the option to designate specific approvers for individual requesters. This feature is especially useful for companies who want to ensure that ..read more

Healthcare revolves around achieving positive outcomes and safe treatment options for patients. However, certain healthcare delivery models don’t always prioritize these vital aspects, especially considering the ever-increasing costs of healthcare services. Yet there’s a proactive approach that addresses the high cost of healthcare: value-based purchasing (VBP). VBP also improves patient satisfaction by fostering greater collaboration among healthcare providers and making the patient experience one of the key evaluation metrics for hospitals. Discover what it entails, how it operates, and bes ..read more

At Precoro, we understand the importance of data security and privacy in today's digital landscape. As a SaaS provider trusted by more than 1000 companies around the world, our responsibility extends beyond offering procurement process solutions; we do our utmost to ensure the protection of our customers' information. It is with this understanding and commitment that we undertook the rigorous process of the SOC 2 Type II audit. Precoro is now fully compliant with the American Institute of Certified Public Accountants (AICPA) Trust Service Criteria for security, availability, processing integr ..read more

For procurement professionals, systemizing and optimizing cost centers is not just a matter of financial management; it's a strategic task for driving efficiency, controlling costs, and enhancing overall performance. In this article, we delve into the intricacies of cost centers and explore strategies for improvement. Keep reading about: What Are Cost Centers? What Are Cost Centers For? Types of Cost Centers Optimizing Cost Centers: Strategies for Success The Role Procurement Software Plays What Are Cost Centers? There are a few types of cost centers, and most commonly relate to production ..read more

No matter what industry you work in, informed means armed. In fact, a data-driven dashboard can serve as a convenient, single source of truth to help companies take advantage of information at their fingertips, according to McKinsey. By analyzing specific indicators, you can receive valuable insights and find particular trends that can help you improve business operations overall. We always strive to improve your experience with Precoro and help optimize your procurement processes, so we’re excited to present our brand-new dashboard. With it, you’ll be able to get a clear overview of your spe ..read more