Procurement Management is tightly integrated with Accounting, Purchasing, and Job Costing.
Automated processes help ensure that materials are accurately tracked. Purchasing tools stream-
line the ordering of material from vendors, the issuing of subcontracts and the management of
materials-related documents. Easily account for materials received, invoiced, backordered, pro-
duced, and used. Procurement Management tracks purchase commitments, quantities, pricing,
and receipts (by job, work order, equipment part, or inventory). From start to finish, contractors
can streamline processes and maximize profits by having the right materials on site at the right
With all the discussion of procurement and how it works in businesses, the biggest question is
does it actually save money? After all, thatÂ’s the real bottom line. One large company that had an
annual purchasing expenditure of about $10 billion was able to shave over 15% off that amount
annually just by leveraging the buying power of all their worldwide divisions. Those numbers
clearly illustrate that, when done correctly, a procurement system can definitely save a company
money, as well as provide a number of other benefits, particularly to large companies that spend
a sizable chunk of their revenue on purchasing goods and services for their business.