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What is a Purchase Order?

A purchase order is a legal binding document made between a supplier and a buyer, mentioning down that the buyer has agreed to purchase at a set price. It wishes specify a delivery date and terms of purchase. Purchase order are mostly used when the buyer wishes to purchase inventory or supplies on an account.

Why do you need a Purchase Order?

A purchase order serves several purposes beyond acting as the initial agreement between the buyer and the supplier.

  • Some financial audits require you to show proof of purchasing decision of the company. Purchase orders are the legal contracts that will help you in financial audits.
  • Business uses purchase order to ake sure their spending limit stays within the budget line. Without purchase order tracking expenses and accessing reports which is rather more difficult and is prone to human errors.
  • Having a well-shaped purchase order system, makes the inventory and the shipping management more easy and simpler. It helps in monitoring purchase tracking, identifying what products are getting sold and coming in at any time.

What is the Process of Purchase Order?

A purchase order is typically utilized by buying large quantities of items. For example, a pet store you may need to purchase different varieties of food from a supplier and order numerous bags of each type of food.

These are the things of the purchase order that every pet owner would resort to in order to grab the supplies they require. The store owner makes a purchase order highlighting what they want from the provider.

If the supplier has all the necessary inventory, they will accept the purchase order, fulfill the list and will deliver the goods on the delivery date. Following that, the supplier will send a bill for a sales invoice for the purchased products.