Procure to pay is also sometimes called purchase to pay.
Procure to pay is often abbreviated as P2P, but it shouldn't be confused with, for example, peer-to-peer networking technology, which is also called P2P. It is a process, not a technology, though there is software expressly designed to handle the entire procure to pay process or components of it, such as invoicing, or related processes, such as inventory management and financial accounting. It gets its name from the ordered sequence of procurement and financial processes, starting with the first steps of procuring a good or service to the final steps involved in paying for it. Procure to pay is the process of requisitioning, purchasing, receiving, paying for and accounting for goods and services.
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