What Is Purchase Requisition: Streamlining Financial Workflow

SAP Concur published an article explaining the definition, process, and benefits of purchase requisitions. A purchase requisition is a formal internal request created before a company buys goods or services, helping increase visibility into spend before it happens. The article outlines seven fundamental steps, from creating the requisition and obtaining approvals to inventory verification, purchase order generation, and invoice payment. It notes that automating purchase requisitions can improve efficiency, save costs, reduce fraud, increase transparency, enhance accountability, and reduce duplicate orders.