Are you overwhelmed by the sheer amount of paperwork, manual data entry, and complex spreadsheets in your procurement processes? Meet Precoro, your virtual, procurement system assistant designed to bring a seismic shift in managing your company’s spending and purchasing operations.
Precoro isn’t just a solution; it’s a fully customizable platform that transforms tedious procurement tasks into a streamlined, automated process. From real-time document statuses and automated financial document generation via OCR, to slashing manual data entry by an impressive 80%, Precoro has you covered.
Every business faces the challenges of procurement – navigating the complex labyrinth of vendors, supply chains, accounting systems, purchase orders, and invoices can be daunting and time-consuming. These challenges can lead to inefficiencies and financial losses.
Enter Precoro, a Procurement Management Software designed to transform and streamline these processes. Get ready to revolutionize your procurement software experience with Precoro.
What is Precoro?
Precoro is an advanced procurement management software that automates the purchasing process in businesses, providing a smooth, organized, and efficient platform for controlling budgets, managing suppliers, and tracking orders and invoices.
This advanced system goes beyond just procurement. With its ability to create unlimited custom approval workflows, Precoro helps you approve documents two and a half times faster. Its budget and expense modules let you easily establish and manage budgets for various departments, locations, and projects, ensuring you don’t overspend. To forge and maintain supplier relationships, Precoro provides a paperless, automated price comparison, supplier portal, and contract management.
If that’s not enough, Precoro integrates with various business tools like Netsuite, QuickBooks Online, Xero, Amazon Business, Power BI, and Slack. It even offers insightful analytics on budgets and employees’ expenses, thereby keeping you updated on your procurement strategy’s progress. In a nutshell, Precoro is your go-to tool for procurement and accounting, offering flexibility, scalability, ease of use, and robust data security.
Who is Precoro?
Established in 2015, Precoro embarked on a mission to assist organizations in alleviating administrative burdens, curbing purchasing expenses, and enhancing productivity. They prioritized a people-centric approach, without any external funding, while promoting a globally distributed workforce. Seven successful and profitable years later, Precoro takes pride in its extensive customer base spanning over 67 countries and the exceptional team of more than 50 Precorians spread across the globe.
With physical presence in locations such as New York, Kyiv, and Vilnius and remote operations throughout Europe and the Americas, they truly epitomize a global enterprise. The flexible and adaptable nature of Precoro’s technology ensures that it keeps pace with the real-time growth of your business, no matter the rate of expansion.
Top Benefits of Precoro
- Streamlined procurement process: Precoro consolidates all procurement tasks onto one platform, significantly reducing the time and effort involved. Precoro transforms tedious procurement tasks into a streamlined, automated process, which includes checking document statuses in real-time and generating pre-filled financial documents automatically using OCR.
- Improved financial control: Real-time tracking of orders and invoices allows for better budget management.
- Enhanced transparency: The software’s audit trails provide a clear picture of your company’s spending habits.
- Reduces Manual Data Entry: The platform significantly reduces manual data entry by up to 80%, freeing up time and resources for other critical tasks.
- Accelerates Approval Process: Precoro allows users to create unlimited custom approval workflows and assign specific roles, helping to speed up document approval times by up to 2.5 times.
- Budget and Expense Management: The platform provides robust budget and expense modules that let users establish and manage budgets for various departments, locations, and projects, which helps in controlling overspending.
- Efficient Supplier Management: With features like automated price comparison, supplier portal, and contract management, Precoro aids in forging and maintaining strong supplier relationships.
- Integrations: Precoro seamlessly integrates with various business tools, including Netsuite, QuickBooks online, Xero, Amazon Business, Power BI, and Slack, offering more flexibility and efficiency in managing procurement tasks.
- Data Security: Precoro offers robust data security features including Single Sign-On (SSO) and two-factor authentication, ensuring the protection of critical business information.
- Insightful Analytics: The platform provides insightful analytics on budgets and employee expenses, assisting businesses in keeping track of their procurement strategy’s progress.
- Scalability: Precoro’s adaptable technology ensures it can grow with your business in real time, no matter the rate of expansion.
- Free trial: Precoro offers a 14-day free trial to test out their procurement management software, which allows you to see what you get before you buy. This is much better than just a demo, since you get the chance to explore the platform and its features for yourself. They also offer a Demo where one of the team takes you through the platform and guides you through all the features.
- Excellent customer support: Precoro’s support team is incredibly well-organized and friendly, they respond quickly with a solution to any issues.
Best Features of Precoro
Precoro stands out due to its innovative features that cater to the different needs of businesses.
Broad Device Compatibility Being web-based, Precoro offers the flexibility to be accessed from any computer or mobile device, facilitating on-the-move operations.
Scalable User Administration As your team expands, Precoro effortlessly grows with you, allowing you to incorporate as many users as required and assign roles according to their access needs.
Infinite Document Storage Precoro allows you to save and append limitless files to your POs, invoices, and receipts, providing a safe and convenient storage solution.
Support for Multiple Currencies With a comprehensive list of currencies, Precoro has you covered when dealing with international suppliers.
Multi-Department/Project/Location Configuration Precoro enables approval routing configuration, document access limitation, and the ability to segregate purchases and costs according to teams and projects.
Automated Three-Way Matching Saving your finance team considerable time, money, and effort, Precoro instantly matches POs, receipts, and invoices.
Endless Custom Fields & Workflows Regardless of the complexity of your procurement workflow, Precoro provides complete customization to meet your needs from start to finish.
QuickBooks Online Integration With Precoro, automate the synchronization of POs, Bills, Vendors, and more with QuickBooks Online, along with support for Bill.com. A setup that takes merely five minutes can lead to a workflow that’s three times faster.
Xero Integration By syncing Xero data with Precoro, duplicate work and errors prone to manual documentation and reporting can be eliminated, thus saving time.
Amazon Business Integration Effortlessly transform your Amazon shopping cart into a purchase requisition to be sent to Precoro for approval with just a few simple clicks.
Developer API The API offered by Precoro allows for the creation of virtually any conceivable connection between Precoro and your preferred business tools.
Single Sign-On (SSO) Support With support for numerous identity providers, Precoro offers companies a secure sign-in process, enabling you to avoid compliance and security risks.
Import/Export of Flat Files Import users, fields, and departments into Precoro and export virtually any data for uploading into your accounting software with ease.
Automated Approval Routing Precoro enables you to personalize your own approval workflow sequence in accordance with your team hierarchy, automatically notifying subsequent approvers to expedite the process.
Approvals for PR, PO, Invoice, and Receipt Precoro’s approval functionality is not confined to requisitions. It empowers your managers to oversee a broader range of operations: from purchase order creation and placement to invoice processing.
Role-Specific Permissions The assignment of User Roles in Precoro ensures that system access is distributed appropriately, for instance, designating approver roles to department heads and requester roles to other team members.
Workflow Based on Rules For example, any order exceeding a set amount, like $100k, must get the CFO’s approval. With Precoro, you can establish such threshold rules, and the system will strictly adhere to them.
Analytics and Reporting:
Visual Graphs and Spreadsheet Reports With Precoro, questions like “How much did we spend on X?” become obsolete. Your dashboard becomes a self-explanatory tool that clearly depicts your spending.
Customized Report Generation With access to over 150 data points, Precoro enables you to create detailed reports and visual analytics that encompass all crucial information for making data-informed decisions.
Audit Log In the event of discrepancies or inconsistencies, Precoro’s audit logs allow you to compare document versions and trace the source of any irregularities.
Instantaneous Budget Monitoring Precoro offers budget reports and an intuitive dashboard for complete control with practical progress bars and pie charts, enabling you to make purchases and budget planning with assurance.
Budget Allocation by Project, Department, or Location You have the control to designate which employees have access to specific budgets, promoting organization and facilitating a more detailed tracking of expenses.
Custom Field Budgets With Precoro, you can create budgets for custom reports based on the Chart of Accounts or any Custom Field Items of your preference. Essentially, Precoro can establish a budget for virtually any requirement.
Customizable Timeframe Budgets The expenses incurred by large projects may not conveniently fit into quarterly spending brackets. With Precoro, you have the freedom to segment your budgets by costs and periods as you see fit.
Extensive Supplier Database Precoro provides a comprehensive repository for all vendor information, ranging from contact details and payment terms to permissible sum deviations and automatic PO issuance.
Unlimited Record Item Management Simply input the necessary goods and services into Precoro, along with SKU numbers and GL accounts, for a streamlined and efficient order processing experience.
Contract Repository with Expiry Alerts Store contracts and associated files for easy reference in Precoro, link them to POs, and receive timely notifications for any contracts that need extension within 60 days or less.
Bundled Items For those who frequently order the same supplies or services, Precoro allows item bundling to reduce errors and expedite the item selection process.
Purchasing & Inventory:
Purchase Requisitions Discard disordered purchase requests, from multiple sources. Empower your staff to promptly and accurately submit their item requisitions.
Procurement Orders Hasten the entire procurement workflow process and centralize it within a single intuitive system, harmonizing the efforts of your teams and suppliers.
Proposal/Quotation Requests Fed up with price comparisons in Excel? Transition to a paperless system for supplier selection and maximize the value from each deal.
Bulk Procurement Orders Frequently buying in bulk from a single supplier? Secure your pricing by setting up a bulk order in Precoro, either as a total or per item.
Receipt/Delivery Monitoring No more inquiries about the status of ordered goods and services. A simple look at Precoro gives you all the information you need.
Invoice Administration Generate invoices from the ground up or from existing POs while preventing duplication, overcharging, and non-compliant spending.
Payment Status Precoro’s status updates indicate if the order was billed, prepaid, paid partially, in full, or not paid at all, all at a simple glance.
Credit Memos Got a faulty invoice or delivery problems? Instead of complex refund processes, just credit the amount back into your budget for future utilization.
Inventory Management Prevent unnecessary purchases by giving your employees the ability to choose items directly from the company’s inventory.
Minimum Stock Levels & Inventory Valuation Precoro maintains seamless operations by monitoring your inventory balance and generating POs from unfulfilled requisitions.
Tax Administration Precoro comes equipped with preconfigured tax settings for US transactions, and you can add unlimited other tax rates to your documents and product lines.
Customizable Document Numbering The system can be tailored to accommodate your unique document numbering scheme. You can add custom text, dates, codes, symbols, and sequential numbers.
Notifications & Messaging:
Email Alerts & Follow-ups Be immediately alerted via email if there’s an approval awaiting, an order made, a revision needed, a discrepancy identified, or an update pending from your team member.
Intra-organization Dialogue Inscribe notes and observations, and mention your coworkers within the documents. Track a document and Precoro will ensure you stay informed.
Standard Onboarding Precoro extends assistance in transitioning the existing data of any company, and provides personalized training and learning materials for the entire team. The focus of implementation remains tightly bound to the specific business objectives.
Dedicated Customer Success Manager (CSM) With a highly experienced Customer Success team, Precoro stands ready to cater to every demand that clients may have. The team brings deep, procurement strategy, and purchasing experience to the table.
Chat/Email/Phone Support With a dedication to rapid response, Precoro ensures chat responses within 4 minutes, email responses within a day, and aims to resolve most issues within an hour. Precoro values the human touch, promising no reliance on automated chatbots and no prolonged waiting times for phone calls.
Precoro offers various pricing tiers to accommodate businesses of all sizes, from small start-ups to large corporations. The pricing for smaller teams (20 or fewer users) is $35 per user per month, which is billed annually at $420 per year. For larger teams (more than 20) you can negotiate on the price per user. You can get a custom quote, and the individually tailored pricing will be lower per user than that of small teams. Details about the pricing can be found on their official website.
Precoro Pros and Cons
To give you a balanced view, let’s look at the pros and cons of using Precoro.
- User-friendly interface.
- Excellent customer service.
- Rich features for complete procurement management.
- Flexibility in pricing for businesses of all sizes.
Despite its numerous strengths, Precoro is not without its weaknesses.
- A somewhat steep learning curve for non-tech-savvy users.
- Limited customization options.
Other procurement management software options to consider include ProcureDesk, Bellwether, and Tradogram.
Improved Efficiency with Precoro: A medium-sized company struggling with its procurement process adopted Precoro and witnessed a drastic improvement. The ease of use and transparency in managing orders and vendors reduced time spent on procurement process optimization up by 40% and improved their budget control. The ability to approve orders on the fly and manage their budgets more closely lead to a lot of time saving and a drastic reduction in spending mistakes.
My Experience Using Precoro
My personal experience with Precoro has been overwhelmingly positive. The UI is intuitive and there are endless videos to assist with each piece of functionality. Training others is also a breeze due to the processes and UI being easy to understand.
Should You Buy Precoro? Precoro is a robust and efficient solution for any business looking to streamline its procurement process. Despite a few minor drawbacks, the advantages far outweigh the negatives. If you’re seeking to boost efficiency, transparency, and control in your procurement processes and other business tools, Precoro offers the best value for money and is a worthwhile investment.
Precoro stands as an invaluable tool for any business striving to streamline its procurement processes. With an array of features, from general operations to integrations, approvals, analytics, reporting, and budgeting, it allows organizations to maintain control and visibility over their purchasing activities. Its highly flexible nature makes it suitable for a variety of businesses, be they large or small, with a focus on adaptability as they grow and evolve.
The software’s seamless supplier and item management facilities, alongside its sophisticated purchasing and inventory features, offer a significant reduction in administrative overhead and an increase in operational efficiency. Users can look forward to real-time notifications, internal communication tools, and a user-friendly interface that allows for a seamless workflow. Furthermore, Precoro’s robust customer support and standard onboarding process ensure that clients receive the attention and assistance they need, every step of the way.
Overall, Precoro’s procurement management software is a comprehensive, all-in-one solution that effectively addresses the complexities of modern procurement. With its user-centric design and in-depth features, it provides businesses with the means to enhance their procurement practices, reduce costs, and ultimately drive business success. A trial with Precoro could very well be the step toward the procurement optimization that your business needs.
Start your journey towards optimized procurement management today. Give Precoro a try!
P.S. Want to know when my next article lands? Sign up below.