The Relationship with the Finance Department

Procurement management and finance management have a fundamental complementary relationship that helps achieve financial and operational efficiency and ensures resources are used effectively.

Aspect Description Budget preparation and planning Finance prepares the budgets, and procurement adheres to them and plans according to available resources. Cost management Monitoring expenses and obtaining the best prices to achieve economic efficiency. Purchase approval Reviewing and approving large purchase requests to ensure they align with financial policies. Payment processing Finance issues payments to suppliers, and procurement ensures compliance with contract terms. Financial risk management Analyzing risks related to purchasing operations and providing accurate cost estimates. Integration with ERP systems Using ERP systems to track spending and ensure a smooth flow of data.