What is purchasing ?

Q: What is purchasing?

Purchasing is part of the procurement. Purchasing is the process of acquiring goods or services from suppliers or vendors in exchange for money or some other form of consideration.

The steps are below:

• Acknowledge purchase orders
• Receive goods
• Inventory management
• Invoice Recording
• Payment to Supplier

What is procurement?

Q: What is procurement?

Procurement is hiring or purchasing anything by any contractual means. OR, 

Purchasing, hiring, or obtaining of goods, work, and services by any contractual means.

The steps are below:

• Identify goods and services required
• Approve purchase requests
• Identify suppliers
• Sending (RFQs and RFPs)
• Receipt of quotes from suppliers
• Negotiate pricing and terms
• Select vendors.