Examples of Purchasing Procedures?

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A purchasing procedure is a set of steps that a company or organization follows when making purchases of goods or services. Examples of purchasing procedures include the use of purchase requisitions, requiring more than one signature when a purchase is over a certain dollar amount, allowing the use of petty cash when the cost of the purchase is under a certain dollar amount, open market purchasing, which needs approval because it's over a certain dollar amount, and bidding, which is further split into requester bidding, and company bidding.
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Examples of Purchasing Procedures
Businesses establish purchasing procedures to ensure that purchases are in the best interest of the company and that money is spent efficiently. These procedures cover everything from small purchases from a single vendor to extensive bidding processes.... More »
Difficulty: Easy
Source: www.ehow.com
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