Source to Pay
Find all the resources you need to streamline the entire project lifecycle with a Source to Pay system.
What is Source to Pay?
Source to Pay refers to the end-to-end process government contractors undertake to search for suppliers and subcontractors, vet them, negotiate prices, ultimately sign a contract, and manage payments and schedules until a project is complete, and money has changed hands.
The Source to Pay (S2P) process encompasses several essential steps beginning with sourcing, where contractors identify, evaluate, and select new suppliers, vendors or subcontractors for the required goods or services. Once an ideal partner is chosen, the next step is to negotiate and execute a contract with them.
Following the contract signing, the procurement phase comes into play. Contractors are responsible for managing the process of approving and ordering the necessary goods and services as outlined in the agreement. At the same time, resource management is crucial, involving tracking labor, recording time and expenses, and ensuring adequate resources are allocated for the project.
When services are rendered or goods are received, the accounts payable stage begins. Contractors gather invoices and match them with corresponding accounts payable vouchers and purchase orders. This step is vital for accurate financial management and record-keeping.
Once the contractual obligations have been fulfilled, contractors conduct retrospectives to evaluate the project, analyzing both successes and failures. This assessment enables them to identify areas of improvement and ensure future projects achieve greater success.
Embracing a robust Source to Pay framework empowers government contractors to overcome the inherent complexities of procurement, ultimately leading to improved efficiency, successful project outcomes and strengthened business processes.
Source to Pay Resources
Simplify Operations with a Source to Pay System
When government contractors optimize the Source to Pay process, projects move forward faster, and margins are protected and even enhanced. For these reasons, more and more forward-thinking government contractors are moving away from managing projects using outdated, legacy enterprise resource planning (ERP) solutions and choosing to invest in robust and compliant S2P systems.
Refine your Procurement Process
When it comes to procurement, organizations face various challenges that can hinder their efficiency and effectiveness. To overcome these hurdles, it’s beneficial to establish an end-to-end Source to Pay (S2P) process, which encompasses all stages of procurement from sourcing to payment. Streamlining this process brings numerous advantages, such as cost savings, improved supplier relationships, and increased transparency.
A Robust Source to Pay Solution Built for Government Contractors
Deltek Costpoint is a powerful Source to Pay solution that enables you to digitize and streamline the entire procurement process — from vendor selection through purchase order. With the ability to collaborate, process payments, and produce compliance reporting, Costpoint gives you everything you need to become a world-class procurement department, all in one place.
By making a smart investment in Source to Pay software, you can transform your contracting firm’s approach to procurement, building a faster, more productive, more accurate team while accelerating procurement cycles, reducing days payable outstanding, and ensuring compliance.
Additional Resources: How to Streamline Operations with Source to Pay
Webinar: Refine Your Procurement Process Throughout The Entire Government Contracting Lifecycle
Improve planning, visibility and cash flow through every stage of the project lifecycle with a source to pay system.
Blog: Improve Your Procurement Cycle Times And Reduce Costs With Source to Pay
Disparate systems can make it difficult to uncover key learnings that could help you make better decisions to boost efficiency in your procurement processes.
Webinar: Turning Procurement Into A Strategic Advantage For Government Contractors
Learn how Deltek Costpoint’s industry-specific solutions can help your government contracting operation can thrive.