Can you let me know what the P2P cycle process is?

The Procure‑to‑Pay (P2P) cycle is the end‑to‑end process that covers everything from identifying a need for goods or services to paying the supplier. It typically includes five key stages: 1) Requisition – an employee requests a product or service; 2) Purchase Order – the procurement team creates a PO and sends it to the vendor; 3) Goods Receipt – the receiving department records the arrival of goods, updating inventory and creating a liability; 4) Invoice Receipt – the accounts payable team receives the vendor invoice and matches it against the PO and goods receipt (3‑way match); 5) Payment – the invoice is approved and paid, closing the transaction. Each stage involves specific controls and documentation to ensure accuracy, prevent fraud, and maintain compliance. For example, a company might use an ERP system to automate the 3‑way match, reducing manual effort and speeding up the payment cycle.