Purchase Checklist
Planning Phase
- Identify product specifications and quantities needed.
- Consult with relevant stakeholders for input.
- Document any quality or compliance standards.
- Prioritize requirements based on business needs.
- Review historical spending data for similar purchases.
- Estimate costs based on current market prices.
- Incorporate any potential hidden fees or taxes.
- Get approval from finance or management for budget.
- Research suppliers through online directories and trade shows.
- Request recommendations from industry peers.
- Evaluate supplier reputation and reliability.
- Create a shortlist of suppliers for further evaluation.
- Outline key milestones from order to delivery.
- Factor in supplier lead times and potential delays.
- Align timeline with business operational needs.
- Communicate the timeline with all stakeholders involved.
Supplier Evaluation
- Utilize online resources and databases.
- Look for industry awards or certifications.
- Check social media for customer feedback.
- Evaluate their presence in trade publications.
- Review any legal issues or disputes.
- Contact multiple suppliers for competitive pricing.
- Specify product/service details to ensure accurate quotes.
- Compare quotes based on total cost and terms.
- Assess additional fees, delivery times, and payment terms.
- Document and organize all received quotes.
- Request samples for physical evaluation.
- Review product specifications and compliance standards.
- Investigate production processes and materials used.
- Analyze warranty and return policies.
- Consider third-party quality certifications.
- Request a list of previous clients from the supplier.
- Contact references to inquire about experiences.
- Look for online reviews on trusted platforms.
- Evaluate consistency in performance feedback.
- Consider industry-specific forums for insights.
Negotiation
- Research market prices for similar products.
- Prepare a list of desired terms.
- Engage in open dialogue with the supplier.
- Be ready to justify your proposed pricing.
- Seek mutual agreement on key terms.
- Request specific delivery timelines from the supplier.
- Discuss potential delays and their implications.
- Ensure alignment on shipping methods and responsibilities.
- Confirm any penalties for late delivery.
- Document agreed-upon schedules for reference.
- Evaluate preferred payment methods and timelines.
- Discuss options for deposits or upfront payments.
- Negotiate for extended payment periods if necessary.
- Clarify currency and any fees involved.
- Ensure both parties agree on payment schedules.
- Request a copy of the supplier's return policy.
- Discuss conditions under which returns are accepted.
- Clarify timelines for returns and refunds.
- Negotiate any restocking fees that may apply.
- Ensure understanding of the process for initiating returns.
Purchase Order Creation
- Use a standardized template.
- Include company logo and contact information.
- Ensure document is clearly labeled as 'Purchase Order'.
- List each item with a unique identifier.
- Provide detailed descriptions for clarity.
- Specify required quantities for each item.
- Include complete delivery address.
- Indicate preferred delivery date.
- Confirm availability of items for specified date.
- Identify approvers based on company policy.
- Send purchase order for review.
- Document approvals to maintain compliance.
Order Confirmation
- Prepare purchase order with item details.
- Include quantities, prices, and payment terms.
- Send via email or supplier’s online system.
- Request confirmation of receipt from supplier.
- Follow up with supplier if no confirmation received.
- Request a confirmation email or notification.
- Check for any discrepancies in the order.
- Review the purchase order against supplier confirmation.
- Ensure all items, prices, and terms match.
- Address any inconsistencies with the supplier.
- Record any modifications from the original order.
- Save updated documents in a designated folder.
- Communicate changes to relevant team members.
Delivery and Receipt
- Contact the supplier to confirm delivery date.
- Arrange for a suitable location for delivery.
- Notify relevant staff about the delivery schedule.
- Prepare necessary tools for inspection.
- Retrieve the purchase order documents.
- Count and verify each item upon receipt.
- Compare item descriptions and quantities.
- Ensure all items match the purchase order.
- Document any missing or incorrect items.
- Take photos of damaged items for records.
- Inform the supplier about discrepancies immediately.
- Record details in the inventory management system.
- Confirm all items are received as ordered.
- Cross-check against invoices for accuracy.
- Obtain necessary approvals from management.
- Initiate payment process for approved items.
Payment Process
- Compare invoice details with purchase order.
- Verify item descriptions, quantities, and prices.
- Check for any discrepancies or errors.
- Communicate with the supplier for clarification if needed.
- Obtain necessary approvals before proceeding.
- Inspect delivered items for quality and quantity.
- Confirm all services listed have been rendered.
- Document any missing or damaged items.
- Notify the supplier of any issues immediately.
- Update inventory records accordingly.
- Review payment terms specified in the agreement.
- Select appropriate payment method (check, ACH, etc.).
- Ensure sufficient funds are available for payment.
- Submit payment with required documentation.
- Confirm payment has been processed successfully.
- Organize invoices, payment confirmations, and receipts.
- Store records in a secure and accessible location.
- Ensure compliance with legal and audit requirements.
- Update accounting software with transaction details.
- Review records regularly for accuracy and completeness.
Use in Manifestly