TABLE OF CONTENTS
1.0 Purpose:
Ensure that all purchases, payment requests, and financial transactions are conducted efficiently, transparently, and in compliance with company policies, ISO 9001:2015 standards, and approved financial controls.
2.0 Scope:
Covers the submission, evaluation, approval, procurement, supplier accreditation, payment processing, and record-keeping of all Purchase and Payment Request Forms (PF), Purchase Orders (PO), and related financial transactions of Surepay Technologies Inc.
3.0 Responsibilities:
Accounting Officer / Procurement Officer (Process Owner)
Leads the Procurement and Finance Process. Reviews and validates all Purchase and Payment Request Forms (PF) and Purchase Orders (PO) for completeness, accuracy, and budget compliance. Endorses PFs to the President for approval. Upon approval, instructs the Lead Support Specialist (LSS) to request for the release of funds. Once the Purchase Order (PO) is released, it communicates directly with the supplier to finalize the purchase, delivery, or service arrangement. Maintains physical copies of all related procurement and financial documents and coordinates with the HR Officer for document coding and control.
President
Reviews and approves all PFs, POs, and major financial transactions. Authorizes fund releases and ensures expenditures are necessary, cost-effective, and aligned with company priorities and budget.
Lead Support Specialist (LSS)
Upon instruction from the Accounting Officer, requests for the release of approved funds. Coordinates with Accounting and the President regarding disbursement schedules.
Business Development Officer (BDO)
Coordinates supplier or client accreditation. Requests suppliers or service providers related to client projects to complete the Supplier Accreditation Form and submits them to the Accounting Officer for evaluation. Ensures all required documents are legitimate and complete.
HR Officer
Requests quotations or supplier documents when necessary. Coordinates with the Accounting Officer on assigning document control codes for PFs, POs, and other records. Maintains electronic copies of all procurement and finance-related documents for ISO documentation control, while the Accounting Officer retains physical copies. Ensures all e-records are properly filed and backed up in the company repository.
4.0 Operational Activities:
4.1 Submission of Purchase and Payment Request (PF)
- The requesting employee or department identifies the need for goods, services, or payments and completes the Purchase and Payment Request (PF) Form.
- The PF is submitted to the Accounting Officer for review and evaluation.
4.2 Review and Evaluation
- The Accounting Officer reviews the PF for completeness, accuracy, justification, and compliance with company procurement and finance policies.
- Ensures that the PF includes necessary supporting documents (e.g., quotations, receipts, or contracts).
- The Accounting Officer, BDO or HR Officer may directly request quotations or supplier documents to support the transaction.
- If clarification or additional information is required, the Accounting Officer coordinates with the requesting employee.
4.3 Endorsement and Approval
- The Accounting Officer endorses the reviewed PF to the President for final approval.
- The President evaluates the request based on cost, necessity, and budget allocation.
- Once approved, the signed PF is returned to the Accounting Officer for processing.
- After approval, the Accounting Officer instructs the Lead Support Specialist (LSS) to prepare and request for the release of funds.
- The LSS coordinates with the President to confirm the release schedule.
4.4 Supplier Accreditation (If Applicable)
● The BDO, Accounting Officer, or HR Officer may request suppliers or service providers to complete the Supplier Accreditation Form.
● Required business documents are indicated in the form.
● The Accounting Officer evaluates accreditation documents for completeness and legitimacy before any purchase or payment.
● Only accredited suppliers and service providers are authorized to transact with the company.
4.5 Purchase Order (PO) and Procurement
- Once funds are available and the supplier/service provider is accredited, the Accounting Officer prepares a Purchase Order (PO) referencing the approved PF.
- Every PO must reference an approved PF and if applicable, an accredited supplier/service provider.
- The PO is endorsed to the President for signature and approval, then issued to the supplier.
- Supplier confirms acceptance of the PO prior to delivery or service execution.
4.6 Delivery and Verification
- The Accounting Officer verifies that goods or services received match the specifications in the PF and PO.
- Any discrepancies are documented and resolved prior to payment processing.
4.7 Invoice Verification and Payment
- Supplier submits the invoice to the Accounting Officer.
- The Accounting Officer cross-checks invoice details against the PF, PO, and delivery receipt.
- Once verified, payment is processed in accordance with company terms and endorsed to the President for fund release.
- The President authorizes and releases payment accordingly.
4.8 Documentation and Record Control
- After completion of the transaction, the Accounting Officer compiles and maintains all physical copies of documents (PF, PO, invoices, delivery receipts, proof of payment, and accreditation forms).
- The HR Officer maintains electronic copies of the same documents, ensures proper coding and file naming, and stores them in the designated ISO documentation repository.
- Both the HR Officer and Accounting Officer coordinate to ensure consistency between physical and digital records for audit traceability.
4.9 Annual Supplier Performance Evaluation
- The Accounting Officer shall evaluate all accredited suppliers and service providers at least once annually to assess their performance, reliability, pricing consistency, delivery timelines, and service quality.
- The evaluation may include review of delivery accuracy, timeliness, communication, compliance with requirements, and overall service satisfaction.
- Suppliers with poor performance may be placed under review, subjected to re-accreditation, or removed from the accredited list.
- Evaluation results shall be documented and retained with other procurement records for audit traceability.