Reimbursements approval process
The reimbursements approval process is a critical procedure within organizations that ensures the proper management and validation of expenses incurred by employees or stakeholders
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Request for Quotation (RFQ)
An RFQ can be sent alone or in tandem with a request for proposal (RFP).
A business generally sends an RFQ when the quantity for a standard product is known and needs are ongoing. RFQs do not generate unsolicited bids and quotes as businesses target specific vendors and contractors.
The RFQ process typically consists of the following logical steps:
1. Preparation Phase:
An RFQ document is generated, which represents a structured template for bidders. It should contain essential details such as product specifications, delivery requirements, quantities, payment terms, evaluation methods, timelines, contract conditions, and submission guidelines.
2. Processing Phase:
A pre-selection process may be conducted to identify suitable candidates while assessing financial and operational risks. The RFQ is sent out with explicit instructions and a submission deadline. It’s vital that potential bidders receive the same information, including the buyer’s terms and conditions, and a method for submitting questions, to ensure a fair process.
3. Awarding Phase:
All submissions are reviewed promptly and confidentially. This stage focuses on evaluating the proposals to identify the best fit based on the outlined criteria.
4. Closing Phase:
The selection of a supplier is made based on the lowest price that meets the specified requirements.
Related Terms
Expense approval
Expense approval is a systematic process used by companies and organizations to review and authorize costs incurred by employees or departments
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Automated expense tracking
Automated expense tracking tools are designed to assist you in managing your finances and monitoring your spending. It enables you to sync your bank accounts and credit cards to record your expenses, allowing you to see how much you spend each month and what categories your spending falls into
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