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You may be familiar with the adage “You have to spend money to make money.” Organizations of various sizes, industries, markets, and locations have to purchase items in the course of doing business. Anyone may be tasked with identifying buying needs for a company, but without a well-defined process, costs can quickly spiral out of control. Maximizing profit and cash flow means controlling spending. Your business needs a process that is orderly and consistent, starting with a purchase request form.
Also known as a purchase requisition form, this is an internal document sent to obtain goods or services to be bought. The requestor outlines the items to be purchased as well as a justification or explanation.
The PRF is often sent to a manager or a purchasing department for review and approval or rejection. The form often doubles as an authorization form and is part of the official paperwork used for tracking expenditures as well as other larger processes such as budgeting, procurement, cost control, and forecasting.
Now that you’ve established a purchase requisition definition, you need to create a sample purchase requisition form template. You need to consider the information to be conveyed in a PRF. What would the purchasing department or supervisor need to know to approve the request? What information is necessary to facilitate a quick turnaround in processing the request?
The typical requisition form format for purchase should include the following details at a minimum:
Provide a subtotal that adds up the totals for each row. Below the subtotal, you’ll need a field each for any discounts, markups, sales tax, and shipping costs. Calculate the total value of the PR by summing the subtotals, discounts, markups, taxes, and shipping. Finally, make sure your form contains all of these elements:
A sample purchase requisition form template helps to ensure consistency in capturing PR details and distributing forms for approval and storage.
Buying products for business is a regular process for your group, so you’ll need to create a process that identifies the requisition form format for purchase as well as responsibility for the following:
A consistent, streamlined process where everyone understands responsibilities creates transparency and accountability.
The power of Fluix is that it’s a lightweight and flexible solution that facilitates procurement workflow automation, document creation, completion, and distribution. It’s a cloud-based platform that your staff can access from any computer or mobile device without proprietary operating systems or special coding.
Build your PRF templates and establish a process that is recordable, repeatable, scalable, accountable, and streamlined. Experience the Fluix difference with a free, 14-day trial with no obligation to purchase today.