Purchase Requisition Form Template

Small businesses usually launch with a shoestring budget. Therefore, controlling costs for the company’s long-term benefit becomes necessary. A way to cut expenses and, moreover, encourage responsible spending is to create an internal requisition process, particularly for all new purchases.

What is a Purchase Requisition Form?

This is an internal document that employees use to request the purchase of a certain item. The employee describes the product and why it is required. The form is then delivered to other people and departments in the company for review and approval.

Format: Excel (.xlsx) File Size: 104 KB

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What should be included in a purchase requisition form?

The requisition process tends to be internal. It varies between companies. But a typical purchase requisition form process may be like the following:

• An employee requires something. For instance, if an employee requires a new laptop, they will get a requisition form. They will then describe the laptop that they want, explaining why they require it if necessary.
• Signature from department head– After the above has been done, the employee will ask the department head if they can sign the requisition form.
• Next department—After the supervisor has signed the form, it may then proceed to the IT department. Here, the specialists will see if the laptop is compatible with the business’s systems and meets data security standards.
• Purchasing department—After IT approval, the requisition goes to the buying department. The department staff will source the laptop from among some retailers and select the one that gives the best price. When one has been found, the purchasing department will give a purchase order specifically to the vendor.
• Professional document—From the above, it can be seen that the Purchase Requisition Form needs to be made professionally so that it can be considered. Everything needs to be stated clearly, allowing your employer to understand it properly. You need to convince them that what you want will benefit the company.

Advantages of the Purchase Requisition Form:

• It provides transparency, as the requisition process requires employees and supervisors to justify any purchase. Stating why a certain product is required can limit unnecessary purchases, minimizing overspending on expensive products when something less expensive is suitable.
• Some products, like software electronics, can be incompatible with companies’ present equipment and systems. Because the heads of other departments need to sign the purchase, a business can limit the need to return a product if it is later found to be unsuitable for the company.
• The purchasing departments can form relationships with vendors and get good deals.

A purchase requisition form is an important document that must be made carefully. You need to research the benefits of the product you require so that you can convey this to your employer. The form should be clear so that everything can be understood.

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Format: Excel (.xlsx) File Size: 94 KB

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