BMO Financial Group’s Procurement Governance Process
In recent years BMO Financial Group has introduced a number of technical and business enhancements designed to drive compliance, consistency and efficiency in the end to end procurement process for both our suppliers and our company.
Recently the bank also converted to a new Procure to Pay (P2P) solution hosted by Ariba, Inc. This new solution creates the foundation for a paperless process, further automating the exchange of purchase orders and invoices between our company and our suppliers. Before the end of 2013 we will be contacting all our suppliers to convert to this electronic model. Suppliers’ paper invoices are received at Accounts Payable and routed electronically to the internal bank contacts for coding and approval. These changes have greatly improved efficiency and reduced paper invoice processing time.
Where orders are supported by purchase orders, they are sent electronically to suppliers.
Until a supplier is converted to the electronic process, invoices are to be submitted to our centralized Accounts Payable for prompt action and processing.
All invoices should include:
Where to send invoices?
Where invoices are to be sent depends on the company within BMO Financial Group that is being invoiced. Please click here to view the list of BMO Financial Group companies and the appropriate Accounts Payable address.
Our preferred option is electronic payment which is secure and ensures that your payment will be received in a timely manner.
In order to switch to electronic payment, complete and return the appropriate form with a voided cheque/check to Accounts Payable.
We look forward to continuing the relationship with you!