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GARIMA@INZINT.COM
Hello guys, My company is a startup IT company, and they asking for the purchasing policy. Please anybody can help me with the sample template of purchasing policy
From India, Delhi
ashakantasharma
2

Certainly! A purchasing policy for a startup IT company is essential to ensure efficient procurement processes, cost control, and compliance with internal guidelines and regulations. Below is a sample template outline for a purchasing policy that you can tailor to your specific company needs:

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**Purchasing Policy for [Company Name]**

**1. Purpose**
- The purpose of this policy is to establish guidelines and procedures for the procurement of goods and services necessary for the operation of [Company Name].

**2. Scope**
- This policy applies to all employees involved in the procurement process, including but not limited to purchasing managers, department heads, and employees with purchasing responsibilities.

**3. Procurement Principles**
- **Transparency:** All procurement activities shall be conducted transparently and ethically.
- **Competition:** Where feasible, purchases shall be made through competitive bidding or quotations to ensure best value.
- **Quality:** Goods and services procured must meet the company's quality standards.
- **Cost Efficiency:** Purchases shall strive to achieve cost-effective solutions without compromising quality or service.

**4. Roles and Responsibilities**
- **Purchasing Manager/Team:** Responsible for overseeing the procurement process, maintaining vendor relationships, and ensuring compliance with this policy.
- **Department Heads/Requestors:** Responsible for initiating purchase requests, specifying requirements, and providing necessary approvals.
- **Finance Department:** Responsible for budgeting, ensuring funds availability, and processing payments.

**5. Procurement Procedures**
- **Requisition Process:** All purchases must be initiated through an approved requisition process. Requestors shall provide detailed specifications and justification for each purchase.
- **Vendor Selection:** Purchases shall be made from approved vendors or through a competitive bidding process, as per company guidelines.
- **Purchase Order:** A purchase order (PO) must be generated and approved for each purchase. The PO should include specifications, quantities, delivery schedule, and terms and conditions.
- **Receipt and Inspection:** Upon delivery, the receiving department shall inspect goods to ensure they meet specifications and are in acceptable condition.
- **Invoicing and Payment:** Invoices shall be matched with POs and receiving reports. Payments shall be processed promptly in accordance with payment terms.

**6. Approval Authority**
- Approval authority for purchase requisitions and purchase orders shall be delegated based on the value of the procurement and organizational hierarchy.

**7. Vendor Management**
- Vendor relationships shall be managed to ensure timely delivery, quality products/services, and favorable terms and conditions.
- Regular performance evaluations of vendors shall be conducted to assess compliance with contract terms and quality standards.

**8. Compliance and Ethics**
- All purchasing activities must comply with applicable laws, regulations, and company policies.
- Employees involved in purchasing shall adhere to the highest ethical standards, avoiding conflicts of interest and ensuring fairness in supplier selection.

**9. Record Keeping**
- Accurate and complete records of all procurement transactions, including requisitions, POs, invoices, and contracts, shall be maintained and easily retrievable for auditing purposes.

**10. Policy Review**
- This purchasing policy shall be reviewed annually or as needed to ensure relevance and effectiveness.

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**Note:** Customize the template above to reflect the specific requirements and practices of your startup IT company. Ensure that the policy aligns with your company's values, goals, and operational needs. Additionally, legal and financial advisors should review the policy to ensure compliance with local laws and regulations.

From India, Guwahati
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