Bid

A Bid is a tender or quotation for a project or other to reach the best price required for the same quality and time conditions in the tender.

A bid is a formal offer or quotation submitted for a project or contract, typically in response to a tender. It helps compare suppliers on price, quality, and delivery terms.

- Used in the purchase-to-pay cycle to validate invoices, approvals, and supporting documents.
- Used to strengthen internal controls over purchasing and supplier payments.

- Example: Before payment, the AP team applies **Bid** to confirm the invoice matches the approved purchase documentation.

- Why it matters: Prevents incorrect/duplicate payments, reduces fraud risk, and improves accuracy of payables and expenses.