When is the last time you chased down the story of an invoice?
Maybe you received an invoice from a vendor requesting payment, but you couldn’t find a corresponding PO.
Unfortunately, this situation happens all too often. It occurs when purchasing lacks end-to-end visibility into spending.
If this is a story that’s all too familiar for you, we want to introduce you to a simple, easy-to-execute accounting practice that can help.
In the simplest terms, it is a three-way matching procedure for processing vendor invoices.
It makes the payment process more accurate by catching discrepancies between the three key documents of the purchasing process.
It makes your purchasing team more productive by reducing the need to chase down the story of invoices with no corresponding PO.
It makes purchasing in your company more consistent because everyone across the company is using the same process.
Here’s a step-by-step look at the PO 360 process in action:
Click below to calculate your cost to process an invoice manually verses