Accounts Payable or departments in charge of finances often use three-way matching to manage financial risk and control company spend. So, what is a three-way match, and why is it a critical step in the accounts payable process? What is three-way matching? Three-way matching is a procedure for processing a vendor invoice to ensure that… Continue reading>
An estimated €433 billion (£379 billion) is spent outside procurement departments’ approved routes at European companies, according to research.
SupplyManagement.com is reporting on a truly worrying figure about the value of transactions that bypass the proper authorisation mechanisms… http://www.cips.org/supply-management/news/2011/april/maverick-spend-out-of-control-at-european-firms/ Might be time to re-evaluate your own internal procedures if you have no systems to check expenditure! Continue reading>
If your attending the Southern Energy and Facilities Management expo today, don’t forget I’ll be running a seminar how all purchase order software pays for its self. The 20 minute talk will cover the 3 main areas that a loss can occur in: direct purchasing control, incorrectly receiving goods and catching mistakes during invoice reconciliation.… Continue reading>
I recently answered a question on the CIMA web forum about reasons for using any kind of PO system, and thought it a good idea to include them here: 1. Reduce costs: once a system is put in to control expenditure you will see a decrease in spending, when used across a large company this… Continue reading>
Thanks to everyone who completed the 2011 PurchaseControl.com User Survey. As always the survey gives us a chance to find out what additional features you’d like to see in the application, but also gives you a chance to tell us things we might not know (such as the satellite DSL in the gulf of Mexico… Continue reading>
“It would also help if you explained in details how the system works out approvals, e.g: individual limit, dep limit, PO rules limit, number of approvers…” It’s worthwhile understanding that the system has been developed by looking at the real life purchasing scenarios that happen in most organisations. From our own experience over the past… Continue reading>