Purchase Control takes the guesswork out of reconciliation. By using the three way matching protocol, reconciliation happens on a rolling basis in our online purchase order software database as documents for goods and services arrive. This ensures along the way that errors and inaccuracies are addressed immediately.
Why use reconciliation tools?
Reconciliation is a relatively simple process in purchase to pay but it requires a detailed record of many steps within a procurement transaction. Ideally, the vendor invoice will be a carbon copy of the order receipt, the order receipt will be a carbon copy of the purchase order. Reconciliation in this case with intuitive and robust procurement software will be a matter of simply pressing the ‘Reconcile’ button.
Mistakes happen. Purchase Control prevents them.
A supply chain does not work in a project management vacuum, however. Deliveries get divided, wrong items or quantities get shipped, prices are listed incorrectly and suddenly reconciliation is quite complicated. Purchase Control’s three way matching system guarantees that no detail gets lost in the supply chain management shuffle and that bookkeeping is accurate and totally visible.
Full audit trail.
Purchase Control has a built-in audit trail that traces every action a user performs within the system. So if your vendor sent two items when User 1 ordered three, the audit trail will show that User 2 edited the purchase order to reduce the quantity. Knowing it is not a mistake, the receiving department can reconcile the automatically edited purchase order and the order receipt.
Never overpay again.
After the PO and order receipt have been reconciled, the last step is to await the vendor invoice. The system on Purchase Control now has two accuracy stop gaps in place to match against what the vendor invoices, ensuring no overpayment.