Improving Three Way Match Efficiency and Accuracy
Proper business practices can employed to fix Three Way match accuracy and efficiency. Companies often struggle with inefficiency in moving through the Three Way match process of Purchase Order, Receipt, and Invoice. It’s not a system problem! It’s not unique to QAD! Transactional systems require solid business practices to make them process in an efficient manner. Line up data – especially the correct PO pricing and everything flows smoothly and with little effort or time drain.
The Procurement/Purchasing department must get the price correct. Too often we see that information updated on less than a timely basis. If the price is correct at the time of Receipt, the matched transaction flows smoothly for AP processing. The next hurdle is with the Supplier/Vendor. If the price listed on the Invoice doesn’t match the Purchase Order price then time is wasted in researching the discrepancy. Vendors need to be educated to the fact that incorrectly priced Invoicing will cause them to be paid in less than a timely manner. This is a pretty good incentive for a Vendor to get the Invoice correct!
Make life easy;
– Place the burden on Purchasing to have PO’s priced correctly, including when Supplier Schedules are used.
– Place the burden on the Vendor to present Invoices that match the above.
About Logan Consulting
Logan Consulting is a leading consulting firm with strengths in strategy, project management, business process design, ERP and CRM implementation, recruitment and training. Since 1992, our business process-based delivery techniques and tools have helped our clients build a solid business process and information technology foundation to support their business. Our clients count on us for objective, unbiased analysis, recommendations and project work. To learn more and hear what our customers are saying about us, please visit our website (www.logan-consulting.com).
Logan Consulting is headquartered in Chicago, IL with global services reach.
2020 Nucleus Research Report on ERP Technology