ALWAYS CORRECT PAYMENTS WITH 3-WAY MATCHING
A proven process to ensure correct payments
WHAT IS 3-WAY MATCHING
3-way matching is a well-documented process to find payment related discrepancies. Most companies receive numerous invoices with errors. A 3-way matching process is a secure way to ensure correct payments and is based on the following documents.
1 Purchase Order
Your agreement with the supplier that describes all relevant terms related to a purchase.
2 Confirmation of goods received
You can mark both goods and services as received or simply mark deviations on the relevant order. All relevant information for payments.
3 Invoice
Should be according to purchase order and what has been delivered. Invoice should be checked against these documents before executing payment.
BENEFITS OF 3-WAY MATCHING IN COSTTRACKER
1. Avoid fraudulent invoices
If you have a solid 3-way matching routine for your payments, you will identify fraudulent invoices easily.
2. Easily identify discrepancies.
Faulty delivery, missing goods or other discrepancies will be identified before invoice is settled.
3. Time-saving routine
A 3-way matching could be a time-consuming matter if information is spread over several systems or handle manually. With CostTracker you have all information available, making it fast and easy.