PO 360

A MATCHING ALGORITHM TO AUTOMATE INVOICE PROCESSING

How You Can Save Money with PO 360 Report: An Automated PO to Invoice Comparison

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.

WHAT IS PO 360?

In the simplest terms, it is a three-way matching procedure for processing vendor invoices.

What Are Benefits?

ACCURANCY

It makes the payment process more accurate by catching discrepancies between the three key documents of the purchasing process.

pRODUCTIVITY

It makes your purchasing team more productive by reducing the need to chase down the story of invoices with no corresponding PO.

CONSISTENCY

It makes purchasing in your company more consistent because everyone across the company is using the same process.

How PO 360 Matching Works

Here’s a step-by-step look at the PO 360 process in action:

A purchase order is created with a unique PO number and submitted to the vendor.

Packing Slips and Receiving

When the products are delivered, you log the packing slips and received items to the PO number.

Invoice Digitization

The vendor invoice details are imported digitally and reference the PO number.

PO 360 Report

If the numbers match on all three documents, AP pays the invoice. If the numbers do not match, AP holds payment and investigates.
Accountable payable runs the PO 360 report for the month. The PO 360 report verifies the items, quantities, and pricing.

Tame The Paperwork

Click below to calculate your cost to process an invoice manually verses
with ePRO360.

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