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3 Way Match is an accounting practice used to protect a company's payment process by comparing the purchase order, supplier invoice, and delivery receipts before making a payment. This system prevents fraudulent or incorrect payments and improves internal accountability, organization, and visibility.
Manual matching in the 3 Way Match process involves manually cross-referencing the purchase order, the supplier invoice, and the receiving report to ensure alignment. This process can be labor-intensive and error-prone, especially as your business grows.
ControlHub's automated three-way matching feature eliminates manual matching and reduces the risk of errors in the invoicing process. It automatically tracks purchase orders, vendor invoices, and delivery receipts in real-time, streamlining the procurement process and making auditing easier with its AP automation features.
ControlHub provides a centralized platform for managing purchase orders, delivery receipts, and vendor invoices. You can access all invoice details, including the original purchase order, the recent receiving report, and the corresponding PO number digitally from anywhere, improving visibility in payment processes.
Automation in ControlHub not only makes the procurement and payment processes faster and more efficient, but also enhances invoice processing by avoiding delays and duplicate payments. It ensures all payments are authorized and processed on time, simplifying work for the accounting department.
ControlHub's 3 Way Match feature streamlines the invoicing process and provides AP automation, saving time and reducing the risk of errors for the accounting department. It also improves relationships with suppliers by ensuring prompt payment processing, reducing delays, and eliminating confusion.
ControlHub manages vendor invoices by automatically matching them with the corresponding purchase order and delivery receipt. It also allows for easy management of packaging slips and delivery receipts in one place, ensuring a complete record of all purchased items.
Yes, we offer a demo of ControlHub's 3 Way Match feature. This will help you understand how it can revolutionize your purchasing and payment processes.
The purchase order (PO) is crucial to the 3 Way Match process. Created by your purchasing department, it contains the PO number and details of the order, including quantity, pricing, and expected delivery. This PO is then matched with the supplier invoice and delivery receipts in the three way matching process.
ControlHub plays an integral role in managing packaging slips. Upon receipt of goods, the packaging slip, which includes the details of the received items, is uploaded into the system. In the invoice matching process, ControlHub then uses this information, automatically comparing the data from the packaging slip with the purchase order and supplier invoice.
This not only helps verify the receipt of goods but also ensures that the details align across all documents, further enhancing the accuracy and efficiency of the 3 Way Match process.