What is the 3-Way Match in the Accounts Payable Process?

‍What is the 3-Way Match in the Accounts Payable Process?

3-Way matching in the account payable process is the process of verifying invoices to ensure that you pay only for those products you requested, approved, and received from a seller or vendor. This involves establishing that:

• Your business requested the goods or services that the invoice is for from the seller.
• Your business received the goods or services that the invoice is for from the seller.

By following this payment process and verifying invoices in this manner, you’ll ensure that you only pay invoices for goods and services delivered, and you'll be able to determine if any invoice is legitimate or fraudulent. Apart from this, 3-way matching also has other benefits.

For instance, when you use this process, you'll have a verified record of all the products and services that a supplier has delivered to your business. This not only helps you maintain the relationships with your vendors and suppliers, but can also be helpful if there is a dispute. In addition, you’ll also maintain up-to-date records for audit purposes.

Using the 3-way matching process can also help you manage your business's expenses. As such, you'll eliminate any unnecessary expenditure, which then directly translates into more profit.

To learn more about automating your 3-way match process and how ControlHub can help you do. this, visit our website for more details.