What Is a Purchase Order and How Does It Work? What You Need to Know

Опубликовано: 13 Апрель 2023
на канале: AP Now

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Did you know that one simple, silly mistake on a purchase order can cost your organization hundreds of thousands of dollars – if NOT more? Not something that will make most bosses happy. To make sure that doesn’t happen to you, we’ve created this video which explains what purchase orders are and the different kinds of purchase orders. Additionally, we define the four different types of purchase orders. Do you know what they are? Make sure you stick around until the end when we share the one mistake that many make with Purchase Orders when they get to AP – and it’s really easy to avoid, if you know what you’re doing. #accountspayable #purchaseorder #accounting

What is a purchase order and how does it work is frequently asked by folks who want to know
how the purchase order process works when they are looking for a greater understanding purchase orders and purchase order management.

The accounts payable invoice process is critical to the success of the accounts payable function. The three-way match concept is the standard approach used in accounts payable departments across the country, or at least those that use accounts payable best practices. It involves comparing the purchase order vs invoice and the receiving document and is a strong accounts payable internal control.

Link to Eliminating Duplicate Invoices Best Practices
   • Eliminating Duplicate Invoices Best P...

Link to Accounts Payable Best Practice Playlist
   • Accounts Payable Best Practices

Link to Accounts Payable Month Playlist (long and shorts)    • Best Practice for AP Month

Insights on Zelle and Fraud Protection from Lynn Larson
   • Zelle - what it is, how to open an ac...

Link to Changing Invoice Best Practice Playlist
   • Changing Invoice Best Practices

Link to Accounts Payable Internal Controls Playlist
   • Accounts Payable Internal Controls

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#accountspayable #procuretopay #p2p #purchaseledger #Accounting #accountspayableprocess #accountspayablebestpractices