When a business receives an invoice, how can they be sure it’s legitimate? One method is the “three-way match.”
The 3 way match for accounts payable means that a company compares three documents — the purchase order, the goods receipt note, and the supplier invoice — to verify that the invoice is accurate. This process helps ensure that the business only pays for goods or services it actually ordered and received.
Accurate accounts payable processes are critical for a company’s financial health. Paying erroneous or fraudulent invoices can significantly impact the bottom line. This article will provide a comprehensive overview of three-way matching, its benefits, and how to implement it effectively within your accounts payable department.