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PO audit and tracking
The purchase order has a long history that spans decades. Years ago, a company would write a PO from hand and send it by fax or snail mail to their vendor. The process would be reversed for receiving goods from the vendor, as the physical merchandise was delivered to the company's business location. Nowadays, eCommerce is booming and companies have discovered that ordering goods through PO Software is more efficient. That's why many businesses use purchase order software to facilitate their processes.
If you are new in the world of purchase automation, it may be difficult for you to understand some of the terms used in this domain and even harder to choose from the many features available. This article will explain 4 audit and tracking features used in PO software, so you'll know exactly what to look for when thinking to choose the best PO automation software.
By audit, we mean a recording of all order information in a secure and reliable way. We can say that audit plays an important role in PO software, as it keeps a safe record of everything happening to a purchase order.
By tracking, we mean a way to ascertain the location, status, and condition of an order or a way to see how often suppliers are interacting with you, as well as what kind of interaction they are having.
The Purchase Order Tracking and Management software can be used to record the details of a purchase order, monitor it through each stage in the process, and guarantee an efficient approval cycle - saving time for your team by avoiding duplicate data entry while also offering additional business intelligence capabilities so you may make more informed decisions. In other words, tracking offers a way to follow up on all actions done or planned for a purchase order.
Let's have a look at the 4 audit and tracking features used in PO software:
1. Audit Log or Trails
Audit logs or trails are a feature found in purchase order software that keeps track of all changes made to a purchase order. This can include things like when the purchase order was created, edited, or approved. Having an audit log or trail can be helpful for businesses as it can help them track down any errors that may have been made and correct them. Additionally, if there is ever a dispute over a purchase order, an audit log or trail can be used as evidence.
There are a few different ways to access an audit log or trail in purchase order software. In some programs, you can find it by clicking on the "History" tab. Others will have a separate tab labeled "Audit Log." Regardless of where it is located, the audit log or trail will list all of the changes that have been made to the purchase order along with the date and time each change was made.
The term " trails " is also often used in conjunction with this type of software feature and can be defined as a chronological history of changes that have been made to specific data. This information is generally tracked and maintained by the software program itself, but can also be exported for further analysis or review.
The audit trail feature can be extremely helpful when attempting to troubleshoot specific issues or errors that may have occurred during the PO process. It can also provide an added layer of security by ensuring that all changes made to critical data are tracked and documented.
2. Track Supplier Engagement
With the supplier engagement tracking feature, purchasing teams can make more informed decisions about which suppliers to engage. This helps them avoid time wasted on unproductive deals and adds value to your company's assessment process by identifying potential weaknesses or opportunities in your supply chain that might otherwise go unnoticed.
This feature also allows you to track how suppliers are engaging with you and helps identify opportunities for improvement. You can evaluate whether certain vendors meet expectations; identify opportunities for cost savings; monitor supplier performance, and make more productive use of supplier information.
With this feature, you can see how often your suppliers are interacting with you, as well as what kind of interactions they are having. This information can help you to determine whether or not your suppliers are meeting your expectations, and identify areas where they could be doing better. The information generated can be used as insight into who you should contact next or avoid double contacting when there are easier alternatives that provide quicker response times and higher quality products at lower prices than what was previously available or ordered.
If you're looking to improve your supplier relationships, be sure to check out the Track Supplier Engagement feature in your PO software.
3. Purchase Order Status Tracking
Purchase Order Status Tracking is a feature that helps organizations keep track of the status of their purchase orders. It allows users to see the current status of a purchase order, as well as the history of any changes that have been made to it. This feature can be helpful in ensuring that orders are processed efficiently and accurately.
The Purchase Order Status Tracking feature is accessible from the purchase order's details page. Here, users can see the current status of the order, as well as any changes that have been made to it. The history of changes is displayed in a timeline view and includes the date and time of each change, as well as the name of the user who made it.
The Purchase Order Status Tracking feature can help organizations ensure that purchase orders are processed as efficiently and accurately as possible.
By tracking the status of orders and viewing the history of changes, organizations can identify any potential issues and take corrective action. This can help keep businesses running smoothly.
4. 3 Way Matching
A three-way matching is a method of matching purchase orders (PO), goods receipt notes, and suppliers' invoices to weed out fraud, save money, and keep adequate documentation for the audit trail. The 3-way matching compares the PO, the GRN, and the invoice to make sure they all match. It can help to prevent fraudulent activity because it catches discrepancies between what was ordered and what was received. The 3-way matching can also help companies save money by catching incorrect pricing on invoices. Finally, it creates an audit trail that can be used when needed.
The 3-way matching feature is used primarily by companies that make a lot of purchases and deal with suppliers regularly. In many cases, the goods received may not be correct for what was ordered. This is especially true if the supplier doesn't have a good computer system or staff aren't diligent about checking orders before processing them. It can also help companies save money by helping to ensure that the prices on invoices are correct.
When a company doesn't utilize a 3-way matching feature, employees can submit fraudulent documents or incorrect pricing. This can lead to increased costs for materials and supplies, problems when tax audits roll around, and even legal issues when no records exist.
To utilize the 3-way matching feature, a company needs to have a purchase order software system in place. The PO software should be able to connect to the company's accounting software so that the invoices can be properly matched. There are a number of different PO software systems on the market, and most of them include some type of three-way matching feature.
Why Prokuria is the best PO software for your business?
Why Prokuria? There are lots of PO software providers out there, why should you choose us?
Prokuria's PO software is an excellent choice for any business because it has all these features which make the process easier and quicker. It's important to choose a system with all of these qualities, but if they aren't crucial then quality should still take priority over quantity when choosing one product among many alternatives.
Prokuria is a company that offers the best-in-class, easy-to-use PO software. With our innovative features and affordable prices, you'll be able to keep your business running smoothly with no hassles or headaches! The benefits don't stop there; our system also provides amazing audit and tracking capabilities for fast workflow efficiency.
If you want a PO software that will make your work easier, faster, and more effective, then Prokuria is the best choice for you.
Try it free now by creating an account here. There is no credit card required to sign up! If you have questions, you can contact us today and see how easy it is to start using our PO software!