The official business definition of 3 Way Match Invoice Processing is a system of checks and balances that ensures that the invoice is accurate and that the goods or services have been received. This system requires that the invoice, the purchase order, and the receiving report all match before the invoice is approved for payment. The three documents must match in terms of quantity, price, and quality of the goods or services received. This process helps to ensure that the supplier is being paid for the correct goods or services and that the customer is receiving the correct goods or services. It also helps to reduce the chances of fraud and errors in the invoicing process. This system is an important part of any business’s financial management system and helps to ensure that the company is not overpaying or underpaying for goods or services.
