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How to automate Purchase Orders?
Purchase orders are automated through Purchase Order software which makes approvals, status-tracking, record generation, and thee-way matching automatic. Such a platform allows an organization to customize its approval routes and lets them add alternate ones if the worth of the PO exceeds a certain threshold. Access control settings are available as well, and the POs can easily be segmented based on whether they are active, pending approval, have been rejected or sent to the supplier. This facilitates the procurement department by organizing the data they require to make their work quicker.
The automation process begins right from the beginning as PRs are raised by employees and sent to the respective authorities for approval to be turned into POs. Approved POs are then stored by the system to utilize later for three-way matching to yield completely accurate results. The chances of fraud are eliminated through this automated process. Procurement software typically includes PO tracking as it automates the entire procure-to-pay process.