Check the Accuracy of Invoices Common sense dictates checking an invoice for mathematical accuracy before paying it. However, you would be astonished by the number of companies that do not perform this procedure faithfully. Another essential procedure to be performed is to agree the invoice to contracted rates or the supplier's price list, rate card, or other relevant price information. Thus, special care by both the receiving and the accounting departments is needed to ensure that the company pays the appropriate amount for what was received. A corollary step in guaranteeing the accuracy of an invoice prior to payment is to compare the quantities invoiced with the quantities received.
Many suppliers prepare and mail the invoices at the time of shipment.
However, goods can be lost, stolen, or damaged in transit. It is the responsibility of the company's invoice processor to adjust for any discrepancies between quantity received and quantity received and quantity invoiced. The bottom line of this cost savings tip is to check all invoices carefully and conscientiously. While the vast majority of vendors do not purposely misstate their invoices, errors of all types and degrees of materiality do occur. Most people will ask the waiter in a restaurant to take back a meal if it is inedible or improperly cooked.