Which process helps verify the accuracy of invoices before payment?

The process of purchase order matching is essential for verifying the accuracy of invoices before payment is made. This method involves comparing the invoice details against the corresponding purchase order and receiving documentation. This three-way match is crucial in ensuring that what has been invoiced matches what was ordered and what was received.

By performing this match, accounts payable can confirm that the products or services billed were indeed requested and delivered as per the terms agreed upon in the purchase order. This significantly reduces the risk of overpayments, duplicate payments, and payment for incorrect or substandard goods.

In contrast, while cash flow projection, expense consolidation, and vendor evaluation are important functions within an organization's financial operations, they do not directly focus on validating the specific details and accuracy of invoices against the respective purchase orders and receipts, making them less relevant for this particular verification process.