Purchase Order Tracking - A Purchase Order Is An Offer To Buy A Specified Product In A Specified Quantity And At A Specified

A purchase order is an offer to buy a specified product in a specified quantity and at a specified price. Once accepted it becomes a contract between buyer and seller.

PA, PA (prHWY.com) January 11, 2013 - PA, Jan 11, 2013 - A purchase order is an offer to buy a specified product in a specified quantity and at a specified price. Once accepted it becomes a contract between buyer and seller.
It is likely you buy materials, components or even contract labor on a regular basis. Too many small businesses handle these transactions with nothing but a verbal order often with little or no discussion on price. Many times they routinely sign the vendor's proposals never considering the onerous terms in small print on the reverse side.
Purchase Order Tracking - If you prepare a purchase order it allows you to specify the exact product, state the price you expect the pay and the terms of the agreement. If you order 300 blue widget bolts your purchase order may say 300 each blue widget bolts with nut part number xyz704 at a price of $.35 per unit. It avoids the confusion of changing parts or changing prices. And the onerous terms on the reverse side can be to your advantage not theirs.
Have you ever ordered items and after the delivery is received and the items are being used, you discovered a price increase you didn't know about. After the items are half used up is the wrong time to discuss price.
One of the easiest ways to manage and track purchase orders is using an automated online system. Purchase order tracking is simplified and it is much easier to assign purchase orders to vendor invoices to ensure what you ordered is received and that you are being charged the agreed upon price.
Having a system like this in place will do a couple of things for you. You can see vendors who are constantly going over budget and can make your employees who purchase items for the company responsible for tracking and reducing changes. This will allow you to pinpoint problems and work to correct them.
About the Author:

Purchasing Management - ExpenseWatch.com delivers spend management products & services for businesses that automate manual, time consuming paper-based processes for company purchases, payable invoices and expense reports, while enabling visibility and control of all company spending.
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ExpenseWatch.com
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Plymouth Meeting, PA 19462

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