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Purchase Order to Bid Price Management

Rebate

Good Invoice management should start with creating a Purchase Order (PO) with bids on all products within an inventory software that will help you manage your Cost of Goods.

You can read my earlier blog on buying smart to learn more about bidding on products.  Many times, the manager/chef that is receiving the goods is not the same person that ordered them, so having a PO on a clipboard or tablet by the back door helps with receiving.

With today’s technology you can have all of your invoices automatically import into your inventory software. No more manual importing or coding invoices.  But automation can lead to increased costs.  Included in your automation should be PO to invoice discrepancy reporting.

 

Discrepancy reporting should include the following information

  • Price change from bid to PO
  • Catch weight adjustments
  • Items shorted
  • Replacement items
  • Invoice number

Best Practice when automating this process

  1. Create PO’s whenever possible that included bid price
  2. Continue to check and sign all paper invoices
  3. Verify paper or scanned copy of paper invoice against accounting software before paying invoice

Author: Naomi

Naomi is the President at Dining Edge based in Boca Raton, FL. Are you a restaurant owner or operator looking to reduce costs, streamline time & increase savings all-around in your restaurant? Contact me today to get started with your free demo.

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