Simplify Your Purchase Order Tracking
with OrderAction

What is Purchase Order Tracking?

Purchase Order (PO) tracking is the process of monitoring and managing the various stages of a purchase order’s lifecycle, from creation to fulfillment. It involves keeping tabs on the order’s progress, making sure it gets approved, tracking its shipment, and ensuring timely delivery.

Here’s a typical workflow of PO order tracking:

• PO Creation: The purchasing process starts with the creation of a purchase order. The buyer generates a PO, including details such as item descriptions, quantities, prices, and delivery dates. This PO is then sent to the supplier.
• PO Approval: Once the supplier receives the PO, they review it to check for the accuracy and availability of the requested items. If everything is in order, the supplier approves the PO, signaling their acceptance of the terms.
• Order Fulfillment: After approval, the supplier proceeds to fulfill the order. This involves processing the items, packing them for shipment, and generating the necessary documentation, such as packing slips and shipping labels.
• Shipment and Delivery: The supplier ships the items to the buyer’s specified delivery address. During this stage, shipment tracking information (e.g., tracking number, carrier details) is shared with the buyer, allowing them to monitor the package’s progress.
• Receiving and Inspection: Upon delivery, the buyer receives the items and inspects them to ensure they match the order specifications and are in good condition.
• Invoice and Payment: The supplier sends an invoice to the buyer for the goods provided. The buyer reviews the invoice and makes the payment for the order.
• PO Closure: Once the order is fulfilled, received, and payment is made, the purchase order is considered closed.

To implement a PO order tracking system effectively, businesses use OrderAction acting alone or integrated into enterprise resource planning (ERP) systems. These systems help automate and streamline the entire procurement process, from PO creation to payment.

Importance of Purchase Order Tracking in AR Automation

Purchase Order (PO) tracking is a vital component of Accounts Receivable (AR) automation, playing a crucial role in streamlining and optimizing financial processes for businesses. Here’s why purchase order tracking holds immense importance in AR automation.

First of all, Purchase Order tracking in AR automation ensures that the invoiced amounts match the approved PO amounts. This verification helps prevent invoicing errors and discrepancies, reducing the risk of disputes and payment delays. By maintaining accuracy, businesses can build stronger relationships with customers and suppliers, fostering trust and credibility.

With purchase order tracking, businesses can automate the matching of invoices to their corresponding POs. This streamlined process enables faster invoice approval and reduces the manual effort required for reconciliation. As a result, businesses can expedite cash flow and improve overall AR cycle times.

In addition, AR automation with integrated purchase order tracking provides real-time visibility into the status of each order, invoice, and payment. Finance teams can easily monitor the progress of transactions, identify bottlenecks, and proactively address issues to ensure smooth cash flow management.

In cases of discrepancies or billing disputes, having a robust PO tracking system allows businesses to quickly refer back to the original purchase order and reconcile any discrepancies. This capability expedites dispute resolution and helps maintain positive relationships with customers.

All in all, purchase order tracking helps streamline collections efforts by enabling businesses to monitor payment terms, track due dates, and proactively follow up with customers on outstanding invoices. This proactive approach aids in reducing late payments and optimizing cash flow.

Last but not lease, proper PO tracking in AR automation ensures that financial records are accurate and consistent, facilitating compliance with regulatory requirements. It also simplifies the auditing process, making it easier for businesses to maintain financial transparency and meet financial reporting standards.

In summary, purchase order tracking is a critical aspect of AR automation that brings efficiency, accuracy, and transparency to financial processes. By leveraging this essential feature, businesses can enhance customer relationships, improve cash flow management, and gain valuable data insights to drive growth and financial success.

Why Purchase Order Tracking is So Important?

Purchase order (PO) tracking helps companies track the flow of purchases from when they are made to their delivery. A proper purchase order tracking system makes it easier to manage the company’s finances, reduce costs, and increase profitability. Here’s why purchasing order tracking is important for businesses.

Purchase order tracking helps keep track of expenses

When businesses have a purchase order system in place, it becomes easier to track expenses. The purchase order system allows businesses to track the purchases made by the company and the exact amounts they paid for each purchase. This helps identify the most costly expenses to the company, which allows businesses to cut down on such expenses.

PO tracking reduces fraud

Purchase order tracking also helps to prevent fraud. Without a proper purchase order, it becomes harder to identify fraudulent transactions. With a purchase order tracking system, the company can identify unauthorized transactions, double billings, and other fraudulent activities.

PO tracking helps in supplier management

Purchase order tracking enables businesses to establish a good working relationship with their suppliers. This is important because suppliers can make or break a business. When a proper purchase order system is in place, businesses can keep track of their suppliers and their performance. The data provided through this system will help businesses know their best suppliers, evaluate their reliability, and negotiate better deals with them.

Purchase order tracking improves efficiency

Purchase order tracking also helps businesses improve efficiency in their operations. With proper tracking systems, businesses can manage their stock levels, monitor expenditures, and order new supplies promptly. This helps to ensure that the business runs smoothly and avoids any interruptions in the supply chain.

PO tracking makes accounting easier

Finally, purchase order tracking also makes accounting easier. The purchasing records can be used to reconcile invoices and ensure that payments are made on time. This reduces the time the accounting department spends on resolving issues, errors, and disputes.

Having an effective purchase order tracking system in place is important for businesses. Therefore, businesses must understand the importance of purchase order tracking and implement systems that work best for them.

What is OrderAction?

OrderAction is an advanced and intelligent automation solution designed to streamline and optimize the order processing workflow for businesses of all sizes. It is a part of Artsyl docAlpha that focuses on intelligent process automation and document management.

OrderAction uses cutting-edge technologies, such as artificial intelligence and machine learning, to automatically capture, extract, and process data from incoming orders, invoices, and other related documents.

By leveraging text recognition and data extraction capabilities, OrderAction can efficiently convert unstructured data into structured, usable information, eliminating the need for manual data entry and reducing processing time significantly.

OrderAction solution is tailored to enhance the entire order-to-cash cycle, empowering organizations to achieve higher levels of accuracy, faster turnaround times, and improved operational efficiency. Additionally, OrderAction’s integration capabilities with various enterprise resource planning (ERP) systems enable seamless data synchronization and real-time visibility into the order processing pipeline.

Overall, Artsyl OrderAction is a powerful solution designed to streamline order processing within organizations of all sizes and industries. By automating tedious and error-prone manual tasks, this cutting-edge technology reduces the time, effort, and costs involved in managing orders while improving accuracy, speed, and customer satisfaction.

With features like advanced data extraction, order classification, and workflow automation, Artsyl OrderAction ensures that orders are handled seamlessly from start to finish, allowing your team to focus on more strategic activities that drive business growth.

Whether you’re looking to optimize your order management processes, improve your order-to-cash cycle, or increase your productivity and profitability, Artsyl OrderAction is the perfect solution for you.

PO Order Tracking with OrderAction

Do you manage multiple purchase orders (POs) and struggle to keep track of their status? As a business owner, it is crucial to have visibility into the status of all transactions. OrderAction is a cloud-based solution that allows you to manage all your purchase orders and track their progress in real-time. Let’s dive into the features of OrderAction and highlight how it can improve your purchase order management.

OrderAction enables you to set up new purchase orders, view previously placed orders, and track order fulfilment. OrderAction also offers features like budget management, supplier management, and invoice tracking.

To track purchase orders, OrderAction uses real-time tracking to ensure you are always up-to-date on the status of your POs. All purchase orders are logged into a centralized database, and you can easily view their status at any point in the procurement process.

What are the benefits of OrderAction?

OrderAction streamlines the procurement process, making it more efficient and effective. Its benefits include:

OrderAction is designed for businesses looking for an easy-to-use, cloud-based solution to streamline their procurement process. If you are struggling to keep track of your purchase orders, don’t have a centralized database to store purchase orders, or are manually managing your procurement process, OrderAction can be a great addition to your workflow.

Managing purchase orders is a vital part of any business. It’s essential to maintain an organized system to track and manage your procurement orders. Thanks to OrderAction, you can now have a centralized database that allows you to manage all your purchase orders and track their progress in real-time. With OrderAction, you can automate your procurement process, reduce errors and improve visibility to enhance efficiency and save time.

Try OrderAction today and see how it can transform your procurement process.

Unlock the power of integration as OrderAction and ERP join forces to optimize your procurement process.

From automated data capture to real-time status updates, this dynamic duo ensures accuracy and visibility at every step. Ready to revolutionize your purchase order tracking?

Book a demo now

Key Features of OrderAction for Purchase Order Tracking

OrderAction is packed with features that enable you to automate and streamline your purchase order tracking activities.

• Intelligent data capture from purchase orders: With advanced intelligent data capture capabilities, OrderAction efficiently extracts and interprets crucial information from purchase orders, eliminating the need for manual data entry. This streamlined process not only saves time but also ensures accuracy and reduces the risk of errors, leading to improved order processing efficiency.
• Automated PO workflow functionality: OrderAction offers automated purchase order (PO) workflows that seamlessly manage the entire PO lifecycle. From the moment a PO is received to its final approval and processing, OrderAction orchestrates the flow of information, notifications, and approvals, ensuring a smooth and organized process. This automation significantly reduces delays and bottlenecks, empowering your team to focus on more strategic tasks.
• ERP integration for data validation: OrderAction integrates seamlessly with your existing ERP system, facilitating real-time data validation and synchronization. This integration ensures that the data captured from purchase orders aligns with the information in your ERP, promoting data consistency and accuracy throughout your organization. As a result, you can make informed decisions with confidence, knowing that your data is reliable and up-to-date.

Contact Us today
for an in-depth product tour.

• Automated transaction entry: OrderAction enables automated transaction entry, eliminating the need for manual data input. By seamlessly integrating with your financial and accounting software, OrderAction automatically records transactions, such as invoices, receipts, and payments, saving time and reducing the risk of data entry errors. This automation enhances efficiency, accuracy, and overall financial data management.
• Enterprise content management integration: OrderAction seamlessly integrates with enterprise content management (ECM) systems, providing a centralized repository for all relevant documents and data. This integration streamlines purchase order storage, retrieval, and collaboration, empowering your team to access critical information quickly and securely. With a unified ECM system, you can enhance compliance, facilitate auditing processes, and foster better document control.
• Analyze buyer behavior and trends: OrderAction offers powerful analytics tools that enable you to gain valuable insights into buyer behavior and trends. By analyzing data related to purchasing patterns, customer preferences, and market trends, you can make data-driven decisions and tailor your strategies to meet customer demands effectively.

In addition, OrderAction provides detailed reporting and analytics capabilities, allowing you to gain insight into purchasing trends, vendor performance, and inventory levels. This data can help you to optimize your procurement process and make informed business decisions.

Integration of OrderAction with ERP for Purchase Order Tracking

Integrating OrderAction with ERPs creates a powerful solution for tracking purchase orders. Here’s how the integration works:

• Automated Data Capture: Artsyl OrderAction utilizes advanced OCR (Optical Character Recognition) technology to automatically extract relevant data from purchase orders, such as vendor information, item descriptions, quantities, and costs. This data is seamlessly integrated into ERP, eliminating manual data entry and reducing the risk of errors.
• Real-time Synchronization: The integration ensures real-time synchronization of purchase order data between OrderAction and ERP software. Any changes made in one system are immediately reflected in the other, providing users with up-to-date and accurate information.
• Customizable Workflows: Artsyl OrderAction allows users to configure customized approval workflows for purchase orders. Once approved, the data is transferred to the ERP, where the purchase order is recorded and tracked throughout the procurement process.
• Purchase Order Status Tracking: With the integration, users can easily track the status of purchase orders from initiation to fulfilment. The purchase order data captured in OrderAction is readily available in ERP and other business software, providing real-time visibility into the progress of each order.
• Document Management: OrderAction and leading ERPs create a centralized repository for all purchase order-related documents. Users can access and manage these documents within both systems, ensuring easy retrieval and secure storage.
• Compliance and Audit Trail: The integration ensures a comprehensive audit trail of all purchase order activities. This feature aids in compliance with internal procurement policies and external regulations, providing a transparent and accountable procurement process.

By automating data capture and approval workflows, the integration between OrderAction and ERP significantly improves the efficiency of purchase order tracking. Users can process orders faster, reduce manual effort, and enhance overall procurement operations.

Integrating ERP solultions with Artsyl OrderAction empowers construction companies with a seamless, end-to-end solution for purchase order tracking, allowing them to manage their procurement processes with greater accuracy, efficiency, and control.

Improving Purchase Order Tracking with OrderAction

OrderAction can be a game-changer for your organization’s procurement management process. It offers an all-in-one solution for purchase order tracking, invoice and payment processing, and inventory management. By automating key tasks and providing real-time visibility on all financial data, you can reduce errors, improve efficiency, and make informed business decisions.

Whether you are a small business owner or a mid-size company, OrderAction member of docAlpha family of solutions provides a cost-effective solution that can help you take your procurement process to the next level. Try it out today and simplify your purchase order tracking process.

FAQ

What is purchase order tracking?

Purchase order tracking helps businesses manage and monitor their purchase orders throughout the procurement process. It allows users to create, approve, and track purchase orders from the initial request to the final delivery.

What key features should I look for in the purchase order tracking solution?

The key features of purchase order tracking software typically include customizable purchase order creation, automated approval workflows, real-time tracking and status updates, supplier management, budget tracking, change order management, document attachments, reporting and analytics, and integration with accounting systems.

How does purchase order tracking software benefit businesses?

Purchase order tracking software streamlines the procurement process, reducing manual data entry and potential errors. It enhances control and compliance by enforcing multi-level approvals and budget tracking. PO tracking software provides real-time visibility into purchase order status, enabling better decision-making and cost management.

Can purchase order tracking integrate with other business systems?

Yes, many purchase order tracking software solutions offer integration capabilities with other business systems, such as accounting software, inventory management, and supplier databases. Integration ensures seamless data flow and enhances overall efficiency in procurement and financial processes.

Is purchase order tracking necessary for all businesses?

Purchase order tracking is particularly beneficial for businesses that regularly purchase from suppliers and need a streamlined process to manage and track their orders. It is especially useful for industries where procurement involves multiple stakeholders, complex workflows, and strict budget control.

Should I choose a PO tracking solution to be cloud-based or on-premise?

Purchase order tracking software is available in both cloud-based and on-premise deployment options. Cloud-based solutions offer greater accessibility, scalability, and automatic updates. In contrast, on-premise solutions provide more control over data and security for businesses that prefer hosting the software on their own servers.

How does purchase order tracking improve financial control?

Purchase order tracking enhances financial control by allowing businesses to link purchase orders to project budgets, monitor expenses in real-time, and prevent overspending. It enforces multi-level approvals, reducing the risk of unauthorized purchases and ensuring compliance with budgetary constraints.