By Accounting Team.
If you have ever paid for a $600 dishwasher when replacing a $45 part would do, we hear you. Apartments have a high volume of expense activity. Without a system of checks and balances in place, it’s easy for unqualified staff to make unnecessary purchases.
Do not let unnecessary expenses reduce your bottom line. Purchase Order sytem’s provide a system of checks and balances that reduces unnecessary spending. That’s why we implement the AvidXchange PO system.
Here are some ways our PO system helps us provide you with better service:
Oversight
Community Managers submit POs to their Regional Manager for approval. The system kicks the PO up to the Regional Manager’s supervisor if the expense exceeds the maximum amount pre-authorized by Ownership. The Supervisor is then required to contact Ownership for written approval before completing the purchase.
Documentation
We require the requesting party to provide a written summary of the need and supporting documentation, such as bids, estimates, etc. Documents are uploaded into the AvidXchange software for easy access.
Accurate Coding
Our PO system is integrated with our accounts payable system. This allows us to have invoice coding reviewed by multiple layers of staff from the moment a PO is submitted until the invoice is paid. Multi-party review increases accuracy.
Simply put, implementing a PO system creates a process that puts decisions back in the hands of qualified staff and provides the information they need to curb unnecessary spending.
