{"id":15496,"date":"2022-09-16T00:00:00","date_gmt":"2022-09-16T05:00:00","guid":{"rendered":"https:\/\/www.cfosimplified.com\/dont-sign-check-yet\/"},"modified":"2022-09-16T14:03:03","modified_gmt":"2022-09-16T19:03:03","slug":"dont-sign-check-yet","status":"publish","type":"post","link":"https:\/\/www.cfosimplified.com\/accounts-payable\/dont-sign-check-yet\/","title":{"rendered":"Don\u2019t Sign That Check \u2013 Yet!!"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A small business owner arrives at the office to find a pile of checks on his desk awaiting his signature. Included are large, critical payments to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Raw material suppliers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Utility companies for electricity, water, and natural gas used in the manufacturing process<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An office furniture supplier, and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A local charity<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The checks were prepared by the trusted Accounting Clerk, who has been with the company for over 20 years and is the sister of the owner\u2019s next-door neighbor. The pile does not include any additional paperwork, just the checks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The owner, needing to move on to more pressing issues, quickly signs the checks and returns them to the Accounting Clerk for mailing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Does this scenario sound familiar? Unfortunately, it\u2019s the status quo for many small to mid-sized companies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today, we want to introduce one high-level principle that should be used within any business to manage, direct and control the outflow of cash: The <\/span><b>\u201cthree-way match<\/b><span style=\"font-weight: 400;\">\u201d or <\/span><b>\u201ctriple match<\/b><span style=\"font-weight: 400;\">.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Internal Controls and Risk Management in a Business<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">One of the more challenging elements of running any business is risk management. One method of minimizing risk is the purchase of insurance to help a business recover from a loss.<\/span><\/p>\n<p><b><i>But, insurance can\u2019t PREVENT the loss.<\/i><\/b><\/p>\n<p><span style=\"font-weight: 400;\">There are some events and related losses that can be prevented. This is where INTERNAL CONTROLS become an important part of the overall efforts to manage the risks businesses face each day.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Business owners usually concentrate on things like selling, <\/span><a href=\"https:\/\/www.cfosimplified.com\/part-time-cfo\/business-metrics\/\"><span style=\"font-weight: 400;\">strategic business development,<\/span><\/a><span style=\"font-weight: 400;\"> new products, making sure orders ship on time, and keeping customers happy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After these priorities are addressed, there may not be a lot of time left for identifying, assessing, and managing the business\u2019s risks. Those risks, though, are very real and can lead to disastrous results if they\u2019re left unattended.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Think about all of the processes your business uses each day\u2026 Purchasing, manufacturing, receiving materials or inventory, shipping orders, invoicing customers, collecting customer payments, paying suppliers, and many others.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Each of these processes has distinct risks attached to them. The good news is that all of these risks can be reduced, and in some cases eliminated, by putting proper controls in place.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The controls used by businesses to reduce or eliminate the risk of loss may be just simple checks and balances. Most internal controls may only require a small change in process and yet can significantly reduce risk.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today, we\u2019re discussing one principle that should be used within any business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Very simply, it\u2019s called the <\/span><b>\u201cthree-way match<\/b><span style=\"font-weight: 400;\">\u201d or <\/span><b>\u201ctriple match<\/b><span style=\"font-weight: 400;\">.\u201d This is a method of verifying the receipt of the correct amount and type of inventory prior to making payment to the supplier.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In many cases, internal controls are procedures that manage activities within a department. Here, the relationship between the Purchasing Department, the Receiving Dock, and Accounts Payable is verified.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since the end result of this process is an outflow of money, a business owner should know EXACTLY what the outgoing payments are for, and that they match what was ordered and what was received.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to Use the Three-Way Match Principle<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">So, how do you conduct this three-way match? Most small businesses are already doing the core activities that make the three-way match process useful, and usually a minimal commitment of additional time:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Issuing purchase orders to suppliers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Receiving materials, inventory, or supplies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Paying the suppliers\u2019 invoices<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">These activities are the basic parts of the three-way match, which assures that <\/span><b>WHAT WAS INVOICED matches WHAT WAS RECEIVED, which matches WHAT WAS ORDERED<\/b><span style=\"font-weight: 400;\">. This process is supported by the matching of three documents related to each of the numbered steps above:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your company\u2019s <\/span><b>Purchase Order<\/b><span style=\"font-weight: 400;\">, including exact item descriptions, quantities, and prices<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your company\u2019s <\/span><b>Receiving Report<\/b><span style=\"font-weight: 400;\"> (which is often a copy of the PO with the quantities blanked out, so that the receiving dock doesn\u2019t know the amount that they are expected to get from the truck.) This is used by the employee receiving the material to count and record exactly what is being received.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The <\/span><b>Supplier\u2019s Invoice<\/b><span style=\"font-weight: 400;\">, which should match all of the items on both of the above documents \u2013 or, at the very least, the Receiving Report.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">This is the focus of <\/span><a href=\"https:\/\/www.cfosimplified.com\/part-time-cfo\/\"><span style=\"font-weight: 400;\">internal control<\/span><\/a><span style=\"font-weight: 400;\">. These three activities\u2014Purchasing, Receiving, and Accounts Payable\u2014are conducted by three different departments and different employees. This control is in place to assure that the company pays for what they receive \u2013 no more, no less, and that it matches what they ordered.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the three items all match, the Accounts Payable staff is cleared to issue payment to the supplier. And, they attach the supporting documents to the check, so that the person signing the checks can review the documents and verify that the payment is correct.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">FAQs About the Three-Way-Match<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Let\u2019s answer some logical, FAQs:<\/span><\/p>\n<p><b>Q: <\/b><span style=\"font-weight: 400;\">Must the three-way match be done for each and every payment that goes out?<\/span><\/p>\n<p><b>A:<\/b><span style=\"font-weight: 400;\"> No. Some payments are for invoices that don\u2019t relate to receipts of material from the dock.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In those cases, such as payments for Utilities or Rent, it is appropriate to match the payment amount against the prior payments to assure that they are consistent, or at least that a significant difference can be explained.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the company may also be purchasing services. In this case, the Purchase Order was issued, but there is no receipt at the dock. There still needs to be verification for \u201creceipt of services.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this case, there is a different three-way match. The person who requested the Purchase Order must approve that the work was completed. That becomes the third match of the approval process.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Q:<\/b><span style=\"font-weight: 400;\"> What if the quantity that the dock writes on the receiving document doesn\u2019t match the Purchase Order?<\/span><\/p>\n<p><b>A:<\/b><span style=\"font-weight: 400;\"> The first issue here is whether the quantity matches the packing list sent along with the shipment. If the count matches the shipping documentation, then the determination needs to be made as to whether the order was shipped complete, is a partial shipment, or is an over shipment.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Q:<\/b><span style=\"font-weight: 400;\"> What if the quantity at the dock doesn\u2019t match the packing slip?<\/span><\/p>\n<p><b>A:<\/b><span style=\"font-weight: 400;\"> There are two possibilities here. Either the person doing the count was incorrect, or the shipment was incorrect. It\u2019s important to recount the merchandise. Normal procedure is to have someone new do the recount.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Q:<\/b><span style=\"font-weight: 400;\"> That seems like a lot of work for small purchases, it this really necessary all the time?<\/span><\/p>\n<p><b>A:<\/b><span style=\"font-weight: 400;\"> For merchandise receipts, it\u2019s advisable to establish a dollar amount for invoices and payments that require the three-way match.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, you don\u2019t want your employees counting each paper clip received with a $48 invoice from your office supply vendor, but you will want to verify that you got a package of paper clips. However, $3,900 worth of raw materials that comes in on several pallets should be reviewed and verified.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, it\u2019s important to establish a dollar threshold for the level where these counts and matches would be required.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Q:<\/b><span style=\"font-weight: 400;\"> Is it really necessary for the owner to verify each and every payment?<\/span><\/p>\n<p><b>A:<\/b><span style=\"font-weight: 400;\"> Well, that really depends on the owner. Even in large companies, it is important that a spot check be done occasionally by a higher-level manager or officer. But in small companies, it isn\u2019t unusual for the owner to be the only person with check signing authority.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If someone else is signing the checks, the verification that the amounts and quantities are correct is an important part of keeping a business on track and assuring that payments are being made properly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If a company\u2019s outside accountant does a Review of the company\u2019s financials at the end of the year, they will want to verify that these controls are in place.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Part of their verification process is randomly checking on payments. Having files in order, with the proper backup, will minimize the amount of time taken for the field part of any year-end work, whether by the bank or the outside accountant.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other common occurrences that affect the three-way match process include back orders and partial shipments. Some suppliers will ship partial orders while back ordering the remainder.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This usually results in multiple invoices and receiving records against a single PO, and requires additional tracking and diligence by employees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is also common for some suppliers to ship within certain tolerances (i.e. +\/- 10%). For instance, this is true in purchasing printing. In those cases, it is unlikely that the quantities will exactly match the PO.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But, as long as the receiving report, packing slip, and invoice match, and they both are within acceptable tolerances of the original PO, then payment of an invoice is most likely acceptable.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">A Final Word<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are many additional internal controls that small businesses can and should implement to help reduce risk and operate more efficiently.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The three-way match is a good example of a relatively simple process that will provide the small business owner with a higher level of confidence in a very important function within the business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interested in hearing more about strategic purchasing? Read on in our <\/span><a href=\"https:\/\/www.cfosimplified.com\/case-studies\/family-business-case-study\/\"><span style=\"font-weight: 400;\">family business case study<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A small business owner arrives at the office to find a pile of checks on his desk awaiting his signature. Included are large, critical payments to: Raw material suppliers Utility companies for electricity, water, and natural gas used in the manufacturing process An office furniture supplier, and A local charity The checks were prepared by [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":22552,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[29,36,43,44],"tags":[1838,2083,2082,1981,2086,2087,1956,2088,2084,2085],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Don\u2019t Sign That Check \u2013 Yet!! - CFO Simplified<\/title>\n<meta name=\"description\" content=\"The \u201cthree-way match\u201d or \u201ctriple match\u201d principle should be used within any business to manage, direct and control the outflow of cash.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cfosimplified.com\/accounts-payable\/dont-sign-check-yet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don\u2019t Sign That Check \u2013 Yet!! 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