How Invoice Reconciliation Ensures Billing Accuracy
Invoice reconciliation ensures that the contractor is charging the client correctly by comparing the invoice details with project records such as purchase orders, contracts, and timesheets. This process helps avoid overcharging or undercharging and ensures that any discrepancies are resolved before submitting the invoice.Best Practices for Invoice Reconciliation
Contractors should establish a clear process for comparing invoices against project records and address discrepancies immediately. Regular reconciliation of invoices helps maintain transparency and ensures accurate billing, improving client relationships.Related Terms: Purchase Order (PO) (PO)