Finance & Economics

Amazon Business App Adds Purchase Reconciliation Tool for B2B Buyers

Amazon Business has added 3-Way Match to its mobile app for B2B shoppers.

Amazon Business App Adds Purchase Reconciliation Tool for B2B Buyers

Source: Pixabay.com

The 3-Way Match function, which previously could only be accessed using desktop or portable scanners, allows B2B buyers to scan the barcode of a parcel, mark it as received and place a purchase order. This is stated in the press release of Amazon Business, which was published on March 2.

Amazon vice president of technology Doug Gray said that scaling manual processes is impossible. He also noted that the integration of the 3-way matching function into the Amazon Business mobile application simplifies the process, as a result of which customers can coordinate their purchases in a matter of seconds.

Currently, financial specialists are actively studying the impact of automation on the procurement process. The main goal of these specialists is to find out the prospects for overcoming barriers to the movement of funds within the company through the introduction of mechanisms that operate automatically.

In the USA and the UK, about 30% of enterprises have intentions to improve the system of expense management and control over them. Also, almost 50% of companies operating in these countries intend to introduce electronic account payments within the next three years.

Interest in automating various parts of the supply chain or the cost management process is growing, which is a natural desire of firms to reduce the amount of practical work, simplify the process of information transfer and reduce the likelihood of failures. This opinion is shared by Darcy Lamond, Director of Content and Corporate Brand at Airbase. He also says that expense management is the automation of all work processes related to the expenditure of funds, not only accounting but also pre—accounting, and post-accounting.

3-Way Match helps businesses digitize and automate purchases by matching and verifying purchase orders, invoices, and receipts before making a payment.

As we have reported earlier, Amazon and Google Get Payments Clearance in India.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.