To conform with state and federal records retention rules as referred to in guidelines issued by the Financial Managers Society (FMS), Accounting managers are tasked with keeping procurement and expense records for set periods of time, after which they can be destroyed.
In many cases, conclusive records don't exist. For example, orders placed over the Internet using vendor shopping cart programs generally do not qualify as Purchase Orders....unless they are issued by a buyer, documented as such, and can meet audit and records retention standards.
"A Purchase Order (PO) is a commercial document issued by a buyer, to a seller, indicating types, quantities, and agreed prices for products or services the seller will provide to the buyer. Sending a PO to a supplier constitutes a legal offer to buy products or services. Acceptance of a PO by a seller usually forms a one-off contract between the buyer and seller, so no contract exists until the PO is accepted.
To accommodate basic state and federal records retention requirements, Purchasing Assistant™ archives the following records:
All transaction records can be accessed online for up to 5 years, after which they are available upon request from the system's administrator for up to 10 years.
Reduce the cost
invoice payment 'errors';
Reduce 'maverick' spending;
Increase budget control;
Reduce the cost of supplies;
Reduce manual paperwork;
Increase employee productivity;
Reduce invoice payment 'errors';
Increase Audit control;