3 Way Match Process: Optimizing Operational Performance Through Accounts Payable Automation Software
3 Way Match Process
Organizations look for ways to streamline their operations and ensure that processes are conducted quickly, efficiently, and with accuracy. As finance executive, one of the best ways to ensure that your accounts payable operations are running effectively is to embrace the use of automated accounts payable software. Such software can revolutionize the three-way match process, helping you to bolster organizational performance and minimize the risk of costly errors.
First and foremost, automated accounts payable software enables organizations to complete the three-way match process automatically. Instead of manually comparing purchase order information, invoice data, and receipts as three-way comparison, accounts payable automation software can compare them in matter of seconds. This allows companies to review, approve, and pay invoices quickly, while also minimizing the potential for costly manual errors.
Additionally, accounts payable automation software provides organizations with tremendous insight into operational performance. Through integrated dashboards and analytics, executives can quickly benchmark individual payables and review outliers. This allows for greater visibility into the performance of accounts payable across the organization, giving executives the power to make more informed decisions regarding changes that need to be made.
Finally, accounts payable automation software allows for greater accuracy across the entire accounts payable process. Automated rules can be applied which help to ensure that each transaction is approved in accordance with pre-established parameters. Automated rules can regulate the payment process according to pre-set data or set thresholds for validation. This helps to ensure that all levels of the process are conducted with accuracy and accountability, while preventing the financial liability of human error.
In the end, accounts payable automation software is an invaluable tool for organizations that are looking to improve their operational performance and minimize their exposure to risk. By embracing these technologies, finance executives can ensure that the three-way match process is conducted swiftly and with high level of accuracy. As result, organizations are able to streamline their operations while also minimizing instances of fraud, errors, and late payments.
