2 Way 3 Way Match: Maximizing Operational Performance With Accounts Payable Automation Software
2 Way Way Match
Accounts payable automation software allows finance executives to manage back-office operations with increased efficiency and robustness. The two-way and three-way matching process, in particular, is critical capability of such Softwaresolutions, as it helps organizations reduce their exposure to invoice discrepancies and allows them to make well-informed decisions on payment strategies. This article discusses key ways to optimize operational performance with regards to the use of accounts payable automation software for the two-way and three-way match process.
For starters, automation of the two and three-way match capabilities significantly reduces workload. Manual invoice processing is often lengthy and highly-manual task. By employing automated solutions, this grueling process can be streamlined, allowing organizations to focus on other financial obligations and improving companies overall efficiency. Introducing accounts payable automation software limits and reduces the manual effort that is necessary for the reconciliation of invoices, thus driving further efficiencies.
Additionally, accounts payable automation software enables organizations to develop ‘single version of the truth.’ It provides stakeholders with an accurate and consolidated view of their back-office operations without manual labor-intensive cumbersome processes. This ‘single version’ presents the historical records of an organizations invoice information, enabling finance executives to accurately track invoices, monitor their status and measure the accuracy of the reconciliation process.
Furthermore, automation of the two/three-way match capabilities facilitates faster decision making. Automated matching algorithms within accounts payable automation software allow organizations to check and verify invoices instantly. This faster decision-making process allows organizations to approve invoices quickly, resulting in quick-turnaround of payments, minimizing the risk of delayed payments and thereby increasing customersatisfaction.
Apart from the time-savings, automation of the two/three-way match capabilities also helps in deriving key insights that are essential for informed and data-driven financial decision making. For example, with an automated matching approach, organizations can generate their own inventory reports, utilize order-trend analysis and identify sub-par vendors. This allows finance executives to make better-informed decisions about their financial operations.
In closing, accounts payable automation software provides robust and automated two/three-way match capabilities. This enables organizations to significantly reduce the manual effort, develop ‘single version of the truth,’ make decisions quickly, drive quicker payments and gain valuable insights from financial data. By leveraging such Softwaresolutions, finance executives can use their resources more effectively, reduce their exposure to invoice discrepancies and reap the benefits of improved operational performance.
