Driving Business Success With 3-Way Invoice Matching Software
3-Way Invoice Matching
The Accounts Payable process is major factor in optimizing operational business performance, and for many organizations the use of software for 3-way invoice matching is standard practice. With CFO’s eye on minimizing costs and maximizing profits, selecting the ideal 3-way invoice matching software package is primary consideration. As finance executive evaluating solutions for your organization, there are several general steps you should take for success.
Investigate what your software must contain in order to achieve successful outcomes. good 3-way invoice matching system must provide the following capabilities: integration with source systems, internal matching criteria, manual matching processes, approval workflows, audit trails, and integration with automated and virtual payment processes. At minimum, Softwaresolution should be able to integrate and synchronize accounts payable data between internal and external systems, including those of suppliers. Additionally, the Softwareshould provide alerting and reporting solutions, including web-based dashboards, customized to the preferences of your team.
Leverage technology to streamline processes. Automation and Artificial Intelligence (AI) offer the potential to increase efficiency and reduce costs. Automation can help reduce manual workloads, while AI-driven technologies can interpret large amounts of data quickly and accurately. Furthermore, an automated self-correcting algorithm can be used to identify any discrepancies or inaccuracies and make corrections. Plus, good 3-way invoice matching system should be able to detect duplicate payments and prevent the need for manual reconciliation.
Prioritize accuracy for maximum performance. Every invoice matching software package may vary, but the common goal of accurate, timely matching is critical. With software-based matching solutions, CFOs and Controllers can be confident that invoice data is securely stored and transactions are registered in the correct period for accurate and efficient financial reporting. Further, when solution links to payments, discrepancies between the invoice and receipt of payment can be promptly identified and addressed.
In the end, selecting the right 3-way invoice matching software is key driver of operational performance. The right solution should be easy to use and provide scalability, automation, and accuracy. It is imperative that organizations evaluate potential solutions before making choice to ensure the greatest success. CFOs looking to maximize business performance should consult with experts familiar with the features and capabilities of 3-way invoice matching software to ensure that the right solution is implemented with maximum efficiency.
