Unlocking Greater Operational Performance With Accounting Software
2 WAY MATCHING ACCOUNTS PAYABLE PROCESS
Accounts payable processes can be complex and time-consuming, but effective software can help streamline the process, boost organizational efficiency and reduce paperwork. By employing accounting software for two-way matching of supplier invoices and purchase orders, finance executives can gain greater operational performance and streamline their accounts payable operations.
A two-way matching system automates the process of reconciling supplier invoices against manually-entered purchase orders. This allows financial staff to effectively manage deliveries and expensing. Most accounts-payable software offers double matching, with built-in consistency checks that prevent early payments and provide instant user feedback if something doesn?t match. This eliminates potential errors and eliminates the need to make manual reconciliations or carry out complex data matching processes.
The benefits of using accounts-payable software for two-way matching are numerous and should not be overlooked. Automated double-matching increases the accuracy of financial data and reduces the cost of processing invoices. It also eliminates manual data entry, meaning tasks such as invoice authorization, paper filing and coding are no longer necessary, speeding up the payment process. Fast, accurate payments can also help in building relationships with suppliers, encouraging them to remain loyal to the organization.
The use of accounts-payable software for automated two-way matching also has wider impacts on the finance function. By greatly reducing the time and energy needed to process and authorize supplier invoices, accounts-payable staff are freed up to focus on other projects that can help drive the business forward. This, coupled with the improved accuracy of financial data and the reduced cost, makes automated two-way matching very attractive prospect for finance executives.
When selecting accounts-payable software, finance executives should opt for solution that is highly configurable, ensuring that it can be tailored to each businesses specific needs. The best accounts-payable software will allow users to design, implement and customize purchase order and invoice processes that streamline the process of two-way matching, providing an overall greater operational performance.
In conclusion, accounts-payable software offers finance executives the ability to unlock greater operational performance with automated two-way matching. By streamlining the process of reconciling supplier invoices and purchase orders, reducing manual data entry and producing more accurate financial data, accounts-payable software can help drive organizational efficiency, reduce paperwork and boost supplier relationships. Thus, it ishould form an integral part of any finance executive’s systems strategy.
