The Business Benefits Of Ai-Based Invoice Matching In B2B Order To Cash Software
AI BASED INVOICE MATCHING IN B2B SOFTWARE
A businesses order to cash process is the underlying segment that ties everything in the back office to satisfaction of customers. It begins when an order is placed and ends only when the payment is made. This entire process can involve several departments and involve teeming number of manual data entry activities. To help mitigate this, technologies that involve automation, such as AI-based invoice matching, make it easier to reach high level of accuracy. Here, we present step-by-step guide for using such solution for order to cash software, by highlighting the various business benefits of AI-based invoice matching in B2B order to cash software.
First, it is important to understand the fundamental roles and objectives of AI-based invoice matching. The basic concept of an AI-based invoice matching tool is to compare invoice records from each of the relevant supplier sources with purchase order records from each of the relevant customer sources, and to then automatically match them for efficiency and accuracy. The matching tool can discern discrepancies between data fields and prevent overcharges or unacceptable pricing. It also reduces the latency between receiving an invoice and attempting to match it. Most importantly, it allows companies to improve process efficiency in order to accommodate the high volume of invoices they are likely to encounter.
Second, business must understand the process of set-up and integration of an AI-based invoice matching solution. This is typically done through the provider?s secure cloud-based platform. This platform is enabled by an assigned software development team that is enabled through various project management tools, such as project milestones and task lists. The aim is to build secure APIs that securely integrate the tool with the companies critical systems, such as its existing purchase-to-pay and payment processing systems. This process usually requires the business to provide its supplier information, such as their supplier code, in order to ensure that their invoice matches are accurate.
Third, business must ensure that the invoice matching is performed to high standard. The AI-based tool ensures that each invoice has been accurately matched to the corresponding purchase order by systematically comparing data fields such as item, quantity and price. In addition, it can detect any potential pricing discrepancies and offer users the opportunity to make corrections before the matching process is completed. This makes invoice matching more accurate and accuracies less frequent.
Fourth, business must understand the reporting capabilities of the AI-based invoice matching solution. After invoice matching has been completed, the platform generates reports containing insights on the total value of invoices, their relatedbuyer data, any discrepancies observed, and any other relevant information. This makes it easier for companies to track the status of all their invoices and reconcile them with their corresponding purchase orders. The platform should also have built-in tools that allow users to quickly flag any anomalies or discrepancies.
Finally, business must assess the scalability and cost-efficiency of AI-based invoice matching solutions. This kind of tool is designed to cope with an increasing volume of invoices and should, therefore, be able to grow with demands. It is also important to note that many AI-based invoice matching providers offer flat rate pricing options that are typically far more cost-effective than manual invoice and purchase order matching.
In conclusion, AI-based invoice matching has the potential to revolutionize companies order to cash process by improving accuracy and efficiency. By understanding how these solutions work and the various business benefits they can provide, businesses can ensure they are selecting the right solution for them.
