Maximizing Operational Performance Through Invoice Automation Software
2-Way And 3-Way Matching Invoices
For finance executives searching for ways to improve operational performance and increase accuracy, invoice automation software provides an effective and reliable solution. In particular, 2-way and 3-way matching of invoices has proven to significantly reduce manual processing, speed up accounting cycles, and optimize accuracy and cost savings.
The automation process is simple. business can use OCR technology to scan invoices, match them to Purchase Orders (POs) and Goods Receipts (GRs), and then process them. This automation improves efficiency across all stages in the accounting cycle and is capable of handling multiple invoices of various types with ease.
By replacing manual workflows with streamlined, automated solutions, accounts payable departments can liberate resources totaling up to 70% of the total accounts payable time formerly spent on manual matching. This provides the ability to better control resources and financial spend and achieve operations that are more efficient, causing less waste and accelerating organizational processes.
Automated systems can also be programmed to include number of rules for 2-way or 3-way matching around specific criteria to accurately match documents. This eliminates discrepancies and improves accuracy, as well as eliminates the cost and time associated with manual labor. Accounts Payable teams can quickly identify discrepancies and settle the invoice accordingly.
In addition to offering potential cost savings and operational efficiencies, invoice automation solutions can track audit trails and enhance visibility into the entire process. It can also provide audit isupport and make it quick and easy to trace payments and reconcile accounts. It can even help to detect and reduce fraud, as well as increase control over the entire workflow process.
For finance executives looking to maximize operational performance and optimize cost savings, invoice automation software that offers 2-way and 3-way matching of invoices is reliable and effective solution. The potential of process optimization offered by such software can greatly improve records accuracy, workflow efficiencies, and data security. The process automation also allows organizations to focus on higher-value work, such as conducting analytics, formulating actionable insights, and strategizing across their entire finance operations.
