Achieve the “gold standard” of accounts payable with Corcentric Three-Way Match

Manual invoice matching is a slow, time-consuming, and labor-intensive process. It can be difficult to accumulate all the information needed to process an invoice, which often results in delayed payments and upset vendors. One way that AP departments can reduce invoice processing times by up to 70% is by automating the invoice matching process, ensuring an accurate three-way match.

Achieve the “gold standard”  of accounts payable with Corcentric Three-Way Match

Manual invoice matching is a slow, time-consuming, and labor-intensive process. It can be difficult to accumulate all the information needed to process an invoice, which often results in delayed payments and upset vendors. One way that AP departments can reduce invoice processing times by up to 70% is by automating the invoice matching process, ensuring an accurate three-way match.

Delayed gratification

Does lack of automation end up causing bottlenecks throughout your process?

Human intervention

How many (unproductive) hours is your team wasting on manual matching inputs?

Bottom line

What’s the impact on cash flow when a lack of automation slows everything down?

Keep things moving faster

Even if your AP team can view POs and receipt of goods data electronically in your system so you can match received orders against POs, what about the invoices? Corcentric’s three-way match automation capabilities eliminate the extra steps involved when invoices are received as paper or .pdfs instead of e-invoices. This not only saves time, but accelerates the entire AP automation process and achieves savings that go right to your bottom line.

It’s all about the algorithm

Corcentric’s configurable automatic three-way matching algorithm gives you full control over how invoices match and what line item matching fields are required. This flexibility allows companies to modify their matching rules as needed, without incurring extra costs to change how the match works. Our three-way match invoice processing provides the highest possible match rate to allow for the majority of invoices to process straight through Corcentric to your AP system or ERP without processor intervention.

Increase efficiency by streamlining processes

Corcentric’s accounts receivable invoice matching solution empowers your AP with automation and workflows that follow your internal control policies for cost center allocation, approval authority, and high dollar authorization. Duplicate invoices are automatically flagged and escalated, and mobile-friendly email notifications and alerts are built in to remind approvers. Most importantly, you gain visibility into the status of every invoice at every step of the process.

Keep things moving…faster

Even if your AP team can view POs and receipt of goods data electronically in your system so you can match received orders against POs, what about the invoices? Corcentric’s 3-way match automation capabilities eliminate the extra steps involved when invoices are received as paper or .pdfs instead of e-invoices. That saves not only team hours, but accelerates the entire AP automation process and achieves savings that go right to the bottom line.

It’s all about the algorithm

Corcentric’s configurable automatic three-way matching algorithm gives you full control over how invoices match and what line item matching fields are required. This flexibility allows companies to modify their matching rules as needed, without incurring extra costs to change how the match works. This 3-way match invoice processing provides the highest possible match rate to allow for the majority of invoices to process straight through Corcentric to your AP system or ERP without processor intervention.

Increase efficiency by streamlining processes

Corcentric’s accounts receivable invoice matching solution empowers your AP with automation and workflows that follow your internal control policies for cost center allocation, approval authority, and high dollar authorization. Duplicate invoices are automatically flagged and escalated, and mobile-friendly email notifications and alerts are built in to remind approvers. Most importantly, you gain visibility into the status of every invoice at every step of the process.

Achieve the elusive three-way match in your AP department

How Corcentric Three-Way Match works

When a purchase order is sent via Cor360 Purchase Order, the supplier fulfills the order and then flips the purchase order into an e-invoice. When the e-invoice is received, Cor360 Approval Workflow automatically matches the document against the original purchase order and the receipt of goods notification. If these documents match within tolerance levels set by the customer, the invoice is processed straight through to the organization’s ERP systems for paymen, with no human intervention.

Did you know?

3.4x

Best-in-class organizations have a 3.4x higher rate of touchless invoice processing

75%

Best-in-class organizations are 75% more likely to use automatic matching of invoices to contracts

SOURCE: 2020 ARDENT PARTNERS AP METRICS THAT MATTER

Learn how three-way match can make
your AP best-in-class

Product Tour

Resources

Related accounts payable resources

INFOGRAPHIC

Accounts Payable: What’s in Store for 2023

Let’s dive into the top 10 predictions that are expected to drive Accounts Payable this year.

INFOGRAPHIC

10 Trends That Will Impact Accounts Payable in 2023

Discover the top trends that will be impacting AP professionals this year.

REPORT

Accounts Payable 2023: BIG Trends and Predictions

This report highlights the top trends and predictions influencing Accounts Payable in 2023.
VIEW ALL RESOURCES

Resources

Related Accounts Payable Resources

INFOGRAPHIC

Accounts Payable: What’s in Store for 2023

Let’s dive into the top 10 predictions that are expected to drive Accounts Payable this year.

INFOGRAPHIC

10 Trends That Will Impact Accounts Payable in 2023

Discover the top trends that will be impacting AP professionals this year.

REPORT

Accounts Payable 2023: BIG Trends and Predictions

This report highlights the top trends and predictions influencing Accounts Payable in 2023.
VIEW ALL RESOURCES