Maximizing Performance And Value With Accounts Payable Automation Software
3 Way Match Invoice Verification
Accounts payable departments are feeling tremendous pressure to do more with less. Automating invoice workflows is great way to reduce redundancy, streamline processes, and free time for more strategic tasks. Accounts payable automation software helps maximize operational performance by introducing 3-way matching, key functionality of any accounts payable system.
When automating AP processes, priority should be placed on software that provides three-way matching capabilities. Three-way matching is the process of automatically matching invoice details, such as purchase orders and receiving documents, to the invoice and purchase order. It ensures accuracy, helps catch discrepancies, and generally provides accounts payable teams with better visibility and control of the process.
Softwaresolutions are available which can facilitate increased process automation, automation which boosts visibility into operations and improves accuracy. These solutions reduce the time and difficulty of manual matching, which can take hours and is prone to errors.
Through automation, 3-way matching provides efficient, comprehensive invoice control. The automated process enables teams to quickly determine whether the correct product was sent to the right location at the right price. In addition, automation makes it easier to store, search and refer to documents, thereby saving time in the invoice verification process.
Software automating 3-way matching also allows routine payment terms to be triggered, ensuring payment within those terms, thereby stimulating fast and accurate payments. It also allows discrepancies to be flagged and delays and opportunities of cost savings to be identified before the invoice becomes due.
Accounts payable automation enables greater control, compliance and accuracy in processing, as well as higher visibility into operations and spending. The resulting cost savings, improved cash flow and reduced errors and delays improve operational performance, as well as companies bottom line.
Choosing an accounts payable automation system with 3-way matching capability presents great opportunity for CFOs and financial teams to save valuable time and money. Leveraging such technology solution will result in improved operational performance and general process efficiencies. Allowing accounts payable teams to focus on high-value tasks and companies financial objectives can have far-reaching implications for the future of the organization.
