Maximizing Performance With Accounts Payable Automation Software
3 Way Matching
From C-Suite perspective, there are few areas in which financial executive is under greater pressure than ensuring the accuracy, reliability and cost-efficiency of the accounts payable process. This pressure is particularly true when it comes to 3-way matching, process by which company verifies that the correct products, quantities and prices are received before payment can be made to the supplier. Traditional manual matching processes are fraught with time-consuming steps, costly mistakes and data discrepancies. To alleviate this pressure, accounts payable automation software can be utilized to refine and optimize the 3-way matching process, reducing manual labour and payroll costs, while improving accuracy and efficiency.
By leveraging accounts payable automation software, companies can automate their invoice processing and leveraging multiple payment methods. Automation Softwarestreamlines the process of invoice management, allowing finance executives to quickly prioritize invoices by due date, group invoices together, and allocate budgets in order to optimize cash flow. Likewise, automation software can be used to facilitate 3-way matching. By leveraging digital platform to capture appropriate data at the point of purchase, discrepancies between purchase orders, receiving documents, and invoices can be identified and reconciled quickly and efficiently, reducing manual labour and time.
In addition to streamlining the 3-way matching process, the utilization of accounts payable automation software can also facilitate the payment process. Companies can leverage features of the software to generate an array of payment options, optimizing their balances and maximize efficiency. Many accounts payable automation software have payment notification features that allow for automated and auditable communication, meaning automatic reminders to suppliers about upcoming due dates can be sent out with minimal effort. Automatic payment options, such as direct-debit transfers and automated cheque printing, also expedite payments, making payment hassle-free and freeing up an ample amount of the finance team’s time.
In addition to the cost-savings associated with accounts payable automation software, it can also provide companies with improved visibility into their accounts payable processes. Through robust analytics capabilities, customized to their industry, companies are able to access range of sentiment analytics and detailed metrics regarding the performance of their accounts payable process. This provides clearer view into their financial health, allowing finance teams to make better, data-driven decisions.
In conclusion, while the initial investment in an accounts payable automation software may seem daunting, it is an essential piece of corporate infrastructure for any modern business looking to maximize operational performance. With respect to 3-way matching processes, the features of this software promise to enhance the accuracy, reliability and efficiency of the entire accounts payable process, while optimizing cash flow and shedding time-consuming processes for more valuable pursuits.
