Optimizing Operational Performance By Leveraging Software For 3 Way Match Procurement
3 WAY MATCH PROCUREMENT
Procuring goods and services is critical function to the success of any organization, regardless of size. Without efficient payment processing and accurate three-way matching, accounts payable departments can be mired in manual processes, wasting critical resources and leaving the bottom line damaged. An automated accounts payable (AP) solution can provide finance executives with greater control and oversight of their operations and ensure that invoices are matched with purchase orders (PO) and delivery documents quickly and accurately.
A reliable AP automation software can not only provide much-needed boost to operational performance but also enable an organization to reunite with cost-cutting measures. Moreover, it can bring scalability to secure all the crucial details of procurement like, outstanding orders, payments, invoice approvals, payment cycles, etc. all under centralized interface, enabling finance executives to assess critical data and make decisions more quickly.
To maximize operational performance, good automated AP solution should allow finance executives and their teams to leverage 3-way match technology to perform real-time matching of PO, delivery documents, and invoices. This means that when an invoice is received for payment, it can be automatically matched against the associated PO and delivery documents, ensuring accuracy and streamlining the accounts payable process.
Furthermore, integrated workflow and routing capabilities enable finance executives to quickly approve invoices and payments in an efficient and auditable way. This ensures that auditors can quickly assess and review invoice documents as well as the payment process, and that all payments are released on time.
Additionally, the utilization of an AP solution eliminates the reliance on manual occupations and disparate systems and processes while providing high visibility into cash flow and invoice data, streamlining the process of tracking payments and accounts receivables, reconciling accounts, and reducing the risk of the payment of duplicate invoices.
Overall, an AP automation solution can provide host of benefits to any organization, notably reducing costs, increasing efficiency, and streamlining processes. By taking full advantage of 3-way match technology and integrated workflow capabilities, finance executives can gain greater visibility into invoices, PO and delivery documents, allowing them to boost operational performance and maximize cash resources.
