Streamlining Accounts Payables With Automated 3-Way Matching Software
3 WAY MATCH DOCUMENTS
For C-suite executives looking for comprehensive payment solution for their accounts payables teams, automated 3-Way Matching software presents an ideal avenue for increased performance. Automated 3-Way Matching streamlines the procure-to-pay process, ensuring accuracy and visibility in accounting operations, along with cost savings and shortened payment cycles.
At its core, 3-Way Matching is the practice of verifying sets of information: the purchase order, invoice and goods received notification. By examining the goods requested, received, and paid for, accounting teams are able to piece together the procure-to-pay process and plug financial leaks along the way. Traditional 3-way matching involves manual comparison of the three documents, while automated 3-way matching performs the process at lightning speed with the added benefit of providing detailed, real-time analytics.
For C-suite executives, automation promises variety of advantages over manual processes. Finance teams can calibrate operations with instant visibility into purchases and expenses, along with cost forecasting and better oversight into the procure-to-pay cycle. In addition, automated 3-way matching is suitable choice for companies seeking to cut labor costs and reduce the risk of fraud by human error.
Improved accuracy is another area in which automation excels. An automated platform is far less likely to commit errors than manual matching, which relies on human eyes and brains to sort through expenses, invoices and deliveries a process that is not only time-consuming but can also prove unreliable. Automated 3-way matching leverages integrated matching logic, where computers are able to detect duplicates and inaccuracies more quickly than human can.
Accounts payables teams also benefit from automated 3-way matching’s proactive approach to payment. An automated system can alert team members if the invoice fails to be matched with the purchase order, enabling teams to take preventative rather than corrective action. Payment progress can be easily monitored from start to finish, ensuring that payments are correctly requested and completed.
In sum, automated 3-way matching is an ideal choice for C-Suite executives seeking to improve operational performance for their accounts payables teams. With the ability to streamline the procure-to-pay process, ensure accuracy and visibility, and detect potential errors quickly and efficiently, automated 3-way matching is poised to deliver tangible value to companies of all sizes.
