2 or 3 Way PO Matching Automation
Most companies do some form of matching of vendor invoices to purchase orders and/or goods receipts. This is called a two or three way match.
The process can require a great deal of manual effort, particularly if the invoiced items have to be matched at the line level.
Once an invoice is entered into an ERP it is assigned a “match/no match” status. If for any reason there are price differences or problems with the goods receipt, the invoice cannot be processed by the ERP.
Users or knowledge workers typically have to cancel the transaction, and then perform time-consuming manual work to clear the exception.
ERPs do not have an automated way of handling these exceptions.
That’s where Intelligent 3 Way Match can make a difference—especially when exceptions occur!
Intelligent 3 Way Match Handles Two or Three Way Matching, Non-POs and Exceptions.
Here’s how it works:
Paper and emailed invoices are intelligently scanned, and their data fields captured. The technology recognizes each invoice by vendor and collects all of the essential information, regardless if the format is regular paper, PDF, XML, Word documents, or otherwise.
Purchase Order data is generated within the ERP, an external requisitioning system, or a blend of both.
Goods receipts are imported if they are already entered into the ERP, or users register them electronically in order to process them.
All of this information is visible in one intuitive, user-friendly dashboard that features Intelligent 3 Way Match.
For a 2 way match, incoming invoices are automatically matched to a Purchase Order.
For a 3 way match, incoming Invoices are automatically matched to the purchase order and Goods Receipt.
For Recurring Invoices, the invoice is automatically matched to a contract.
In most companies accounts payable staff do not have the data or knowledge of the purchase to be able to clear an exception.
This is where the manual process slows things down.
Whereas the AP staff member might not have the information at hand, Intelligent 3 Way Match isolates the problem that is preventing a proper match.
For Non-PO invoices or where there is missing information, the invoice is sent to an approver.
For exceptions where there is no matching of amounts on any of these documents, the invoice is sent as a file to the proper person.
Once delivered, the recipient views the file of information which includes an invoice image, a copy of the PO, the goods receipt information, and a description of the error.
When the knowledge worker is done, they can return the corrected invoice file through the dashboard back to the matching engine, clearing the exception.
Intelligent 3 Way PO Matching is a shared central dashboard on desktop and mobile that shortens the payment cycle and increases staff productivity.
Seamless integration with popular ERPs.
See the link below for more information on Intelligent 3 Way PO Matching.