Invoice Matching & 3 Way Match Software
Enable fully automated three way matching with the power of electronic invoice data.
Accounts payable invoice matching can be challenging. Any of us who have been responsible for invoice matching realize that from an AP Department perspective, the invoice is the most challenging part of the match to automate. Although three-way matching exceptions occur with PO price variances or
receipt of goods not happening in a timely manner, most AP Departments can at least view the PO and receipt of goods data electronically in their AP systems once the goods have been received against the POs. In contrast, the invoice aspect is typically
a piece of paper or, at best, an image of the invoice. Without line item data from the invoice in an electronic format, AP processors have to key in information, such as PO number, vendor information, or item code to bring back PO and receipt data
to complete the 3 way match.
With the COR360 PO matching process, invoice data is completely electronic and can be programmatically matched to the PO and receipt of goods to complete the 3 way match. When invoices come in electronically, organizations are able to reduce cost and time spent by AP Departments each and every day. Since the software solution is programmed with all of the invoice matching rules, it has the ability to recognize red flags and source them accordingly. This allows for fully-automated, three-way matching with most invoices being matched without processor involvement.
Benefits of Three Way Match Software
- Programmatically matched to the PO and receipt of goods, three way matching allows for a fully-automated match without processor involvement
- Invoices with discrepancies are flagged for immediate attention
- Enables more effective and timely approval workflow
- Enhances business controls
- Improves data integrity by removing manual data entry errors and scanning inaccuracies
Electronic Invoice Data is the Key
It is no secret that having electronic invoice data is critical to being able to fully automate the three-way matching process. Corcentric uses a combination of our Supplier Network for e-invoices and our Invoice Virtualization Centers for converting paper-based invoices to provide the COR360 solution with the necessary electronic invoice data to fully automate the match. COR360 integrates with your company’s PO and receipt of goods information, so that an automated match can occur as soon as the electronic invoice data is extracted.
This allows many invoices to be auto-matched, utilizing COR360’s Straight Through Processing to direct invoices to your AP system to complete the match without processor involvement. With e-invoicing, established invoice matching guidelines, and exception handling in place, COR360 can quickly improve efficiency and provide lifelong cost savings.
Traditional Invoice Matching Process
Automated Invoice Matching Process
Why Match Outside of My AP System?
It might seem logical to simply interface electronic invoice data directly to your AP or ERP system to automate the matching process. The challenge comes when the electronic data does not match. With COR360, automated exception handling rules
can be configured to Smart Route invoices for exception matching. This streamlines the matching process and allows for exceptions to be resolved faster with full audit tracking of all exceptions and how they were resolved. To manage this type
of exception handling within the AP or ERP solution typically requires extensive programming and support, if it can be done at all.
The Matching Algorithm
COR360 includes a configurable matching algorithm which gives clients full control over how invoices match and what line item matching fields are required. This flexibility allows clients to modify their matching rules as needed, without incurring
extra costs to change how the three way match works. The goal of COR360 is to provide clients with the highest possible match rate to allow for the majority of invoices to process straight through COR360 to your AP system or ERP without processor