Three-Way Matching

Fast, accurate matching means faster invoice processing.

Invoice matching is vital for financial accounting and cash management. But it's manual and time-consuming.

Automated three-way matching with COR360 makes it easy to get e-invoices accurately processed and paid.

Three-Way Matching: An Integral Piece of the AP Process

Any accounts payable professional will tell you how important three-way matching is to a business. Without it, careless losses, reimbursements for unauthorized purchases, and fraud can run rampant. But exactly what is three-way matching, and why has it become such a time consuming piece of the accounts payable process?

Invoice Matching Workflow: How it Works

Three-way matching is a standard payment verification technique used by accounts payable departments. This process ensures everything arrives in the correct quantity and at the right price. There are three components involved in the process: an invoice, purchase order, and receipt of goods.

Manual invoice matching is a slow, time-consuming and labor-intensive process. It can be hard to accumulate all the information needed for payment, which often results in delayed payments and upset vendors. One way that AP departments can reduce invoice processing times by 70% is with invoice matching software. This will automatically route matched invoices to the company’s ERP or AP system, thereby eliminating the need for processor involvement.

Automated Invoice Matching

Automated Invoice Matching – The Benefits

Are your employees spending too much time coding, approving, and mailing invoices from various remote locations to the home office? If your business isn’t operating as efficiently as possible because the staff is stuck behind a computer doing paperwork instead of focusing on generating revenue, we can help.
Automated three-way matching will have an immediate and significant positive impact on your business by:

  • Matching invoices automatically, without human intervention
  • Speeding the invoice processing cycle by flagging exceptions
  • Dramatically reducing admin and processing costs
  • Tightening up controls with a full audit trail
  • Ensuring data accuracy

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Automated Invoice Processing with COR360 - How We Do It

Corcentric makes AP automation and automatic invoice management a realistic option for businesses of all sizes. This is achieved with COR360, our accounts payable invoice automation solution.

All invoices will arrive in an electronic format from our supplier network, invoice virtualization center, or supplier-invoicing portal. Then, transaction information is matched in COR360 and shared with your ERP/Accounts Payable system. The entire invoice automation process offers visibility throughout, not to mention an audit trail in case problems arise.

The three-way matching algorithm
Our three-way matching algorithm is configured with your business rules and tolerances to match incoming invoices against POs and receipt of goods. Invoices that are successfully matched are passed straight into your AP system.

SmartRouting for matching exceptions
Invoices that fail the matching rules can be routed based on the exception type to alert the appropriate individual and resolve the match exception. COR360 will continually attempt to automatically rematch the invoice as the exception is resolved. That means no more delayed payments and unhappy suppliers.

Want to learn how to reduce your invoice processing times by 70%, enjoy a free demo on us. If you’re ready to stop wasting hours and money coding, approving, and mailing paper invoices, contact us today.