Harnessing Software to Improve Operational Performance

Examples Of 3-Way Matching

Enhancing operational performance is a top priority for finance executives. Digital transformation and leveraging software can be an effective way to improve operational performance. With regards to three-way matching for accounts payable automation, financial leaders can use software to streamline and increase efficiency in the process.

Accounts payable automation software offer many advantages in improving the financial process. Three-way matching is a core part of the accounts payable process. This process must be performed accurately and quickly to reduce days payable outstanding figure, maximize audit capability, and optimize payment terms with vendors. With software, the process of three-way matching is streamlined, reducing the time required to complete various tasks.

Financial leaders can implement software to identify discrepancies, reject invalid invoices, and fulfill downstream effects of three-way matching. This ensures that organizations accounts and financial program is always accurate and up to date. Leveraging software also helps to eliminate errors and ensure compliance with policies.

Apart from that, accounts payable automation software also helps to facilitate better coordination with vendors, leading to improved relationships. This is especially important for organizations with large vendor bases. Software can be used to reduce the number of disputes and increase the accuracy of invoice processing.

Moreover, software helps to better manage the order-to-cash process, allowing financial teams to take action in a timely manner to effectively manage cash flow and optimize their financial plans. Through better order management, finance executives can gain visibility into transactions, analyze without manual efforts, and adjust the payment schedule accordingly.

Finance executives can rely on software to gain more control over their accounts receivable process and improve their financial process overall. As a result, organizations can optimize their DPO and DSO metrics and look to build lasting relationships with vendors. With software, financial teams can increase the accuracy of accounting and bookkeeping, reduce cash leakage, and gain better control and transparency in the accounts receivable process. This leads to overall improvements in operational performance that benefits both their financial bottom line and the customer experience.