Maximizing Operational Performance With Automated 3-Way Match Software
3 Way Match Automation
Organizations across all industries and sectors must be as efficient and effective with their financial operations as possible in order to remain profitable. In particular, accounts payable (A/P) departments must have streamlined processes and efficient workflows to improve their performance in cost management and overall financial agility. One way to optimize A/P performance is the implementation of 3-way match automation software.
What Is 3-Way Match?
3-Way Match is an automated invoice matching process which requires three elements to match up before an invoice can be paid: the invoice, the purchase order (P/O) for the goods or services being processed, and the receipt of the goods. The software looks for discrepancies between any of these documents, so discrepancies can be quickly identified and rectified before any payments are finalized.
Benefits of Automated 3-Way Match
The primary benefit of automated 3-way match software is that it eliminates the need to manually check the accuracy of all three documents, reducing the amount of time needed to process invoices. This is essential for CFOs who need to ensure that expenses are accurately processed in timely manner.
The software can also be used to reduce the amount of paper wasted on invoices that are not properly matched or identified in timely manner. Automating the process ensures that only verified and accurately matched invoices with the correct purchase order and receipt of goods information will be processed.
Additionally, automated 3-way match software creates centralized database of invoices and other documents for easy tracking and reporting. This provides C-suite executives with better visibility into their organizational finances and facilitates refined processes for cost management.
Essential Considerations for Software Integration
While automated 3-way match software can be incredibly beneficial for organizations looking to reduce invoice processing times, maximize efficiency, and improve cost management, it is important to consider the implementation of such software from technical and functional standpoint.
Technical requirements must be taken into account, such as system compatibility, storage capacity, and any third-party applications the software might need to properly integrate with the organizations existing systems. Furthermore, the Softwareshould be tested to ensure its efficacy and ability to provide the scalability and flexibility needed.
Functionally, there should also be an analysis of how the software works and meets the necessary organizational needs. businesseshould ensure the Softwaresupports manual matching, batch processing, problem resolution, and multi-level vendor tracking.
It is essential that organizations thoroughly evaluate any potential software integration to ensure it assists in achieving the ultimate goal of maximizing operational performance and maximizing their financial agility. Automated 3-way match Softwareshould be selected based on its ability to fit into their existing systems, provide accurate results, and scale with the organizations financial requirement over time.
