Maximizing Operational Performance With Automated 3-Way Matching
3 Way Match In Ap
For finance executives looking to optimize operations, the accounts payable process can be major hurdle. Generally, AP activities involve manual data entry, invoice matching and management, and mountain of paperwork. Moreover, entering data into multiple systems can lead to data discrepancies, leading to costly errors. To minimize these manual errors and maximize operational performance, modern accounts payable solutions are increasingly using automated 3-way matching technology.
Automated 3-way matching allows for the automatic comparison of purchase order (PO) details, item receipts, and supplier invoices all in single solution. This prevents revenue leakage and makes the AP process more efficient overall. In addition, automated 3-way matching takes the burden of manual data entry off the shoulders of AP staff, allowing them to focus on other core processes.
A successful implementation of automated 3-way matching requires specialized software. This Softwareshould feature comprehensive functionality and functionality that matches the current business needs. For example, the Softwareshould enable notifications when the PO, receipt, and invoice do not match, eliminate the need for manual and paper-based processes, enable users to view details and documents of each transaction, and provide customers with access to real-time data.
Furthermore, integrated accounts payable technology can take the automation process step further by automating payment execution, retrieval of documents, archiving, and more. This allows for faster payments to suppliers, improved cash flow and liquidity, and reduced operational costs. In addition, comprehensive accounts payable solution should include robust security and audit trail functionality, financial reconciliation capabilities, and fail-proof data back-ups, among other features.
By implementing automated 3-way matching software, finance executives can streamline AP processes, reduce errors and manual interventions, cut costs, and improve visibility into their cash flow. So if you?re looking for cost-effective and efficient solution to maximize operational performance in accounts payable, automated 3-way matching is the answer.
