Optimizing Operations With Accounts Payable Automation Software
3 WAY MATCHING ACCOUNTS PAYABLE PROCESS
businesses of any size stand to benefit isubstantially from accounts payable automation software. With the right tools and processes in place, companies can reduce the amount of time and money spent on administrative tasks and divert those resources to initiatives geared towards growth. The three-way matching process, specifically, can be especially challenging, but with the right software, it can be streamlined, allowing financial executives to gain greater control over their operations.
At the heart of the three-way matching process is the importance of ensuring that an invoice corresponds to the exact delivery of goods or services in order to complete the payment. Without an automated system, reconciling accounts payable records, delivery documents, and orders can become an arduous task. However, with comprehensive automation solution, the manual labor associated with these reconciliations can be greatly reduced.
Certain applications can provide clearer view of supplier performance, settle discrepancies quickly, and reduce the risk of missing documents. With the best accounts payable automation software, users can perform multiple validations of data to determine if invoice amounts are accurate, properly coded, and in line with predetermined limits for purchases. Additionally, specialized scanning capabilities can be implemented to quickly capture and digitally store all related documents, enabling an efficient audit trail.
Advanced analytics associated with the right system can also provide invaluable insights into the payment process. Detailed visualizations and reports can give executives comprehensive overview of the organizations supplier base, highlighting any potential issues, such as duplicate payments or high-risk vendors. This data can be used to benchmark performance, uncover potential savings opportunities, and improve internal processes.
Financial executives should look for accounts payable automation software that simplifies and enhances the user experience. customized, intuitive interface will enable quick data entry, thorough invoice scanning, and the ability to easily track and generate reports. An intuitive system will also give executives greater visibility into the entire process, enabling profiles for each assigned user that show their progress, notes, task notifications, and more.
The three-way matching process is an important part of the accounts payable process, and with the right automation software it can be significantly improved. By adopting an automated solution, companies can quickly and accurately reconcile invoices and delivery documents, have better control over their supplier relationships, and gain greater insight into their overall financial operations.
