Securing Your Supply Chain With 3 Way Match In Source-To-Pay Software


For any business looking to increase efficiency, reduce costs, and improve supplier relationships, the source-to-pay process presents prime opportunity. source-to-pay software allows organizations to streamline their procure-to-pay process, freeing up staff to pay attention to more pressing issues. Implementing 3-way match ensures accuracy and simplifies vendor management, saving organizations time and money.

The Basics of Way Match

Three-way match corresponds to the three documents that must be present and in level for purchase to be validated and processed: Purchase Order (PO), Goods Received (GR), and Invoice Receipt (IR). All three need to be present with matching information between them for the transaction to be complete.

When all three documents match, the purchase is ready for payment. If something does not match, the software will send up red flag, indicating that an exception needs to be addressed and cleared before the purchase is completed. This prevents erroneous payments and fraudulent invoices, as well as discrepancies that create further processing delays.

The Benefits of Way Match in Source To-Pay Software

Implementing source-to-pay software with way match enables organizations to capture invoices, reconcile them with Purchase Orders, and pay vendors. This facilitates accurate record-keeping and removes manual tasks while increasing the control of the process.

The integrated source-to-pay process optimizes accuracy and reduces the number of manual steps needed to process vendors? invoices and pay them. This provides organizations with faster access to data and greater control of the process. The enhanced efficiency also helps organizations build positive relationships with vendors and suppliers.

In addition, using source-to-pay software with way match ensures that all documents are in place for transaction to be complete. This helps to minimize disputes, delays, and errors, ultimately allowing organizations to receive their goods and services faster and more accurately.

Getting Started with 3-Way Match in Source-To-Pay Software

The first step to implementing the source-to-pay process with 3-way match is to link the purchase orders, invoices, and goods received with matching information, including unique reference number. Once this has been done, the source-to-pay software can effectively monitor and track transactions.

Organizations can then use the software to securely provide vendors with access to all the necessary documents, including invoices and purchase orders. This allows vendors to promptly submit invoices and produce the goods or services required.

Once the purchase order, goods received, and invoices have been received, the source-to-pay platform compares them to ensure they match. Once it has completed the three-way match, the software will generate an invoice that can be approved and subsequently paid.

Whether it is managing cash flow, increasing compliance, or improving supplier relationships, organizations can benefit from implementing 3-way match in their source-to-pay software. This eliminates manual work and paper-based processes and optimizes the whole procure-to-pay process, driving greater efficiency and cost savings.