Automated AP invoice matching is the matching of your vendor invoices against supporting documents such as goods receipt, purchase order or an agreement. With automated invoice matching, you can enjoy a 100 percent touch-less and fast invoice processing, which is every accounts manager's dream. If your business invoices don't match automatically, it means a cumbersome, time-consuming and tiring job of examining, controlling and accessing them manually throughout your organization. And, to add to the hassle, you need to wait for getting all of those bills approved. Here are three of the most important lessons you must learn about invoice matching.
1. Benefits are More Than Mere Process Efficiency
When you do invoice matching meticulously, and pay attention to details, it's possible to allocate the total cost (which also includes additional expenses like freight and environmental costs) to a specific product. This helps you to know about the true cost and bottom line revenue of each of the products sold.
2. Invoice Matching Calls for Strategy and Vision
Successful invoice matching takes your AP automation process to the next level, and ensures a fully automated invoice processing without any manual intervention. The key to the success of invoice matching is a foolproof strategy and vision that set the guidelines for improving each and every area of the accounts payable process. To ensure automated matching, you need to have the right data in the right fields, and also have the accurate format for data input like goods receipts, purchase orders, bills and contracts. Make sure that your integrated ERP system is good enough to facilitate precise and detailed data feeds.
3. One Size Doesn’t Fit All
You'll find no single solution for successful invoice matching. As far as touch-less AP processing is concerned, it doesn't happen overnight. It's a continuous process. Identify the critical KPIs for your company. Monitor and measure them to be on the right track. Tweaks in your data feed or introducing new suppliers may create problems, but with authentic and precise reporting, you'll be able to recognize problems, educate suppliers and implement changes.
Choose our AP automation solution for flawless and quick invoice matching. If you have further questions about our products, contact us now.