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How Effective is Invoice Matching?
Research indicates that 56% of businesses face cash flow issues due to accounts payable inefficiencies, with 91% receiving vendor payment follow-ups. The document outlines the process and benefits of purchase order (PO) matching, emphasizing automation's positive impact on invoice approval times and employee productivity. Aavenir offers various solutions to enhance accounts payable processes, including vendor risk management and invoice automation.
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How Effective is Invoice Matching?
- 1. How Effective isInvoice Matching?
- 2. UK-based Research onAP facts 56% of businesses experience cash flow forecasting problems due to Accounts Payable issues. 91% of companies regularly receive phone calls from vendors chasing payments. 23% of businesses had suppliers who refused to work with them again due to Accounts Payable inefficiencies.
- 3. Challenges ● Handling multipleinvoice data points ● Data mismatch ● Exception handling ● Cost per invoice processing ● Fraud and theft
- 4. How Does POMatching Work? ● PO matching (purchase order matching) is the process of comparing information such as the purchase order, goods receipts, and/or a contract. ● Three different levels of PO matching: 2-way & 3-way These levels refer to how many supporting documents the invoice is matched against: 2-way matching verifies the invoice against its corresponding PO 3-way matching verifies the invoice against its corresponding PO and goods receipt
- 5. Steps to Performa Two-Way Match In a 2-way matching, the AP team compares the quantity and amount on the invoice with the corresponding purchase order. 1. The quantity billed must be less than or equal to the quantity ordered 2. The invoice price must be less than or equal to the purchase order price
- 6. Steps to Performa Three-Way Match Benefits of automating three-way matching 1. Save employee time 2. Improve supplier relationships 3. Protects against fraudulent and duplicate payments 4. Be audit ready
- 7. Impact of Automationin PO Matching A survey by Levvel Research shows that quicker approval of invoices and increased employee productivity are the top benefits: 25% Quicker Invoice Approval 19% Increased Employee Productivity 18% Improved Visibility over Liabilities 18% Lower Processing Cost
- 8. Free Demo Session Geta live demo of Aavenir Source to Pay solutions to know how Aavenir can address your enterprise's unique business challenges and goals. We provide live demonstration for following Aavenir S2P solutions: ● Contractflow - Contract Lifecycle Management on ServiceNow ● Obligationflow - Obligation Compliance Management on ServiceNow ● RFPflow - Request for Proposal Management on ServiceNow ● Invoiceflow - Account Payable Automation on ServiceNow Visit: https://aavenir.com/demo/
- 9. Get Free Resources Stepsto transform Accounts Payable Free Download Vendor Risk Management Test Drive Invoiceflow PO v/s Non- PO Invoice Processing Transforming source-to-pay Watch webinar Free Demo Explore now Explore Now
- 10. Delivering Future ofWork www.aavenir.com linkedin.com/company/aavenirinfo [email protected] twitter.com/AavenirInfo