E-Invoicing Simplifies the 3-Way Match
Is your AP department chasing after the elusive 3-way match? Corcentric’s latest blog shows how to find it through electronic invoicing.
August 19, 2013, MCLEAN, VA — Matching a PO to Receipt of Goods is a relatively simple, straightforward task. However, complications arise when AP wants to manually match these two steps to the final invoice, since it is likely that multiple invoices from the same vendor may arrive simultaneously. Corcentric, a leading provider of Accounts Payable automation and e-invoicing solutions, shows how this arduous step can be simplified and streamlined through electronic invoicing.
The blog discusses the process, detailing the steps from PO to the receipt of the product and the possible exceptions that can occur at this juncture. When a paper or pdf invoice is received, AP personnel need to key in all line item detail and, if they find discrepancies, try to reconcile those issues. This often means considerable delay in processing payments and a bad use of processor time pursuing answers. The blog states that AP departments struggling with the matching process are finding the best solution is a combination of e-invoicing and a cloud-based SaaS solution.
The Corcentric blog reveals the e-invoicing 3-way matching process, step by step. It also shows how e-invoicing, especially when used in conjunction with an AP workflow automated solution, can either quickly complete the match and send it directly to a company’s ERP for payment, or immediately recognize exceptions and send those on for a much quicker resolution.
The Corcentric blog is a knowledge center for accounts payable professionals to explore automation best practices along with the latest trends and news in financial process automation.
View Corcentric’s latest blog http://blog.corcentric.com/the-3way-match/.
Corcentric, a wholly-owned subsidiary of AmeriQuest Business Services, Inc., provides cloud-based financial process automation solutions that have revolutionized how the world’s largest organizations manage and protect their financial assets. By connecting best practices with deep expertise, Corcentric’s Accounts Payable and Accounts Receivable automation solutions enable organizations to reduce costs, streamline processes, and provide unmatched visibility executives need to make critical business decisions. For more information, visit corcentric.com.