Invoice matching is a critical step in the Accounts Payable process. Comparing vendor invoices to the corresponding purchase orders helps confirm that the charges are valid. Unfortunately, the process can be monotonous and time-consuming.
Now here’s the good news: manual matching isn’t your only option. Robotic Process Automation (RPA) technology can emulate your invoice matching process, comparing invoices to purchase orders and receipts just like one of your employees would. IntelliChief “robots” take just seconds to execute tasks that a person may require hours or an entire day to complete. Automated invoice matching helps companies increase productivity, reduce costs, and defer resources.
Invoice Matching Software from IntelliChief
At IntelliChief, we created an AP automation program that can process many invoices straight through. It doesn’t matter what type of documents you’re working with; our software can handle paper invoices, email invoices, faxed invoices, and even unique XML files.
With IntelliChief, you can have your documents sorted, matched, validated, and entered into your ERP with little (or no) effort from your team. Our software can instantly recognize quantities, unit prices, payment terms, and more – regardless of the layout of the page. The more you use it, the “smarter” it gets – remembering suppliers and discounts for the next time it encounters them.
Automated Two-Way Invoice Matching
In a two-way match, IntelliChief matches invoices to purchase orders, line-item by line item. If the information is correct, the transaction can be processed straight-through. From there, a voucher can be created and the invoice can be scheduled for payment.
Automated Three-Way Invoice Matching
In a three-way match, invoices are matched to both purchase orders and receipts. When doing this manually, it takes longer than a two-way match – but with IntelliChief’s invoice automation solutions, there’s no extra effort involved. IntelliChief can wait for all items to be received on its own without users having to enter the invoice first only to find out the freight has not received.