Invoice Matching Solution

Invoice matching involves the comparison of invoices with related purchase orders and receiving supporting documents – this process ensures that the items, quantities, and prices on the invoice align with the agreed-upon terms, reducing the chance of errors, discrepancies and potential fraudulent invoices in the payment process.

An invoice is received into the business in paper, email, PDF or another digital format, and will typically involve supplier details, date, (PO) purchase order details and number, invoice number, net amount, VAT amount and total amount. There are different verification and matching methods which can involve 2-way matching, 3-way matching and 4-way matching – these matching methods ensure the invoice details are the same as corresponding purchase order and GRNs. Using our invoice matching solution, can automate the whole matching process, eliminating the need for manual verification.

3-way matching is a payment validation method that ensures goods are ordered, delivered as per order and invoiced as per delivered. This method entails cross-matching a purchase order (PO), goods received note (GRN), and invoice (3 ways). It validates that the GRN accurately represents delivered items corresponding to the PO, and the invoice concurs with the original order, encompassing factors like prices, quantities, and PO number.

Invoice matching holds immense importance in ensuring financial accuracy within AP departments. It can help eliminate fraud, ensures accurate tracking of supplies and goods (makes it easier to track if there is a dispute), reduces costs across the procurement team and gives full visibility of the audit trail.

Absolutely, automated invoice matching can aid businesses’ sustainability efforts in reducing their carbon footprint. By eliminating paper-intensive processes and streamlining operations digitally, automated invoice matching benefits the environment whilst optimising your AP department’s efficiency.

Our platform (which can be delivered in the Cloud or On-Premise) can be fully integrated with finance systems such as: SAP, Sage, Aptos, SmartStream, Oracle E-Business Suite, Microsoft Dynamics 365 and many more.

Documation’s automated invoice management software automatically performs invoice verification, two-way matching and three-way matching with minimal to no human input. It posts successful invoices straight to your finance system and provides the tools to deal with exceptions quickly and easily.