Three-way matching is a process of paying the supplier accurately by matching three essential documents. These three documents are the following: 1) supplier/vendor invoice, 2) purchase order, and 3) receiving report.
Before implementing a paperless accounts payable solution, you should get an idea of where the AP workflow stands. How long does it take to process an invoice? What about approval? This should give way to the cost of processing an invoice with the current set up.
Accounts Payable Document management software is now able to automate and streamline many important functions in a traditional AP department. This means, transitioning to an all-digital office is of paramount importance to any company that hopes to keep up with its competitors.
To find the right software, a small business should start by looking at their budget and needs. Then a little research is in order. Consider features of AP automation software that would be a priority for your organization, from document management to scanning and PO-matching.
The primary goals of spend management are to prevent unnecessary spending, maintain accuracy and organization throughout the entire billing lifecycle, and manage supplier relationships.
The accounts payable invoice approval process, which is part of the AP invoice processing and payment processing workflow, is an area that your business can streamline with BPI to yield significant cost-savings benefits.
