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Accounts Payable Automation 4-Way Matching

July 24, 2020

Accounts Payable Automation 4-Way Matching

Accounts Payable Automation is a powerful tool for any organization that finds itself processing a large volume of transactional information on a regular basis. Unfortunately, many organizations fail to identify the nuances (and potential nuances) of their AP process. Matching a PO to an invoice and receipt is a relatively simple process to automate, but what happens when additional approvals are necessary to fully vet a transaction? What happens when a 2-way matching process requires an additional step? And what happens when a fourth match is required? Here’s everything you need to know about Accounts Payable Automation 4-Way Matching:

Large Enterprises Require Accounts Payable Automation 4-Way Matching

Although Accounts Payable Automation 4-way matching is rarely top of mind when an organization decides to seek out an Enterprise Content Management (ECM) solution for AP Automation, it can be achieved with the right vendor. For example, if your organization is headquartered in the United States but has operations spanning North America and Europe, the major drivers for such a project might include:

  • Scaling back paper-based processes (and eliminating paper)
  • Reducing time and cost associated with manual ERP data keying and workflow management
  • Streamlining back-office processes across disparate locations and systems
  • Eliminating late and duplicate payments
  • Obtaining more early pay discounts
  • Improving the work environment

All of these benefits can be realized with the right ECM solution for your organization; however, your shortlist of solutions should be just that — short. Reducing the amount of time required to complete the matching process is key to faster and more efficient workflows, but if your solution only automates simple 2-way matching or more advanced 3-way matches, certain transactions will inevitably fall through the cracks. Few solutions can capably perform 4-way matches, but those that can tend to support higher rates of “straight-through processing” and greatly reduce the amount of manual, error-prone work performed by employees.

How Does Accounts Payable 4-Way Matching Work?

The precursor to a reliable Accounts Payable Automation 4-way matching process is the Enterprise Resource Planning (ERP) system(s) at the heart of your organization and the ECM solution that will help you unlock new features using your existing software infrastructure. Most organizations will review vendors and perform due diligence until they find a solution that can be expanded throughout their organization without bringing additional vendors into the fold and integrates with their current ERP(s).

Before a definitive selection can be made; however, your organization must develop a robust understanding of your existing business processes and the underlying workflows that drive these processes forward. This is best accomplished by partnering with a vendor that is willing to perform a comprehensive discovery and whiteboarding session to identify just how complex these processes truly are (and whether or not Accounts Payable Automation 4-way matching capabilities are necessary to help you reach your goals).

An example of a 4-way match is an invoice that must be matched to a purchased order (PO) and then to a receiver, before finally being matched against a quality inspection sheet. The additional flexibility of being able to emulate such a nuanced workflow with automation is extremely liberating for businesses that want to be able to fully automate their enterprise. And it shows as organizations that implement seemingly become leaner and more profitable overnight.

Additional Automation Benefits

Accounts Payable Automation 4-way matching is an advanced capability that helps companies close the gap on straight-through processing rates exceeding 90 percent or greater. By automating the entire AP process from document capture to workflow and approval, your organization can cultivate an environment where only the rare exception will require manual handling.

In this touchless environment where no ERP keying or other human interaction is needed,  ERP lookups for vouchering, validating, and supplementing key data between systems are executed using a rules-based business process automation workflow mapped to your specific practices, enabling lightning-fast reviews and approvals. This is achieved using cross-reference table algorithms that normalize data among systems and constantly match variables to maintain data integrity. AP processing staff can be reduced or reallocated, giving them the additional bandwidth needed to concentrate on strategic operations. Lastly, the ancillary benefit of AP Automation in related vendor fees, paper, and onsite and offsite storage costs — which can oftentimes be eliminated altogether savings tens of thousands or more.

To learn more about how Accounts Payable Automation 4-way matching can help your business gain a competitive advantage, contact us today.

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