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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.
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.
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.
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.
When an invoice doesn’t match a purchase order, IntelliChief makes it easy to fix. Our software can independently solve certain discrepancies, like units of measure that don’t match up. For instance, if a purchase of 100 items appears as 100 units on your invoice, but 1 unit of 100 pieces on your purchase order, our system will note the difference and do the conversion automatically.
IntelliChief can also:
If our invoice system can’t find an immediate solution, it’ll notify one of your Accounts Payable specialists. The software clearly highlights the error, so there’s no confusion over what needs to be addressed. And with all the supporting documentation provided up front, your processors will have immediate access to everything they need to correct the discrepancy. They don’t even have to leave their core Accounts Payable application.
Don’t have a purchase order to match your invoice to? Not a problem. IntelliChief can help you approve non-PO invoices more quickly as well. Electronic routing gets each document to the right person for review, right away. And, managers can approve invoices (or deny), GL code them, and natural language prompts tell the users exactly what they need to do. Mobile integration allows users to do what they need to do, even from mobile devices.
To learn more about invoice automation, contact us today. Our software is designed to work with any Accounts Payable system that you already have in place – be it Oracle, SAP, JD Edwards, or even a completely custom system. No matter your technical needs, we can help you speed up your Accounts Payable process flow – and it all starts with a faster, more efficient approach to invoice matching.