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SRM automates the 3-way matching process by doing the following:
Information extraction
can extract information from various business objects or documents such as purchase orders, goods received notes or receiving reports, and invoices.
Information comparison
can compare the information from the 3 types of business objects or documents (purchase order, receiving report and invoice) to ensure that the quantities, prices, and terms match.
Discrepancy detection
If any discrepancies are found,
can alert the appropriate personnel for investigation and resolution.
Workflow automation
can automate the entire 3-way matching process, from Information retrieval to payment approval, streamlining the accounts payable process.
For teams
For industries
Workflows
AREAS
AREAS
Automatic 3-ways matching
SRM automates 3-way matching by replicating human actions to verify that the goods or services ordered in the purchase order, received as stated in the goods received note or receiving report and the invoiced amount stated in the invoice all match, ensuring data consistency and preventing discrepancies, overpayments or fraud.
Information extraction
Information comparison
Discrepancy detection
Workflow automation
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The benefits of 3-way matching are as follows:
Increased efficiency
can significantly speed up the 3-way matching process, freeing up human employees for more strategic tasks.
Reduced errors
By automating the process,
can minimize human errors and improve the accuracy of invoice processing.
Improved accuracy
ensures that all data is compared and verified accurately, reducing the risk of discrepancies and overpayments.
Cost savings
Cost savings
can reduce the cost of invoice processing and improve overall efficiency.
