Centralized Invoice Matching
Ensure correct receipt and billing of items ordered with true centralized AP Invoice Processing across your entire organizationA supplier invoice may arrive with the product, or it may arrive at a later date, but when it does, it needs to be carefully compared/matched to the original purchase order and to the receiving document to ensure that what is being billed for was actually contracted for and received. Once approved, the invoice must make its way to the payables department and into your ERP for payment processing. But before these tasks take place, the invoice itself must be entered into your procurement software, which can happen in a number of ways: manual data entry by your staff, vendor entry through the Vendor Invoice Portal, or electronically through OCR technology.OCR or Optical Character Recognition technology scans a paper or electronic document, usually an invoice, and turns it into metadata that can be used to populate fields in a database. The Paramount WorkPlace OCR Invoice Matching feature creates vendor invoices from the scans, eliminating the need for manual data entry and jump starting the approval process. Once created, the matching process is completed, and the invoice is brought into the defined approval workflow for processing.
- Smart processing: Unrecognized data fields from the scan may be mapped to proper field, training the application to recognize the data in the future.
- 2 and 3-way matching: Matching process to avoid paying for items billed by the supplier but not yet received
- User and role-based security: Separate user and role level security options for Receiving, 3-way and 2-way Matched Invoices to enforce segregation of duties
- Utilizes defined workflows: Automated unmatched invoice processing workflow and notifications to eliminate processing delays
- Exception-based approvals: Exception-based invoice variance approvals based on quantity or amount thresholds to enhanced purchasing controls
- Audit log: Line level audit log for instant access to the entire purchasing history for an item from Requisition, approvals, receipts and invoice match
- Accuracy and efficiency: Eliminate error-prone manual data entry tasks
Empower users throughout the enterprise!
Terms & Definitions
What is OCR:
Optical Character Recognition (OCR) technology scans a paper or electronic document, usually an invoice and turns it into metadata that can be used to populate fields in a database.
What is Invoice Matching:
Invoice matching is the process of the accounts payable department matching a vendor invoice, purchase order, and product receipt information.
What is Two-Way Matching:
Two-way matching refers to matching the price/quantity information on the invoice to the price/quantity information on the purchase order.
What is Three-way matching:
Three-way matching refers to matching the price/quantity information on the invoice to the price/quantity information on the purchase order. You then, also, match the quantity information on the invoice to the quantity information on the product receipts associated with the invoice.
What is Role-Based Security:
Role-based approvals are a quick way to establish an approval routing process based upon the initiating user’s role in the company. For example, you may establish an approval routing that applies to all AP clerks and a separate routing for inventory buyers.