No Need To Change Existing Systems,
Service Providers, Or Institutions
Invoice Matching / Management
Financial Transaction Insights In Real-Time
Invoice Matching / Management
Feature Overview
How The Invoice Matching / Management Feature
Can Bring Value To Your Global Organization
The Invoice Matching / Management capabilities within the Financial Intelligence Solution offer a comprehensive solution for automating and optimizing the accounts payable process. By leveraging these features, a company can achieve significant savings and operational efficiencies.
The benefits, quantified in terms of reductions in manual effort, improvements in processing accuracy, and cost savings, highlight the potential for substantial improvements in financial management. Automation reduces the likelihood of errors and fraud and enhances vendor relationships through timely payments and better communication. Furthermore, dynamic discounting and analytics-driven process optimization can lead to potential ongoing procurement cost reductions and operational improvements, ensuring that an organization maintains a competitive edge in financial management.
Automated Invoice Capture and Data Extraction
Feature Description: Utilizes optical character recognition (OCR) and machine learning technologies to automatically capture invoice data from various formats and sources, accurately extracting relevant information without manual data entry.
Business Benefits: Reduces manual data entry and associated errors by up to 50%. Automation leads to significant time savings in the accounts payable process and reduces the likelihood of payment errors and discrepancies.
Three-Way Matching
Feature Description: Automatically compares invoice data against purchase orders and receives reports to verify that charges are accurate and that goods or services have been delivered as agreed. This process ensures that payments are made only for verified transactions.
Business Benefits: Improves invoice processing accuracy by potentially 40%, significantly reducing the risk of overpayments or fraudulent payments. A company can better manage cash outflows and maintain strong vendor relationships by ensuring that only correct and authorized invoices are paid.
Electronic Invoice Approval Workflow
Feature Description: Streamlines the invoice approval process with customizable, rule-based workflows that route invoices to the appropriate personnel for review and approval. Notifications and reminders ensure timely approvals.
Business Benefits: Increases invoice processing speed by approximately 30%, reducing the payment cycle time and enabling a company to take advantage of early payment discounts, potentially saving about 5% on costs associated with supplier account payables.
Vendor Portal
Feature Description: Provides vendors with online access to submit invoices, track the status of payments, and communicate with the finance team. This transparency reduces inquiries and disputes, improving vendor relationships.
Business Benefits: Can decrease vendor inquiries and disputes by up to 25%, freeing up staff time and resources for more strategic tasks. Improved vendor satisfaction can produce better terms and cooperation.
Dynamic Discounting
Feature Description: Offers a platform for dynamically negotiating payment terms with vendors based on cash flow needs. This allows a company to take advantage of discounts for early payments when financially beneficial.
Business Benefits: A potential 5% reduction in overall procurement costs can be achieved through the effective use of dynamic discounting. By optimizing payment terms based on real-time cash flow analysis, a company can save on procurement costs while maintaining liquidity.
Analytics and Reporting
Feature Description: Provides detailed analytics and reporting on the accounts payable process, including metrics on invoice processing times, costs, and vendor performance. This insight helps identify bottlenecks and opportunities for further process improvements.
Business Benefits: Enhances process optimization gains by up to 20%, resulting in continuous improvements in the efficiency and cost-effectiveness of the invoice management process. By leveraging data-driven insights, a company can target specific areas for improvement, negotiate better terms with vendors, and further reduce processing times and costs.
Invoice Matching
Invoice Matching / Management
Leverage Modern Automation
Purchasing Accuracy
- The purpose of this process is to ensure accurate vendor payments and cost accounting, thereby enabling compliance with purchasing contracts – as well as easy detection of potentially fraudulent invoices.
