In order to simplify the three-way matching process, you might consider excluding smaller value invoices and recurring invoices from the three-way matching process. Recurring payments can be verified at setup, leaving zero room for fraud. Similarly, it’s counterintuitive for fraudsters to try defrauding an organization of small-dollar micro transactions. If your three-way matching process in accounts payable isn’t 100% automated, it can happen that figures that get entered into one of the documents may differ just a bit with other documents. And if you insist your figures must be identical every single time, this might hold up supplier payments and invoice settlements. A simple, yet secure fix?Limit three-way matching to big-dollar, one-time invoices
Create flexible settlement rules
Authorize accounts payable personnel to complete payments for invoices if the figures across the received invoice, purchase orders, and receiving report differ with a small margin of error. This way, when your documents (invoice, purchase order, ad receiving report) have matching details with just a little difference in the figures, your accounts payable team can proceed without escalating all the way through the entire organization.
Managing three-way matching manually can be tiring—use an automated system.
In order to avoid processing fraudulent invoices, your accounts payable team has to be extra careful. What that means is that you end up spending more time getting invoices fulfilled than you’re supposed to.
An automated three-way matching solution can help you:
- store purchase orders once they’re created,
- collect receiving reports from your team, and
- automatically vet all these alongside invoices once they’re received.
Put all that together and you get a smarter three-way matching solution that eliminates error 100 percent at a fraction of the time and at even lesser cost.
☛Watch webinar:Here’s your roadmap to procurement automation
Beyond the three-way match,Kissflow Procurement Cloudoffers simple, yet powerful automations that puts your procurement on autopilot. With Kissflow, you can:
- store purchase orders once they’re created,
- collect receiving reports from your team, and
- automatically vet all these alongside invoices once they’re received.
Put all together, and you get aprocurement automation toolthat simplifies the entire process so you can process invoices faster and safely. Take Kissflow Procurement Cloud for a spin right away.
