Simplified invoice matching – how purchase-order matching becomes child’s play
Make it much easier for your employees to allocate and compare orders and invoices. In this article you will find out how our AI-based software PolyDocs can help you with this.
An essential step
It is one of the most complex items in the administration of companies – and yet there is no way around it: We are talking about invoice matching (also known as purchase order matching). Each invoice that is sent to your company must be assigned to the associated order and checked for accuracy before the amount due is paid. There is no other way to authenticate the completion of the purchase process.
Traditionally, this process had to be performed manually by a company’s accounting department. The result: An extremely monotonous process that eats up a lot of working time. And since the working hours that your employees have to spend on this also mean a financial expense, this also represents an enormous cost factor in the overall operation of your company.
There are several steps involved in invoice reconciliation:
The corresponding invoice and order must be combined using the order numbers.
- Goods inspection
The goods listed in the order must be matched with the goods invoiced. In addition to the actual description of the goods, this also includes variables such as the delivery quantity, the serial number, the product variant, the size, the material, the color or similar factors.
- Cost reconciliation
The invoiced costs must be checked for correctness not only for each individual item, but also in the total amount added up.
If the invoice has proven to be correct, the transfer of the amount due must be initiated. However, since the employees responsible for the invoice verification in the company are usually not authorized to authorize the invoice and instruct payment on their own, an additional step is required here. The verified invoice must be presented to the relevant decision-maker in the company for signature. The transfer of the amount can only be initiated after the authorized person has inspected it.
There is no changing the sequence of these steps. However, intelligent and user-friendly software such as PolyDocs can help you make this testing process much more efficient, significantly reduce the time required and eliminate unnecessary intermediate steps.
A software solution that makes the difference
How can PolyDocs become a great facilitator for invoice matching in your company? The focus here is on the following capabilities of the software:
- Automated reading of table contents
PolyDocs works on the basis of artificial intelligence. With little effort, your employees can train the program which elements of table contents should be placed in which content fields. The program learns with you, so that the initial editing effort is quickly reduced.
- Enabling digital further processing
The table values read in by the program (this includes numbers, product numbers, descriptions of goods, date, etc.) are not just scanned in as an optical digital copy, but recognized as a value. On this basis, the fields can be automatically compared in a further step. The software solution Infor LN is particularly practical for such further processing – because PolyDocs has an interface to it.
- Simplified data transmission
In order to forward the invoice amount to the person responsible for authorization, the data that has been read in can be easily forwarded digitally. Until now, this work step for you involved carrying a stack of printed invoices from an employee’s office to the department manager’s office and presenting them for the tedious manual signing? You can save yourself these time-consuming processes by using PolyDocs to prepare your paper documents for further use in ERP software such as Infor. Because after the content has been digitized, the data can be easily forwarded virtually to the responsible person and approved digitally.
You want to use Polydocs as a customized solution for your company?
Then contact us – we will be happy to advise you!
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