3 Way Matching Accounts Payable Process
Get rid of invoice frauds and help the account payable department to increase their productivity
with our 3-way matching accounts payable process.
No More Fraud Or Duplicate Invoices
Organizations that do not streamline their account payable process deal with large backlogs, high costs, and losses. They inevitably pay extra to their suppliers because they could not correctly track the quantity requested vs. the quantity received. Duplicate or fraudulent invoices often get generated, which disturb smooth operations and budgeted finances. The company needs to establish a 3-way matching accounts payable process to solve these issues. This process tracks the purchase order, goods receipt, and supplier invoice to eliminate all this chaos.
Hermes is a simple yet powerful solution to automate your 3-way matching accounts payable process. Its automation handles all invoice variations faster and more effectively. Bots have the capability to adapt to any new invoice they stumble upon, digitizing the entire workflow and cutting your costs down. Our bots thoroughly check purchase orders, supplier invoices, and goods receipt notes and cross-verify them to eliminate frauds and misfiling. We authenticate purchase transactions and reduce invoice approval delays.
Automated 3-way Matching Account Payable Process – Your Key to Flawless Invoice Processing
Increase the Bottom-line
The manual accounts payable process can lead to tons of human errors and backlogs, making the company lose a lot of money. 3-way matching accounts payable process can help increase companies’ profit by empowering you to detect duplicate invoices, eliminate fraud, and prevent your business from overpaying.
Flawless documentation is the secret to building a solid relationship with suppliers and vendors. By correctly applying the 3-way matching accounts payable process, you can verify data to produce zero processing backlogs with error-free receipts and invoices, thus improving the quality of output.
Well planned and arranged POs, order receipts, and invoices processed in seconds can maintain the financial consistency of the organization by helping the audit team pinpoint the errors and work on the solution quickly.
How Does Hermes Offer 3-way Matching Accounts Payable Process?
Once a purchase order is created, it is stored in secured cloud space for quick access anytime and anywhere.
Collect the delivery receipt note and supplier invoice
from the finance and extract the key details using OCR technology.
The final payments get realized once the data is compared and validated from the purchase order, supplier invoice, and goods receipt.
Handle Multiple Invoices, Order Receipts, and PO’s with Hermes – 3-Way Automated Matching Solution
Hermes uses the 3-way matching accounts payable process to automate the system and ultimately streamline the account payable flow. Our solution takes care of late payments and lost invoices to make the financial department healthy.
Account payable deals with several documents that need to be precisely verified. Too many papers mean high chances of errors and document misplacement in this process. Our solutions digitize the complete 3-way matching accounts payable process and eliminate paper-based document processing reducing the costs and possibility of oversight.
Hermes uses OCR, ML, AI, RPA, and cloud to provide a 3-way matching accounts payable process. These technologies scale down human dependency and increase invoicing speed by removing delays, additional process costs, and bottlenecks for the financial department.
Automate Your Account Payable Process Now
Boost your productivity by removing operational risks and save 90% of your cost with Hermes - AP Automation.