Boost ERP Efficiency: AstuteAP Introduces Multi-Way AP Match

AstuteAP is taking ERP efficiency to the next level with its advanced multi-way Accounts Payable (AP) matching capabilities. It simplifies invoice verification and payment processes, enhances financial control, and helps businesses streamline their AP workflows effortlessly.

AstuteAP is an AI-driven Accounts Payable (AP) Invoice Automation tool designed to streamline the invoice processing workflow by automating tasks that typically require significant manual intervention. Integration of AI into your ERP systems helps to reduce human error, increase efficiency, and enhance visibility in financial operations. The tool supports different methods of invoice matching, including 2-way, 3-way, and 4-way matches, which are essential for verifying payments before they are processed.

Different Methods of Invoice Matching

Here’s a breakdown of the different invoice matching methods AstuteAP can handle:

• 2-Way Match: This involves matching the Purchase Order (PO) and Invoice. It ensures that the details on the invoice correspond to the purchase order before payment is processed.
• 3-Way Match: This includes the PO, the Invoice, and the Receipt Slip (used for both inventory and non-inventory items). It ensures that goods or services have been received before the invoice is paid.
• 4-Way Match: This process involves verifying the PO, Invoice, Receipt Slip, and Inspection Report (usually conducted at the warehouse). This is the most stringent matching method, ensuring the goods are inspected and accepted before invoice processing and payment.

Benefits of Invoice Matching in AP

Invoice matching is a critical part of the cash disbursement process. It ensures that all relevant documents (like the PO, invoice, receipt slip, and inspection report) align before payments are made. The matching process helps detect discrepancies that could result in overpayments, fraud, or errors.

Key components, such as vendor information, purchase amounts, line items, and corresponding purchase order numbers, are meticulously aligned to uphold compliance and accountability. Creating a robust matching process not only protects the organization’s assets but also fosters trust with vendors through timely and accurate payments. As businesses increasingly rely on automated systems, implementing effective invoice-matching practices becomes essential for operational efficiency and financial success. Ultimately, this strategic measure empowers organizations to maintain control over their expenses while optimizing their overall AP workflow.

Why Choose AstuteAP?

Here are the key reasons to choose AstuteAP for your business.

• Reduces Human Error: Automation ensures fewer mistakes compared to manual processes.
• Fraud Monitoring and Alerts: The system can detect suspicious patterns and send alerts to prevent fraudulent transactions.
• Prevents Duplicate Payments: By verifying documents accurately, the system helps avoid paying the same invoice twice.
• Touchless Invoice Processing: Invoices are captured and processed automatically without human intervention.
• Improved Accuracy: AstuteAP ensures high accuracy in capturing invoice headers and validating data.
• Faster Processing: Automated processes speed up invoice handling time, allowing companies to take advantage of early payment discounts.
• Smaller AP Team: The efficiency of automation allows businesses to manage AP operations with fewer personnel; 80% of the workload can be automated.
• Cash Flow Visibility: Dashboards provide insights into cash disbursements on a weekly or monthly basis.

AstuteAP optimizes the invoice-to-payment process by leveraging AI, helping companies save time, reduce errors, and gain better control over their cash flow.

Accounts Payable Automation Workflow of AstuteAP

Let’s discover how AstuteAP processes invoices or automates the workflow for faster processing, increased accuracy, and improved financial control.

How will AstuteAP Help You with Non-PO Invoice Processing?

Invoices without a corresponding purchase order (non-PO invoices) are difficult to handle. In such cases, an approval process within the ERP system ensures that proper authorization is obtained before disbursement. Let’s discover how Astute can help you with that.

AstuteAP enhances Accounts Payable efficiency by streamlining the processing of non-PO invoices, which are invoices without a corresponding purchase order. These types of invoices often require careful management, as they don’t fit into the standard procurement workflows.

With AstuteAP, you can easily integrate Non-PO invoices into the ERP system’s approval process. Before any payments are made, the system ensures that proper authorization is obtained from the relevant stakeholders, reducing the risk of unauthorized disbursements.

This automated workflow improves control and accountability while maintaining the flexibility to process various types of invoices. By centralizing Non-PO invoice approvals within the ERP, AstuteAP minimizes manual intervention, decreases processing time, and eliminates errors associated with non-compliant transactions.

This functionality will be helpful for organizations that frequently manage service-based expenses or other expenditures not linked to purchase orders, ensuring both compliance and operational efficiency across financial processes.

Conclusion

Verifying payments before they are processed is a critical part of the Accounts Payable workflow. That’s where AstuteAP can help you with its different invoice matching methods, including 2-way, 3-way, and 4-way match options. It will also help you with Non-PO Invoice Processing, which is difficult to manage. Get ready to revolutionize your business with AI-powered Accounts Payable operations and grab the benefits of faster processing and increased accuracy.