Purchase Order Automation.
The purchase order process can be complex and time-consuming, often involving manual input, leading to delays and errors. Automating the process reduces errors, speeds up payments, and frees up employees for more critical tasks. It also decreases the risk of fraud and streamlines the workflow for future reference and audits.
Features of PO Matching.
Two-Way Matching
The system checks for discrepancies between the invoice and the purchase order within the invoice processing function. If the two documents don’t align, the invoice is held until mistakes are addressed. Two-way matching saves time on invoice reconciliation and ensures payment accuracy.
Mobile Scanning SDK
With our mobile document scanning SDK, you can quickly scan a document, extract data, and send it to the desired destination in just a few seconds. This enables your accountants to efficiently process invoices and purchase orders on-the-go, using their mobile devices anytime and anywhere.
Cross-Validation & Duplicate Detection
Verify the authenticity and validity of documents and data to ensure the integrity of vendors and protect your business from invoice fraud. Additionally, the system prevents the processing of duplicate invoices, further enhancing the security and accuracy of financial processes.
Data Anonymisation
Leverage data anonymisation tools, such as data masking or generalisation, to effectively safeguard the privacy of your customers. By utilising these features, you can ensure the removal or obscuring of personally identifiable information (PII) from financial documents, such as invoices.
Flexible File Export
Our platform converts JPG, PNG, and PDF files into searchable text, and export them to a variety of formats, including PDF, structured CSV, XLSX, XML, and JSON. This feature enhances the accessibility and usability of financial data, making it easier to work with and analyse.
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Contact usBenefits of PO Matching.
Reduced Human Input
Purchase order automation minimises the need for human input, freeing up staff to focus on more strategic and high-value activities.
Decreased Errors
Automation reduces the likelihood of manual errors such as misspellings or discrepancies between invoice numbers and amounts.
Enhanced Speed & Efficiency
Purchase order automation allows you to reduce processing times and enhance process efficiency by streamlining repetitive tasks.
Added Flexibility & Control
Automation software allows you to set custom rules and approvals for decision-making, purchase order values, and more.
Improved Transparency
Standardising the PO process and information requirements enhances accountability and transparency for all stakeholders.
Reduced Risk of Fraud
Automation aids in fraud prevention by conducting cross-reference checks between invoices, vendors and original purchase orders.
How It Works.
Sending the PO
Your business sends a purchase order to a supplier that identifies a requested good or service’s quantity, pricing, and delivery terms.
Receiving an Invoice
The supplier then sends an invoice that outlines payment expectations as well as order details, such as quantity, pricing, and any additional fees.
PO Matching
Your AP team uses 2-way matching to verify that the details on the original purchase order correspond with those listed on the invoice.
Completing the Transaction
If matched, your business authorises the payment to the supplier, but if the data conflicts, the invoice is escalated for further review and resolution.
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Frequently Asked Questions.
What is a PO?
A purchase order (PO) is a commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services. It is a formal request to purchase goods or services from a supplier. The purchase order outlines the items or services being purchased, the agreed-upon prices, delivery dates, and terms of payment.
What is PO matching?
Purchase order matching is a crucial step in the accounts payable process where the details on a supplier’s invoice are compared with the corresponding purchase order to ensure accuracy and consistency in the transaction.
Why is PO matching important?
Purchase order matching is important because it helps to verify that the goods or services received match what was ordered, ensuring that the company is billed correctly and preventing overpayment. This process also helps in identifying discrepancies and errors in the invoicing process.
What are the benefits of PO matching?
The benefits of purchase order matching include reducing the risk of overpayment, preventing discrepancies, and streamlining the accounts payable process. By ensuring that invoices align with purchase orders, businesses can maintain accurate financial records and avoid unnecessary costs.
How does PO matching help prevent fraud?
Purchase order matching helps prevent fraud by ensuring that invoices are legitimate and accurate, reducing the risk of unauthorised or fraudulent payments. By cross-referencing invoices with purchase orders, businesses can detect any discrepancies or inconsistencies that may indicate potential fraudulent activities.
What are the common challenges in PO matching?
Common challenges in purchase order matching include discrepancies between the invoice and the purchase order, manual errors, and delays in processing invoices. Overcoming these challenges through efficient matching processes and automation can lead to improved accuracy and efficiency in accounts payable operations.