3-Way Invoice Matching for NetSuite that Rocks

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3-way invoice matching is available for NetSuite users who want to automate the process – and it rocks!

Cloud software that automates the 3 way matching of invoices, purchase orders and goods receipts which seamlessly integrates with NetSuite has been developed by an AP Automation platform with 3,500+ customers and over 250,000 users worldwide. This is good news for NetSuite users who are looking to automate the 3 way PO matching process in their accounts payable.

What is a 3-Way Match? (or 3 Way PO Matching)

Three way matching refers to the processing of three essential documents: the purchase order that initiated the action, the original supplier invoice which will go into an accounts payable workflow when approved, and a receiving report or goods receipt that shows the goods were received.

An optimal 3 way invoice matching solution should include:
• Intelligent OCR that intuitively extracts data from both paper and emailed vendor invoices;
• Invoice processing with automated approval workflow
• A cascading matching engine that automatically matches invoices and purchase orders at the header or line level
• The ability to handle both internal and external purchase orders

So How Does 3 Way Invoice Matching Work?

Incoming vendor invoices are automatically matched against their corresponding PO at the header or line level according to predefined rules and tolerances. Any invoices that are matched within these approved tolerances are sent directly to NetSuite for recording and payment.

To compare, where manually matching POs to invoices may take 15 minutes to an hour, EchoVera’s PO matching engine does it within minutes – making it a touchless process.

Users control what happens to invoices that don’t match with an automated, predefined (or ad hoc) approval workflow.

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The exceptions workflow sends all of the relevant documentation (invoice, PO, goods receipt and team notes) to the proper approver in the organization. Approvers can review the information and approve with one click on a mobile device or in email. Inherent in this process are:

• pre-defined rules and limits
• automatic management of variances
• matching at total and line levels
• the ability to process invoices and POs with multiple pages and hundreds of lines

Intelligent 3 Way Match is a module inside EchoVera’s AP Automation for NetSuite which includes:

• Data capture of both email and paper invoices
• Automated approval workflow
• PO matching
• Searchable invoice archive
• Time stamped audit trail

Pricing is based on invoice volume as opposed to the number of users – meaning no user licensing costs. It’s a secure cloud platform that lets you select what you need, and add functionality as the organization grows. Seamless integration and mobile capabilities are included.

For more information about 3 Way Match for NetSuite click here.