EZ Cloud uses the item description, unit price, and quantity to match against the purchase order lines in the ERP system. This process can be customized to fit the specific business requirements. The PO line attributes used for matching can be adjusted and different checks can be given different weightings. If the PO line is not matched correctly, the user can use search filters in the frontend application to easily find the correct line. Additionally, when a user updates data in EZ Cloud, the system performs multiple validations to ensure the lines match and any errors are shown immediately to the user. Any time a user updates data in EZ Cloud, dozens of validations are performed against the backend ERP system to ensure the lines are a match. These validations occur sub-second, and any errors are shown within the data entry screen. This allows the user to see the actual value in the ERP and make the necessary changes.

The fuzzy match feature in EZ Cloud’s invoice matching compares invoice descriptions to the extracted or manually entered invoice line descriptions and returns the lines where the descriptions are most similar. It does this by calculating a percentage similarity score. The calculation is complex and takes into account different word arrangements. By default, the fuzzy match is set to return the top result but it can be configured to return multiple results, such as top 5 or top 10.

When invoice lines are similar to but not an exact match to PO lines, it will only impact scenarios where the PO lines are not automatically matched. In these cases, the user can use customizable search filters to find and select the correct PO line. The way in which the lines are matched can be configured using any desired attributes. This can be customized to match as many PO lines as possible based on the business requirements. Our team will work with you to understand your current process and design the best invoice matching process using the available attributes from the ERP.

EZ Cloud offers an invoice matching service within the solution to remove the manual work required to match invoice lines with purchase order lines. The service can be customized to meet the specific needs of the customer, using methods such as RPA and Machine Learning. The EZ Cloud team will work with the customer to design and integrate the service into their existing ERP system, and provide ongoing support and updates.

Accounts payable is a critical process for any business, and it’s essential to get it right to ensure smooth operations and accurate financial reporting. One aspect of accounts payable that is often overlooked is the concept of matching purchase orders (POs) to invoices.

While most companies are familiar with the standard 2-way match, which validates invoice details against approved POs, there is another matching technique that is gaining popularity in certain business sectors: the 3-way match.

A 3-way match is when the company’s receiving department also enters information from the receiving slip (receipt) when the goods are received. This process ensures that the quantity billed on the invoice matches the quantity of goods received. This extra step in the matching process is especially useful for businesses that frequently receive goods, as it helps to prevent errors and discrepancies that could lead to overpayment or underpayment.

While the 3-way match is not yet widely adopted, it is becoming increasingly popular as more businesses realize the benefits it can offer. It is a great way to ensure that the company is only paying for the goods that have been received and verified by the receiving department. This makes the process more efficient, accurate and cost-effective.

There is also an extremely rarely used 4-way match, which is when the goods received are inspected by a Quality Assurance (QA) receiving team, and then the company will only pay for the amount of “accepted goods.” This step is highly recommended for businesses operating in highly regulated industries, such as Pharmaceuticals, Medical Devices, and Food and Beverage, where the quality of the goods is of utmost importance.

In conclusion, while 2-way matching is still the standard practice for most companies, 3-way and 4-way matching are becoming increasingly popular as businesses look for ways to improve the efficiency and accuracy of their accounts payable process. These advanced matching techniques can help to prevent errors, reduce the risk of fraud, and ensure that companies are only paying for the goods that have been received and verified.

When choosing AP automation software, it’s important to consider your specific business needs. Some things to keep in mind include the size of your business, the number of invoices you process per month, and whether you need features like approvals and workflow management. You should also compare different software options to see which one offers the best value for your money. Our blog, Choosing the Right AP Software for your business, outlines additional points.

When selecting AP automation software, it is important to consider the needs of your business and what type of features would be most beneficial. It is also important to compare different software options and select a solution that is easy to use and has a good reputation. Additionally, it is important to consider the cost of the software and make sure it is within your budget.

When considering AP automation software, there are several key features to look for, including:

1. The ability to capture invoices from multiple channels, such as email, fax, and paper.
2. Optical character recognition (OCR, machine learning, and/or AI technology that can extract data from invoices automatically.
3. A workflow engine that can route invoices for approval based on configurable rules.
4. Integration with your accounting or ERP system.
5. A vendor portal where suppliers can submit invoices electronically and check the status of payments.