Most (P2P) providers can achieve a basic level of matching purchase order (POs), invoices, and goods receipts information in a 3-way match. However, invoices often vary in terms of complexity and simplicity. Like many companies in our customer base, some of your invoice processes may be straightforward, while others may require more involvement.
At Serina, we advocate for the application of automation to as many invoices as possible, regardless of their inherent simplicity or complexity.
Let’s talk about 5 use cases of how you can leverage advanced matching technology to further automate your invoice processing to become truly touchless.
Your objective for every purchase order (PO)-backed invoice is to have it automatically incorporated into your process and matched with the Purchase-order and a goods receipt without any manual intervention. This allows your accounts payable (AP) team to transition from handling every single invoice on a daily basis to concentrating solely on resolving invoice discrepancies.
Building the Core of Advanced Matching Capabilities
Serina has evolved in the AP space – understanding the subtle details and
complexities of the AP process. Our advanced matching engine, powered by intelligent technology, AI, and machine learning, operates in the background to automate matching for most of your invoices.
Here are a few instances where we excel in empowering you with touchless processing capabilities.
1. Matching Invoices to Purchase Order Generated in Other Purchasing Systems
At Serina, we have established a solid technical foundation based on the principles of integration and “plug-and-play” solutions. If you are utilizing a different procurement solution to generate purchase order or generating Purchase order directly from your ERP system, there’s no need to worry. Our exceptional integration capabilities seamlessly extract that PO data and automatically match it with your invoices. At Serina, we prioritize minimizing the disruption to your business. We believe in delivering automation for all your invoices, granting visibility into both direct and indirect spending, while seamlessly integrating into your existing IT landscape.
2. Comprehensive Coverage of Invoice Matching Scenarios
Our aim is to provide automation for every invoicing scenario you encounter, going beyond simple one-to-one invoice-to-PO matching. We understand that suppliers may invoice you in various ways:
- One invoice that covers multiple Purchase Order
- Multiple invoices related to a single Purchase Order
- Numerous invoices spanning multiple Purchase Order
Regardless of how your suppliers send their invoices, we ensure accurate matching to the appropriate Purchase order without causing any disruptions for your accounts payable (AP) team or the broader business.
3. Achieve Matches Even with Non-Identical Invoices and POs
In some cases, suppliers may not replicate the line items of your purchase order (PO) exactly on their invoices, or they may introduce changes such as altering a product code. However, even when there are variations, if the received invoice aligns with the PO you issued, Serina can still achieve an automated match. By leveraging data from your POs and goods receipts, we analyze details such as dates and quantities to facilitate the automated matching process for that specific invoice. This not only results in more touchless invoices but also eliminates the need for your accounts payable (AP) team to handle what we refer to as “erroneous exceptions.” When the invoice matches the PO, no manual attention is required.
4. Automated Detection of Additional Costs
In certain cases, invoices may include costs that were not originally specified on the purchase order (PO), such as taxes or freight charges. These additional charges are valid, so it is unnecessary for someone in the accounts payable (AP) department to manually handle the invoice. Serina can automatically identify and flag these costs based on your business rules. Furthermore, you have the flexibility to set tolerances, ensuring that if the costs exceed a predefined threshold, the solution notifies an individual for approval.
5. Go Beyond 3-Way Matching
Perhaps you have specific items that require a quality inspection or you want to associate the invoice with contract terms. Serina enables you to incorporate these requirements into your matching process. We can include any number of matching points necessary to align with your business rules, guaranteeing that the invoice meets the criteria for approval and payment.
How does that drive value for your Accounts Payable team?
You gain significant efficiency improvements, allowing for streamlined operations and reduced manual efforts. Additionally, automated matching enables prompt or even early payments, fostering stronger relationships with vendors. Furthermore, the accuracy of invoice processing is enhanced, reducing the likelihood of errors or discrepancies.
As a result, your AP team can focus their attention on managing exceptions and resolving invoice discrepancies more swiftly. This shift towards exception management optimizes resource allocation and accelerates the overall AP process.
During vendor evaluations, it is crucial to assess how well prospective solutions handle advanced matching scenarios. Ensuring that your chosen solution can address the intricacies and nuances of the AP process is essential for achieving a truly touchless AP operation.
To explore these benefits further and learn how your AP department can leverage them, reach out and speak with one of our solutions experts.
