Master 3-Way Matching in Accounts Payable
Simplify PO Invoice Processing and Enhance Accuracy
3-way matching in accounts payable is critical for ensuring payment accuracy, reconciling purchase orders, invoices, and goods receipts with precision.
Kefron’s PO Matching solution transforms this process with AI-driven automation.
What is 3-Way Matching in Accounts Payable?
Three-way matching is the process of cross-checking three critical documents:
- Purchase Orders (POs): Verifying the goods or services requested.
- Goods Receipts: Ensuring what was delivered matches the order.
- Supplier Invoices: Confirming billed amounts align with delivered quantities.
Why Automate PO Invoice Processing?
Common Challenges:
- Labour-Intensive Processes: Manual verification is time-consuming and repetitive.
- Increased Risk of Errors: Mistakes and delays lead to payment issues.
- Scaling Challenges: Difficult to handle higher invoice volumes efficiently.
Kefron AP - AI-Powered Solution
- Touch-Free Matching: Achieve up to 85% automation for routine transactions.
- Exception Management: Resolve mismatches swiftly with AI-driven insights.
- Line-Level Accuracy: Ensure detailed and precise reconciliation for every transaction.
Who Benefits Most from Automated PO Matching Solutions?
CFOs & Financial Controllers
Gain confidence with accurate 3-way matching in accounts payable and detailed insights that enhance compliance and improve overall financial control.
AP Managers
Streamline PO matching workflows, reduce manual intervention, and ensure faster approval cycles to empower your team to work smarter, not harder.
AP Teams
Focus on strategic priorities by eliminating repetitive tasks and errors with AI-driven PO invoice processing, improving efficiency and reducing stress.
Fully Automated PO Processing
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Dynamic PO Building
Kefron AP’s Purchase Order Module is designed as a license-free, user-friendly alternative to clunky ERP systems. Users can create POs with ease, adding multiple line items with auto-filled data fields such as supplier and GL codes. Sophisticated filtering ensures that only approved vendors, approved GL codes and departments are accessible to the creator. Enabling compliance and simplifying the purchasing process.
Automated Matching
The Kefron AP System can automate the matching of Purchase Orders & GRNs to Supplier Invoices. A full 2 or 3 way matching in accounts payable allows faster more concise reconciliation of your AP records.
Corresponding GRN
POs can be easily converted into a separate GRN with the click of a button to receive the goods that have been delivered. In addition to saving time on manual data entry, the PO and GRN are then automatically matched against the invoice
Converting PO
The Kefron AP PO flipping functionality enables suppliers to convert a PO into an invoice with one click. Each line level of the purchase order is electronically captured, and the information is then utilised to produce an invoice. Kefron matches the PO data to the invoice in real time and sends the transaction to your ERP for payment.
Key Features of Kefron AP’s 3-Way Matching
Advanced AI Reconciliation
Automates matching processes for faster results while providing detailed, line-item insights to ensure precise reconciliation for every transaction.
Real-Time Analytics
Delivers monthly reports on touch-free matching performance and provides actionable recommendations to continuously optimise processes.
User-Friendly Dashboard
Offers full visibility into matching workflows with clear insights into flagged exceptions, improving efficiency and process management.
Streamlined Document Workspace
Kefron AP’s Document Workspace enables users to view, edit, approve, and track documents in a single screen, reducing clicks and boosting productivity.
Effortless PO Management
- Dynamic PO Creation
- Automated Coding
- Full Search & Retrieval
- Smooth Processing
- PO Data Integration
Streamline purchase orders with pre-set defaults for Product Code, GL Code, and Tax Code. Automatically calculate Net Value as quantities are entered, or manually adjust as needed. Ideal for 3-way matching in accounts payable.
- Enhances accuracy in PO invoice processing.
- Simplifies workflows for PO matching.
- Integrates seamlessly into 3-way match processes.
Automate GL coding for supplier invoices or assign manually using pre-populated lists. Reduce errors and speed up approvals in 3-way match workflows.
- Streamlines PO invoice processing.
- Simplifies 3-way matching in accounts payable.
- Ensures accuracy in PO matching.
Quickly access invoices, POs, and GRNs without searching through multiple documents. Essential for accurate and efficient 3-way match processes.
- Speeds up PO invoice processing.
- Improves PO matching workflows.
- Saves time on document searches.
Dynamically create POs while entering data and link them with 3-way matching in accounts payable for faster invoice reconciliation.
- Simplifies end-to-end PO matching.
- Speeds up PO invoice processing.
- Enhances accuracy in 3-way match workflows.
Easily export PO data to accounting systems via on-demand or scheduled reports. Essential for scalable PO invoice processing.
- Supports seamless 3-way matching in accounts payable.
- Ensures smooth PO matching.
- Maintains data accuracy for automation.
Instead of manually inputting data, I am looking forward to the next weeks’ tasks, going through documents to make sure they are right, and checking prices that I haven’t been able to do for a long time. Kefron AP is a lot easier to use and much more detailed. Now I can see all invoices on the Kefron system and at what stage each invoice is at.”
Want to learn more?
Talk to an AP Specialist
- Calculate the true cost of your current AP process
- Identify bottlenecks
- Assess if your AP process is suitable for automation
- Calculate the real business case for AP Automation
FAQ
What is PO invoice in accounts payable?
A PO invoice in accounts payable is a document issued by a supplier, referencing a purchase order (PO) created by the buyer. It ensures that the invoice matches the agreed-upon terms for the order, forming the basis for the PO matching process.
What is PO Matching?
PO Matching is the process of comparing purchase orders, supplier invoices, and goods receipts to ensure they align. This ensures accuracy in payments and is central to 3-way matching in accounts payable workflows.
What is 2 way PO matching?
2-way PO matching verifies that the details on the supplier’s invoice match the purchase order. This process confirms quantities and costs before payments are processed, streamlining PO invoice processing.
What is 3 way PO matching?
3-way PO matching compares three documents: the purchase order, goods receipt note (GRN), and supplier invoice. It ensures all details are accurate, making it a critical component of accounts payable automation.
What types of documents are involved in the PO Matching process?
The PO Matching process involves the purchase order (PO), goods receipt note (GRN), and supplier invoice. These documents are cross-referenced to ensure accuracy and compliance in 3-way matching in accounts payable.
Is it possible to integrate PO Matching with my existing ERP system?
Yes, PO Matching can be integrated seamlessly with your ERP system. Solutions like Kefron AP allow for on-demand or scheduled data exports, ensuring smooth and scalable PO invoice processing.
Why is PO Matching important in accounts payable?
PO Matching ensures that invoices are accurate and payments are made only for goods or services received. It reduces errors, prevents fraud, and strengthens financial controls.
How does automated PO Matching improve efficiency?
Automated PO Matching speeds up the verification process by reducing manual tasks, identifying discrepancies instantly, and enhancing accuracy in 3-way match workflows.
What is an example of 2-way matching in accounts payable?
An example of 2-way matching is verifying that the quantity and price on a supplier’s invoice align with the purchase order, without referencing a goods receipt note (GRN).
What are common challenges with manual PO Matching?
Manual PO Matching is prone to errors, delays, and inefficiencies. It often struggles with high invoice volumes, discrepancies, and a lack of visibility in PO invoice processing workflows.
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