Watch our video to see how to perform the 2-way matching within Open Bee intuitive document management software. By using three different examples of invoices, electronic invoice approval and matching processes are made clear. See how AP automation is a life-changing solution!
What invoice matching exactly means?
2-way match in the accounting jargon is the reconciliation process of an incoming invoice (paper or electronic) with its purchase order stored in the ERP-system in terms of quantity and price.
Thanks to Optical Character Recognition (OCR) and semantic analysis technologies, Open Bee Scan Capture automates the 2-way match and ensures there are no discrepancies between the two documents, optimizing the whole invoice approval process.
Accounts payable automation
Time and cost savings are obvious to assess when speaking about business process automation, but it also brings many other benefits:
- Reduction of processing time and paperwork,
- End of manual data-entry, limiting human error,
- Ability to keep track of the accounts payable process, which improves internal controls,
- Acceleration of invoice approval,
- Promotes early payments,
- Centralized archiving of all invoices and orders,
How to streamline invoice management with Open Bee DMS?
Open Bee Scan Capture seamlessly integrated Open Bee end-to-end solution streamlines AP processes and reimagines document as well as cashflow management. Follow our steps to complete a two-way match in Open Bee and simplify invoice approvals:
- Step 1: Inject incoming invoices to process into Open Bee Scan Capture for scanning recognition.
- Step 2: In Open Bee Scan Capture, you can check the invoice to see the details of captured data: invoice number, PO number, pre-tax amount…
- Step 3: With the purchase order number, the engine retrieves the associated order in the accounting system and checks if the price and quantity in line-item details match on both documents. If it is not compliant, make sure of the purchase terms agreed with the vendor or directly call the supplier.
- Step 4: Create a workflow electronically for submitting invoices to approve for payment.
- Step 5: Approvers are instantly informed by mail or from their dashboard of the approval task.
(This process also works when there is no purchase order, such as consumption bills)
Small businesses but also bigger ones, when handling their accounts payable perform some form of matching incoming vendor invoices against purchase orders. However, manually processing this comparison requires a great effort from accounting clerks and can be time-consuming, even more when it is paper based. This is why accounts payable management through 2-way matching automation is a key step in digital transformation.