Invoice Matching Software by Stampli

When an invoice reaches your accounting department, it’s always wise to match this document with a purchase order and receipt report. Known as three-way matching, this process can prove your company agreed to a transaction and that goods or services were received.

Still, while three-way matching is a great safeguard against fraud and paying duplicate or inaccurate invoices, it can be tedious for accounting staff to do by hand. Paper documents are hard to track down. Even electronic documents can prove elusive within email folders and ERP systems if they lack continuity in GL coding.

This is where Stampli’s invoice matching software can make life much easier and greatly increase rates of three-way matching.

What is Invoice Matching Software?

Invoice matching software can automatically group invoices with purchase orders, receipt reports, and other documents.

Rather than sending AP clerks down to file rooms to retrieve documents or having them sift through emails for PDF attachments from vendors, invoice matching software can do the job in seconds. It does this accurately and with artificial intelligence and machine learning paving the way for even smoother future matchings.

Typically part of AP automation platforms such as Stampli, invoice matching software uses its AI assistant Billy the Bot to comb your ERP system and group documents together. With only 51% of companies doing at least three-way matching, according to 2021 benchmarking data from Stampli and Treasury Webinars, firms that use invoice matching software can gain an advantage.