Transcepta specializes in providing invoice validation tools that can be tailored to meet a company’s demands. PO Cloudmatch™ helps AP departments achieve straight-through invoice processing, a process that eliminates invoice exceptions and drastically reduces missing information and incorrect data.
This post is part of our invoice validation series that provides a roadmap for 100% straight-through invoice processing in Accounts Payable. In these posts, we walk you through the steps Transcepta takes to ensure invoice validation.
Step 1 - Invoice Inspect - Stops invoices from coming in unless validated by the presence of specific data Step 2 - Invoice Analyze - Compares invoices to other data resources in the system Step 3 - PO Cloudmatch™ - Predicts data when it isn't provided or otherwise contained in on-hand data resources
This post will look at PO Cloudmatch™.
What is Straight-Through Invoicing?
Straight-Through Invoicing means that an invoice that comes through to a customer is received ready for payment without human involvement. The more complete and error-free the invoice data is, the fewer invoice exceptions will occur, reducing and eliminating manual AP adjustments.
With today’s technology becoming more automated and sophisticated, companies realize the futility of accepting that invoice processing needs to be an expensive, labor-intensive endeavor. It is not acceptable that missing data and invoice errors come through, putting into motion a series of checks and approvals that must be followed up by AP. This effort is a wasteful, inefficient way to process invoices.
Transcepta's validation products ensure 100% of invoices that come through to a business are processed through a straight-through, automated procedure.
The first step in achieving 100% straight-through invoice processing is to connect electronically to suppliers.
Unfortunately, OCR scanning and most e-invoicing platforms do not provide a true digital connection as these systems are susceptible to high-error rates, which then requires AP to investigate and troubleshoot. (Please see Why OCR is Not E-Invoicing and Is PDF Invoicing Really E-Invoicing for more information.)
PO Cloudmatch™ helps ensure the incoming supplier data is complete and error-free. It achieves this with AI based technology that ensures two and three-way matching even when suppliers do not provide all of the required data on the invoice.
PO Cloudmatch™ not only catches errors but auto-populates missing data that a supplier leaves off. This saves AP the time and trouble of chasing these required data points.
PO Cloudmatch™ helps AP departments:
Receive complete, error-free data
Reduce manual labor
Take advantage of supplier discounts
Maintain internal compliance, with invoices matching to POs and contracts
Transcepta’s straight-through invoicing features are compatible with all file types, which is required as suppliers inevitably prefer or need to send invoices in a variety of ways based on their own system requirements.
To learn more about straight-through invoice processing and how this is achieved via Transcepta, please read our white paper that thoroughly outlines the features and immediate benefits and ROI of straight-through processing.