Invoice matching and reconciliation are among the most critical parts of the accounts payable process, and proper reconciliation provides a vital layer of oversight in this financial workflow. This stage is where you can correct errors and problems before it’s too late to make effective corrections. However, it’s usually time-consuming, reliant on manual processes and prone to potential errors. A need exists for better AP software for invoice management and automation.

Tungsten AP Essentials delivers exceptional performance in this space. With features built specifically to streamline the reconciliation effort, reducing errors and improving operational speed across the board is possible. Most notably, the intelligent line extraction in AP Essentials can accelerate essential work. Additional solutions from the Tungsten Marketplace and further the reach of that impact.

First, we discuss why many offices today face problems with matching. From that foundation, we can illustrate how AP Essentials changes the game.

Why is Matching Such a Pain Point in AP Processes?

On the surface, the idea of line-item matching seems straightforward. In two-way matches, you need to compare the invoiced items to what was placed on the purchase order. In three-way matches, you must also compare what was ordered and paid for with what was received. It should be a simple matter of flipping between documents, but it’s more difficult and time-consuming. There are several reasons why:

• Not all the relevant data may be present. An invoice might require a PO number; other information could be missing, meaning an employee must spend additional time tracking the facts.
• Not all invoices or receipts arrive in the same format. Documents may even vary between orders with some suppliers. Contradictory formats demand careful attention.
• All this data may need to move into one or several business systems, such as an ERP platform. It requires more manual input and handling, which increases the likelihood of errors.

Better matching and improved automation help you solve these problems while also closing the window for potential fraud. Tungsten AP Essentials makes it possible.

What is Intelligent Line Item Extraction?

This feature relies on advanced machine learning algorithms to detect line items on invoices. These items can include SKUs or other product codes, item names, quantities, prices and more. The system excels out of the box and learns over time. The more invoices you process, the better the algorithm becomes at detecting specific fields and types of data.

With intelligent line item extraction, there’s no need to examine every document to pull out key item data manually. There’s no requirement to type or move that information by hand into other software systems. Instead, this tool can streamline both 2-way- and 3-way matching of line items. The advantages you unlock are invaluable.

The Benefits of Streamlining Matches

What happens when your staff no longer needs to put every document under the microscope for matching? The improved speed of the process is the most apparent and immediate benefit. Faster matching helps conclude reconciliation workflows sooner, reducing invoice processing and management costs. Such financial impacts are an advantage. Other benefits include:

• Fewer critical errors in matching. Robust extraction and validation means high quality data reaches your business systems.
• Reducing the risk of fraud or other financial impacts from incorrect work.
• Faster results in approval workflows depend on correct matches.

With AP Essentials, you can bring critical improvements to a vital process.

Improve and Broaden Integration With the Tungsten Marketplace

Quality data is of paramount importance throughout invoice management. You can extend the capabilities of AP Essentials by turning to professionally developed solutions on the Tungsten Marketplace. For example, the Cobwebb Cloud Capture solution uses AP Essentials and provides integration with Infor ERP deployments. It is built on AP Essentials and provides broader functionality in a secure cloud-based environment.

Accessing your required capture and extraction capabilities with Cobwebb Cloud Capture is simple. A built-in validation process helps ensure that any edge cases receive human attention. In combination with the built-in machine learning matching in AP Essentials, this solution can help you access the positive outcomes of automation on a shorter time scale.

Bring the Best AP Automation Software to Your Teams Today

Matching invoices shouldn’t be a process that requires intense scrutiny and hours of labor. The more manual steps that remain in your workflow, the more likely employees are to introduce troublesome errors into the data. A tired employee might miss a critical oversight on an invoice, or a typo might cause confusion between your company and its vendors. Advanced AP software such as AP Essentials lets you avoid such headaches.

The solution lies with intelligent line extraction and highly advanced capture capabilities, including those in the Tungsten Marketplace. Start assessing the potential impact on your teams today. Through better invoice management and workflow automation, you can ensure fundamental work is accurate, thorough and reliable—every time. Get the AP software that makes it possible now.