Three-way matching is a crucial step in the business process to ensure the accuracy and compliance of procurement activities. However, anyone who has done three-way matching knows that it's not an easy task.
One, three-way matching is a key control point for procurement risks.
For example, in the travel and expense settlement scenario, the finance department must verify that the consumption orders and settlement invoices match. Consumption orders correspond to actual procurement, with settlement invoices being recorded and matched with the amounts. Accounting vouchers are prepared and record the procurement costs based on the first three documents.
Consistent documentation ensures accurate calculation of procurement costs, proper recording of asset changes, and prevents financial discrepancies that may arise from human error or omissions.
Most crucially, the three-way matching process serves as a barrier, aiding in the detection and prevention of fraudulent activities that may arise during the procurement process, including but not limited to false invoicing, price manipulation, or unauthorized purchases, and other improper conduct.
Therefore, the three-way matching is not only the foundation for ensuring the accuracy of financial data, but also a critical control point for enterprise procurement risk management.
Hands cannot compete with the workload of tens of thousands of matches.
Finance staff manually reconcile and verify thousands of rows of settlement details within the travel and business platform after authenticity checks.
Under the traditional three-way matching process, finance must individually match purchase orders, suppliers, tax rates, price discrepancies, and quantity variances, often in one-to-one or many-to-many correspondences. This manual, visually-driven matching process is extremely labor-intensive, with high error correction time costs, weak risk control capabilities, and requires significant time and effort to manage.
Three: Shengyi Intelligent's Triple Order Matching Solution
To address the business pain points mentioned above during the supplier's three-way matching process, Shengyi Expense Control Cloud has developed an intelligent three-way matching solution that is highly versatile, convenient, and easy to operate, specifically for the settlement and receipt stage.
The company can choose whether to require order matching, whether to automate the process, opt for exact or fuzzy matching, one-to-one or one-to-many/multi-to-many matching, and whether to verify the tail difference/matching accuracy, covering various settlement and matching scenarios.
Click the one-click intelligent matching button, utilizing AI algorithm matching rules, to automatically associate and match billing information, product information, and order information.
1. Paper Ticket Settlement Scenario
For paper documents, suppliers can connect any model of high-speed scanner or camera to upload scans to the platform. After registration, the platform automatically matches the invoice images with consumption order data. This ensures that the image information under each settlement detail is displayed on the same screen as the consumption details, reducing the likelihood of human error and financial risks. Even the longest settlement statements no longer require concerns about overtime or mistakes.
If not linked, manual matching will be performed. Once the material relationship is manually matched, the system will automatically recommend it for use in one-click intelligent matching next time.
2. Digital Invoice Settlement Scenario
For digital invoices, suppliers are supported to provide them in real-time based on consumption orders, with the invoice center automatically parsing them.
Data files are automatically retrieved at account opening, along with image documents.
Upon acquisition, it automatically achieves billing, order, and cross-referencing matching, eliminating the need for manual matching and supporting inter-data lookup and navigation. Every transaction is clearly traceable.
If you are interested in...Shengyi Expense Control CloudInterested in our intelligent reconciliation and settlement solutions? Welcome to consult us for a customized solution.
