In every procurement or finance team operation, purchase order matching is important to ensure that payments are accurate and legitimate. The process involves verifying that the details on a purchase order (PO), goods receipts, and supplier invoice align with key details such as item descriptions, quantities, and prices before releasing payment. However, manually matching POs is often inefficient. Businesses must input data quickly, compare line items one by one, and double-check amounts. As the volume of transactions grows, these processes become challenging, causing bottlenecks in the overall workflow. Fintelite, with its advanced AI-powered automation capabilities, can handle the challenges. It automates purchase order matching by extracting, comparing, and validating data across multiple documents in just seconds. The results performed as expected, providing faster, smarter, and more accurate processes that increased business efficiency.
1. How Does Fintelite Automate Purchase Order Matching with AI?
A: Fintelite used OCR and AI-powered technology to automate every step of the purchase order matching process.
– Data Extraction: The system reads and extracts key fields such as PO numbers, item names, amounts, etc. from scanned images or PDF formats.
– Smart Matching: AI compares key details (PO number, item name, price, quantity) across documents.
– Error detection: Fintelite automatically flags mismatches and missing information.
– Approval Automation: Once validated, records are automatically sent directly for approval to the business system.
2. What Are the Benefits of Matching PO Using Fintelite?
A: Fintelite provides many significant benefits that change the way you handle PO, such as 10x faster processing time for hundreds or thousands of PO with data matching accuracy of more than 90%. This significantly reduced the manual workload and human error that can lead to delays and other unwanted impacts.
3. Can Fintelite Integrate with Existing ERP or Accounting Systems?
A: Yes. Fintelite works seamlessly with popular ERP and accounting systems such as SAP, QuickBooks, and others, ensuring that data is synchronized without disrupting your existing workflow.
4. Can Fintelite Handle 2-Way, 3-Way, and 4-Way Matching?
A: Yes. Its AI-powered system is designed to handle all levels of purchase order matching, including 2-way, 3-way, and 4-way verification:
– 2-Way Matching: Compares the purchase order (PO) with the supplier invoice
– 3-Way Matching: Matches the purchase order, goods receipt, and invoice to verify that items have been both ordered and received before payment approval
– 4-Way Matching: add another verification layer, including inspection or quality assurance data.
5. How Secure Is the Process?
A: Fintelite prioritizes data protection with enterprise-grade encryption and compliance with global privacy standards. It proves this by being ISO 27001 certified, which ensures that all documents and financial information remain safe and confidential.
6. How Can Businesses Get Started with Fintelite?
A: Fintelite provides a free trial for businesses to experience the benefits of AI-powered purchase order matching firsthand.
Conclusion
Manual checking is not a viable option in this age. With Fintelite’s AI-powered purchase order matching, businesses can eliminate repetitive work, reduce errors, and gain real-time visibility over procurement data. Fintelite is suitable for businesses of all sizes, whether SME or large enterprise; it scales effortlessly according to your document volume and specific needs.
Contact the Fintelite team today to further discuss your specific needs.
