Receiving Inventory Made Simple

The 3-way matching process is a critical step in the procurement and accounts payable (AP) cycle that ensures the accuracy and legitimacy of transactions. It involves comparing three key documents: the purchase order (PO), the goods received notice (GRN), and the supplier’s invoice. The goal is to verify that the goods or services received match what was ordered and billed. This process helps prevent overpayments, discrepancies, and fraud, ensuring that organizations only pay for what they have received and agreed upon.

Software solutions streamline the 3-way matching process by automating the comparison of purchase orders, goods received notices, and invoices. This automation reduces manual data entry, minimizes errors, and accelerates the verification process. The software automatically flags discrepancies, such as mismatched quantities or prices, allowing for quick resolution. By using software for this process, organizations can enhance accuracy, ensure compliance with procurement policies, and reduce the time spent on manual reconciliations.

Implementing a system for goods receipt verification and invoice matching offers several key benefits, including:

• Increased Efficiency: Automates the matching process, reducing manual effort and speeding up invoice approvals.
• Enhanced Accuracy: Minimizes errors by automatically comparing data across documents.
• Improved Compliance: Ensures adherence to procurement policies and contractual terms.
• Cost Control: Helps prevent overpayments and duplicate payments, leading to significant cost savings.
• Audit Trail: Provides a clear and detailed audit trail, supporting financial transparency and accountability.

Procurify’s software enhances the receiving process by automating the 3-way matching of purchase orders, goods received notices, and invoices. Users can easily track and verify incoming goods against POs and invoices, with the software automatically flagging any discrepancies. This reduces the time and effort required for manual checks and helps prevent payment errors. Additionally, Procurify’s intuitive interface and real-time data updates ensure that all stakeholders have access to the latest information, facilitating better decision-making and collaboration.

Yes, Procurify’s software offers extensive configuration options for workflows related to goods receipt verification and invoice matching. You can define custom workflows based on your organization’s specific needs, including setting approval hierarchies and configuring notifications. This flexibility allows you to tailor the software to your unique business processes, ensuring that it aligns with your operational goals and compliance requirements.

Procurify integrates seamlessly with a variety of ERP, accounting, and financial systems, including QuickBooks, NetSuite, and Sage Intacct. These integrations ensure that data flows smoothly between Procurify and your existing systems, eliminating the need for manual data entry and reducing the risk of errors. The software’s API also allows for further customization and integration with other business tools, creating a unified data environment that supports efficient procurement and financial processes.

Procurify’s software provides robust reporting and analytics features that offer valuable insights into the receiving and 3-way matching process. You can generate detailed reports on matched and unmatched transactions, discrepancies, and approval times. The software also offers customizable dashboards that allow you to monitor key metrics in real-time, helping you identify trends, optimize processes, and improve overall efficiency.

Data accuracy and control are critical in the receiving and AP process, and Procurify’s software supports these needs through several key features:

• Automated Matching: Automatically compares data across purchase orders, goods received notices, and invoices, minimizing manual errors.
• Discrepancy Alerts: Provides real-time alerts for any discrepancies, ensuring timely resolution and preventing payment errors.
• Access Controls: Role-based access controls ensure that only authorized personnel can view and edit sensitive data.
• Audit Trails: Detailed logs track all actions taken within the system, providing a clear audit trail for compliance and accountability.

Procurify offers comprehensive support and training to ensure that your team can effectively use the software. Our services include:

• Onboarding and Training: Personalized onboarding and training sessions to help your team get up and running quickly.
• Ongoing Support: Our support team is available to assist with any questions or issues via email, phone, or live chat.
• Resource Library: Access to a wealth of resources, including user guides, video tutorials, and FAQs, to help you maximize the value of the software.
• Customer Success Team: Our dedicated customer success team works closely with you to ensure your long-term success and satisfaction with the software.

The implementation timeline for Procurify’s goods receipt verification and matching software varies depending on the complexity of your requirements and the size of your organization. However, a typical implementation process includes:

• Initial Consultation: Understanding your specific needs and objectives.
• Setup and Configuration: Configuring the software to fit your workflows and processes.
• Data Migration: Importing your existing procurement and receiving data into the system.
• Training: Providing training sessions for your team to ensure they are comfortable using the software.
• Go-Live: Launching the software and providing ongoing support to ensure a smooth transition. Generally, the implementation process can take anywhere from a few weeks to a few months, depending on the scope and scale of the project.