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Prevent Invoice Fraud with AP Matching Systems

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Invoice fraud is the most common type of fraud that takes place in the accounts payable department. The fraud generally happens when vendors issue duplicate invoices and when there is no proper matching system in place. To prevent fraud from happening, your accounts payable department has to match purchase order details with invoice as well as receipt details. Having the right matching strategy in place will let you know where the fraud has actually happened.

Our accounts payable software features various matching capabilities such as 2-way, 3-way, 4-way and N-way matching systems. You can implement any of the matching criteria that fit your business requirement. Here’s how the matching processes work:

2-way Matching

2-way matching refers to the process of matching invoice quantity and amount with the purchase order quantity and amount. You can compare an invoice item with a PO item, invoice unit price with PO unit price, and invoice amount with PO amount. This way you can easily figure out if there are any discrepancies between purchase orders sent and the invoices received.

3-way Matching

Besides matching purchase order with the invoice, 3-way matching allows you to check invoice with receivables. This way you can know whether the purchase order matches with invoice and receivables.

4-way Matching

Besides matching purchase order item and unit price with invoice, 4-way matching allows you to check the purchase order with invoice, received, and accepted quantity. This way you can know whether the goods sent are accepted or rejected.

N-way Matching Customization

Apart from the above said matching processes, if you want to set up your own matching process to suit your business needs, you can do that with our accounts payable software. Our AP automation tool supports N-way matching customization, which means you can set up the matching process in your own way. This way you can map any fields with any other fields that you want compared during procure-to-pay cycle.