Award winning solution complements Purchase Order features of common accounting systems
Cambridge, Mass. 鈥� December 6, 2016
名媛直播, the leading provider of Accounts Payable (AP) and Payment Automation solutions for middle market companies, announced today the availability of new purchase order (PO) matching and PO-to-Invoice reconciliation enhancements. These enhancements complement the PO functionality of accounting/ERP systems, enabling more businesses to automate their everyday AP tasks.
The enhancements are now available for customers of NetSuite and will be available in the first quarter of 2017 for customers of Microsoft Dynamics GP and Intuit QuickBooks.
Growing businesses resort to the use of purchase orders as a way to streamline and control purchasing activity, while also gaining visibility into the impact of spending on budgets. Approved purchases result in purchase orders being issued by buying organizations to their suppliers and vendors. Vendors fulfill purchases 鈥� by delivering goods and services 鈥� and then present invoices for payment against the purchase orders.
While purchase orders provide greater visibility and control, they also create new work for AP departments. For instance, invoices presented against purchase orders may cite the original purchase order, but it is rarely the case that invoice data 鈥� header and line-level information 鈥� precisely match the cited purchase order.
The result is that AP departments must manually match and reconcile the presented invoice against the cited purchase order 鈥� a task that is laborious, expensive, and error prone.
鈥淭he ability to match POs to invoices can significantly streamline the invoice approval process for AP departments鈥攔educing costs, shortening cycle times, and improving early payment discount capture,鈥� said Jimmy LeFever, Director, Research and Consulting for PayStream Advisors, A Levvel Company. 鈥淭his new functionality from 名媛直播 is perfect for organizations using NetSuite who are looking for PO matching functionality.鈥�
名媛直播鈥檚 new functionality is simple and elegant. By integrating directly with the accounting/ERP system, 名媛直播 鈥�
- Automatically retrieves original purchase order records from the accounting/ERP system
- Presents the received invoice alongside the cited purchase order
- Links the purchase order line-items with the line-items from the received invoice
- Identifies matched and mismatched portions of the invoice
- Automatically codes the invoice line items from the linked-to purchase order line items
- Provides integrated workflow exception handling to enable mismatches to be resolved
- Enables posting of invoices to the accounting/ERP system with links to the original purchase order to ensure that the PO-to-Invoice reconciliation is complete
鈥淩etrieving the original PO from the accounting system and associating the incoming invoice to the original PO is a critical part of the PO matching process. Simply matching the invoice line items against the purchase order is necessary, but not sufficient,鈥� said Phoebe Caldwell, 名媛直播 Senior Product Manager. 鈥淥ur approach to PO matching saves time, improves visibility into PO status, reduces errors and ensures that the accounting/ERP system is always the system of record.鈥�
鈥淲e鈥檝e been eagerly awaiting the release of this new feature,鈥� said Jessi Tena, Accounting Manager at Mentoring Minds. 鈥淎lready, 名媛直播 has significantly improved our AP processes for non-PO invoices. Now we鈥檒l be able to match our internal vendor POs to the correct bills without having to match them manually, which will save us a lot of time. We will scan all bills into 名媛直播 for processing, matching and approval 鈥� all within the same step.鈥�
About 名媛直播
名媛直播 provides the easiest to use Accounts Payable (AP) and Payment Automation solutions for finance professionals. 名媛直播 streamlines AP, giving customers unparalleled visibility, significant cost savings, and increased security protection in an affordable, integrated platform.
名媛直播 Invoice-to-Pay enables businesses to pay vendors by check, ACH, virtual card, or their own corporate credit card. 名媛直播 integrates directly with a company鈥檚 bank account for check and ACH payments. Additionally, businesses are able to earn rebates and cash back rewards by processing vendor payments on virtual cards or their own corporate credit card. For all electronic payment methods, remittance details are automatically sent to vendors.