Invoice Matching Software
Upgrade your Invoice Matching Process with Autovouch™
What is Invoice Processing Automation?
Invoice processing automation leverages advanced technology to streamline and automate the entire invoice lifecycle, including capturing and processing invoice data and managing subsequent steps. Automated invoice processing software handles repetitive tasks, significantly reducing manual processing errors and enhancing efficiency. By integrating such software, businesses ensure accurate data extraction and seamless invoice matching. Automation frees up staff to focus on more strategic tasks and improves companies’ overall financial management. With automated invoice processing, companies can achieve higher accuracy and efficiency, leading to better financial outcomes.
Out-of-the-Box Invoice Matching Isn’t Good Enough
Most AP automation software on the market has standard invoice processing built into the basic software package.
However, for many companies, that standard processing and matching is inadequate. Errors caused by mediocre AI trained on unrelated datasets quickly become embedded in the data, causing an accounting nightmare.
Moreover, different accounts payable departments have different needs for invoice processing accuracy.
DataServ’s Autovouch™ offers a combination of invoice matching software and invoice processing service that adds premium supplementary layers of data verification to your AP process.
Automate 3-Way Matching with AI-Powered Invoice Matching
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AI for Invoice Matching
The AutoVouch™ Option from DataServ will automate your Accounts Payable department’s manual matching or vouching work! Focus your team of experts on more interesting and rewarding work by eliminating manual data entry through automation. Additionally, robotic process automation (RPA) can streamline tasks such as invoice processing and matching, significantly reducing manual effort and increasing productivity. Simply redirect your existing AP email address(es) to a dedicated, secure DataServ email system. We will receive all of your invoices regardless of form or format. They are then processed through our proprietary Software as a Service (SaaS) OCR Invoice Processing Machine™ (formerly Digital Mailroom) – the most advanced in the industry – to capture all the necessary data from your invoices at the lowest cost per invoice. This data is then matched to the purchase order and/or receiving data and validated using multiple levels of verification, including expert human validation. All transactions that vouch within your pre-set tolerances flow into your financial systems’ matching routine, where they reach 100% accuracy and are set to be paid. Any exceptions are automatically pushed to your team via workflow queues with email notifications to be resolved.
AutoVouch™ is an option to the APA platform. This option will allow your team to focus on core competencies and knowledge work while reducing manual labor spent keying and matching invoices to system data for every invoice processed.
Video: AutoVouch Overview
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Why AutoVouch™ from DataServ?
Invoice Processing Machine
DataServ created this highly optimized and standard process for all of our clients to fully leverage the benefits of the latest SaaS OCR technology and expertise in the invoice matching process. We make it easy for you to gain access to this technology. The large capital and time investment required to take advantage of this cutting-edge technology has already been made. Because this multi-tenant SaaS “machine” has benefited from years of machine learning, you avoid the learning curve and get immediate benefits at a fraction of the cost.
Increased accuracy Prevents Problems downstream
In addition to the highly optimized upfront capture process, we provide multiple levels of data validation and expert quality assurance, including Human Validation by our team, ensuring only the cleanest data enters your matching process. Imagine entering inaccurate or incomplete data into your ERP – what would happen? Data runs through our integrated Human Validation process, and exceptions to the AutoVouch™ process are pushed to a work queue from which your experts can correct any issues and get those vendors paid…without missing a discount opportunity or due date.
Exception-based Processing
Unlike other products in the APA market, DataServ’s AI for invoice matching will only push the exceptions in vendor invoices into a workflow for your users.
Other invoice matching software products are designed to function like your ERP. They assume that invoice matching needs to be a human-driven process for deciding what matches and what doesn’t within several screens or even various modules.
AutoVouch™ does that work for you, and only if it cannot match does it put those transactions in front of your users. Automated workflow then intelligently routes directly to the user or department that can solve the problem and allow the invoice to proceed through the matching process. Humans are best at solving complex problems – allow them to focus on that for a happier, more productive team.
Pre-ERP Matching Process
DataServ employs an upfront capture process – this timing is crucial because some invoices can involve sophisticated and varied matching rules based on vendor or type of spend. Quite simply, each invoice will be matched as early as possible and retried automatically in the background until it does! We provide a robust menu of match sets for optimal match rates to address 2-way, 3-way, and even 4-way matching situations, plus many unique variations such as service POs to deliver optimal match rates. Most importantly, unlike ERP matching or other APA products, AutoVouch™ automatically retries in a lights-out process as many times as needed to find a match before pushing it to a human or your ERP system.
Tailored To Your Process
DataServ invented solution tailoring when we created the first SaaS for AP! It’s our way of delivering industry best practices without expensive customization. Using a unique software customization process with all our clients, enabling us to fit the AutoVouch™ software to your needs with minimal investment. We built our invoice-matching software to make it easy to tailor to your company’s needs for vendor data, invoice fields, and more.
DataServ’s tailored solution has all the benefits of custom-built software with none of the development costs. With no additional fees, we will tailor AutoVouch™ to your unique mix of vendors and invoices, ensuring your accounts payable team can efficiently handle complex match types, delayed receipts, part numbers and vendor part numbers, surcharges, price variances, and more. This approach allows us to meet your unique needs without holding you hostage!
Simple Data Interface
DataServ is ERP agnostic, having integrated with over 40 different systems. Transitioning from traditional paper invoices to electronic invoices, data files are typically exchanged on a schedule several times daily to meet your processing requirements. Our Integration Library consists of utilizing the simplest possible interface to push data into your financial system or to gather data from your system. DataServ does not require expensive custom integrations to be written.
Frequently Asked Questions
Accounts payable process automation transforms the traditional, manual approach to managing payables into a streamlined, technology-driven workflow. This encompasses everything from the initial receipt of invoices to their final payment. Automated accounts payable software handles tasks like invoice capture, data extraction, invoice matching, and approval workflows. By automating these processes, businesses can drastically reduce manual processing errors, enhance efficiency, and ensure greater accuracy. This leads to improved financial management, cost reductions, and stronger supplier relationships. Automation in the accounts payable process allows businesses to operate more smoothly and focus on growth and strategic initiatives.
Purchase order automation revolutionizes how businesses create, manage, and track purchase orders. By utilizing advanced technology, companies can automate the generation of purchase orders, their dispatch to suppliers, and the tracking of receipts. Automated purchase order software minimizes manual processing errors, boosts efficiency, and ensures higher accuracy. This automation streamlines procurement management, reduces costs, and strengthens supplier relationships. By automating the purchase order process, businesses can better control their procurement activities and ensure timely and accurate order fulfillment.
Resolving discrepancies in invoice matching is a critical component of the invoice processing workflow. Discrepancies can arise from errors or inconsistencies in invoice data, such as incorrect pricing or quantities. Automated invoice matching software is vital in quickly identifying and resolving these discrepancies. The software performs tasks like data validation and error detection, and initiates automated workflows to address discrepancies. By automating the resolution process, businesses can significantly reduce manual processing errors, enhance efficiency, and ensure greater accuracy. This leads to smoother operations, timely payments, and healthy supplier relationships.
When implementing automated invoice processing software, security and scalability are paramount. Businesses must ensure their invoice data is secure and protected from unauthorized access or breaches. Robust security features, such as encryption and access controls, are essential to safeguard sensitive information. Additionally, the software must be scalable to accommodate the growing needs of the business, and capable of handling increasing volumes of invoices and data. Prioritizing security and scalability ensures that the invoice matching software remains reliable, efficient, and effective, supporting the business as it grows and evolves.
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Regardless of where you are at in your AP automation journey, DataServ will meet you there and help you evolve.