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KEY BENEFITS OF THE 3-WAY MATCHING SOLUTION
Three-way matching is a process of matching three key documents: purchase orders (PO), goods receipt note or delivery receipt, and the supplier’s invoice. This is done to prevent fraud & double payments, save money, as well as have adequate records for the audit trail. Three-way matching is usually done before paying a supplier.
ELIMINATE FRAUD
By doing 3-way matching you easily determine whether an invoice correctly represents the actual good/services received
MAINTAIN
RECORDS
Keep a record of your transactions with suppliers which can be used for both litigation and audit purposes
INCREASE
PROFITS
Doing away with unnecessary expenses leads to higher profitability because these costs add up if they go unnoticed
ARTIFICIAL INTELLIGENCE CAPABILITIES
This smart 3-way matching solution is a testament to BlastAsia’s expertise in building Artificial Intelligence-enabled web and mobile applications using Microsoft’s Azure Cognitive Services and Azure Applied AI Services
HOW THE 3-WAY MATCHING SOLUTION WORKS
Our solution’s AI feature was built on top of Microsoft Azure’s Applied AI Service called Form Recognizer, which has an invoice model to identify, extract, and analyze data coming from image or PDF files of invoices, delivery receipts or goods receipt note, and the corresponding purchase order
1
DATA EXTRACTION
After uploading an invoice via taking a photo/scanning, the data will be extracted using Azure Form Recognizer
2
MATCHING
Based on invoice data the corresponding PO and DR data will be searched and subjected to matching
3
RECONCILIATION
Notifications/reports can show invoices with inconsistencies or non-matches that will be subject for review by your team
WAYS WE CO-CREATE VALUE
Harnessing over two decades of experience in software product engineering, business & technology consulting, and startup development, BlastAsia has curated digital transformation services that will deliver digital solutions to bring out the best in your company.
