Presented by:
David Ibarra
Solution Consultant
Juan Rivera
Solution Consultant
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Navigating 3-way Matching
Here’s how automation with Compleo Invoice Platform can help:
• Reduce costs and streamline invoice workflows: By automating the invoice approval process, CIP can reduce processing costs by up to 80%. For example, a company processing 1,000 invoices per month could save hundreds monthly by eliminating manual data entry and reducing errors.
• Enhance visibility with real-time updates on document status: CIP provides a dashboard that shows the status of all invoices in real-time. For instance, accounts payable managers can instantly see which invoices are pending approval, which have been paid, and which are overdue, allowing for more efficient management.
• Boost security by detecting duplicate invoices and verifying payments: CIP uses advanced algorithms to detect duplicate invoices and flag them for review. For example, if an invoice with the same amount and vendor is submitted twice, the system will alert the user to prevent duplicate payments.
• Improve collaboration with a transparent audit trail: CIP maintains a detailed audit trail of all invoice-related activities. For instance, every action taken on an invoice, from submission to approval, is logged and can be reviewed by auditors, ensuring compliance and accountability.
Manual invoice processing is more than just time-consuming – it could be costing your company significantly in lost productivity, costly errors, and security risks. One of the most challenging aspects? 3-way matching – especially if you’re still dealing with paper invoices and supporting documents.
Here’s how automation with Compleo Invoice Platform can help:
• Reduce costs and streamline invoice workflows: By automating the invoice approval process, CIP can reduce processing costs by up to 80%. For example, a company processing 1,000 invoices per month could save hundreds monthly by eliminating manual data entry and reducing errors.
• Enhance visibility with real-time updates on document status: CIP provides a dashboard that shows the status of all invoices in real-time. For instance, accounts payable managers can instantly see which invoices are pending approval, which have been paid, and which are overdue, allowing for more efficient management.
• Boost security by detecting duplicate invoices and verifying payments: CIP uses advanced algorithms to detect duplicate invoices and flag them for review. For example, if an invoice with the same amount and vendor is submitted twice, the system will alert the user to prevent duplicate payments.
• Improve collaboration with a transparent audit trail: CIP maintains a detailed audit trail of all invoice-related activities. For instance, every action taken on an invoice, from submission to approval, is logged and can be reviewed by auditors, ensuring compliance and accountability.