For any supply chain and logistics professional, invoice reconciliation is a major task; if it’s a good day, everything runs smoothly, but if not, several mistakes can and often do happen while processing invoices inviting several inefficiencies.
Market studies show that 25-30% of all freight invoices are wrong, with many discrepancies ultimately going unchecked. When you factor in that most companies attempt manual invoice matching, industry studies show that the cost of manually reconciling invoices is around $5 to $12 per invoice.
A one-stop solution for such challenges is automating your invoice processing. Automated invoice matching makes some attractive promises like reducing the burden on your teams, minimising errors, identifying fraudulent claims and avoiding duplicate/missed invoice payments.
Freight invoice errors play a major role in driving up unnecessary costs for your business. Also, in about 20% of the cases, these discrepancies are inevitably missed, causing overpayment, duplicate payments and lost productivity.
This is where GoComet steps in with its easy to use and install Automated Invoice Reconciliation module. GoComet’s platform makes it possible to auto-approve invoices, identify/reject duplicate invoices and improve the auditing process, all at the click of a button.
It provides a unified dashboard where the vendors can upload their invoices, and from there on, the entire process is automated, saving a lot of time and decreasing the dependency on human effort.
How does manual invoice matching affect your business adversely?
As invoice processing is a complex procedure, most companies have been slow to adopt digital solutions in this area. A traditional Accounts Payable(AP) team is in charge of invoice matching and payments, and needless to say, it is a painful and time-consuming process.
- It is a completely expected scenario where invoices are sent to departments outside of Accounts Payable. Keeping a manual track of each invoice, and making sure that it is sent to the correct team is prone to error and more often than not, leads to missed/delayed/cancelled invoices.
- Manually matching invoices with their supporting documentation involve manually retrieving such documentation. Delivery notes, purchase orders, goods receipt and other related line items have to be scanned in depth by the AP clerks to verify all the data correctly. It is easily the most tedious of processes and errors in it prove costly in the long run.
- At the time of approval of the invoice, chasing down different teams, who may or may not be available then, can result in delayed payments.
The current situation, where manual invoice matching is still dominant in most companies, clearly leads to missing out on early-payment discounts, weakening your relationships with suppliers and falling into the maze of missed/duplicate/delayed invoice payments.
These challenges should be compelling enough for you to shift to automated invoicing at the earliest! GoComet’s innovative solution allows you to reap all the benefits of automated invoicing and so much more.
Experience seamless, automated invoice reconciliation with GoComet
Here are some features of GoComet’s invoice reconciliation module that help address most of the challenges of traditional invoicing.
- Eliminates inconsistency between the final invoice and original quotation
GoComet’s automated invoice reconciliation module makes use of a combination of Optical Character Recognition (OCR) technology, algorithmic programming and contextual language processing to ensure that both the final invoice and your originally agreed quotation match correctly.
- Eliminates laborious manual follow-ups with vendors in case of freight invoice inaccuracies
GoComet’s solution auto-notifies vendors as and when an error in the invoice is identified. This saves a lot of time and decreases the burden of sending out manual notifications. The system also incorporates advanced contextual matching, which means that the module can identify terms such as Terminal Handling charges, and Handling Charges as being the same.
- Speeds up invoice payments to a large extent
The most attractive feature of GoComet’s automated invoice reconciliation system is that it auto-approves freight invoices and allows you to set your own, pre-defined tolerance levels. Your module can also be easily integrated with the internal finance department’s systems to initiate and further speed up the payment process.
- Frees your logistics team from time-consuming audit processes
The system makes an improved auditing process possible with the ability to time-stamp remarks and comments on each invoice. This helps build a completely automated workflow and improves productivity across the entire freight invoicing process.
Wait no more! Try out error-free freight invoicing for yourself
Automated freight invoice reconciliation is a superior alternative to manual invoicing. This is the time to digitise your invoice matching process and profit from it. Reach out to us today to find out more about how GoComet’s Automated Invoice Reconciliation software helps you identify hidden costs in your freight invoices by auto-reconciling them efficiently.