In the complex world of finance and accounting, precision and efficiency are paramount. For businesses of all sizes, managing the accounts payable (AP) process is a critical task that can greatly impact the bottom line. One key aspect of effective AP management is invoice matching.
What is Invoice Matching?
Invoice matching is a process that involves comparing various documents to ensure accuracy and consistency. Yet, surprisingly, many organisations still overlook this powerful tool in their financial toolkit.
Poll results
In our most recent LinkedIn poll, we asked our social media followers: Are you using invoice matching as part of your accounts payable process?
Invoice Matching: What we found
Yes – 73%
A significant 73% of the respondents indicated that they are using invoice matching. This statistic underscores the widespread recognition of the importance of invoice matching in modern financial workflows.
Invoice matching is a critical component of the accounts payable process, involving the careful comparison of received invoices against purchase orders and goods receipts. This meticulous verification ensures that the invoiced amount aligns with the quantity and quality of goods or services received. A “yes” response from 73% of the participants signifies a commitment to financial accuracy and compliance. As well as an acknowledgment of the cost-saving and efficiency benefits that come with this practice. It’s a testament to these organisations’ dedication to precision in financial transactions, minimising discrepancies, and maintaining strong supplier relationships. Furthermore, it reflects their adoption of technology and best practices to optimise the accounts payable function.
Not yet, but planning to – 18%
18% of the respondents expressed their intention to adopt this practice in the future. While these organisations have not yet implemented invoice matching, their intention to do so demonstrates a commitment to continuously improving financial processes. As they move forward with their plans, they are likely to benefit from greater accuracy, cost savings, and enhanced financial relationships with suppliers, all contributing to their long-term success.
No – 9%
Finally, 9% of the respondents indicated that they are not currently using this practice. The 9% of respondents who are not using invoice matching in their accounts payable processes reflect a diverse landscape of practices within the field. Their decision may be influenced by specific operational needs, resource considerations, or alternative approaches to financial accuracy. Importantly, this result does not rule out future adoption, as organisations continually evaluate and adjust their procedures to enhance efficiency and effectiveness.
Learn more about B2BE’s Supplier e-Invoicing solution, and our Customer e-Invoicing solution.
More information
B2BE’s experience in the supply chain sector allows our customers to build, expand and adapt successfully, enabling greater effectiveness. To engage with B2BE and offer feedback on what matters most to you and your business, make sure to follow us on LinkedIn and across social media. You can also vote in our latest LinkedIn poll. If you’d like to discuss your supply chain strategy, get in touch with us.