What’s new in Fraxion: Invoice matching enhancements

We’re excited to announce the latest update to our procure-to-pay suite: invoice matching enhancements. These upgrades significantly improve the efficiency and accuracy of the invoice matching process, making it easier than ever to match invoices with purchase orders and received items to manage risk in accounts payable processes.

Fraxion's invoice matching: faster, and easier than ever

The enhanced invoice matching feature introduces a new editable field, allowing users to enter multiple purchase order numbers. The system then prioritizes and highlights the closest matches under purchase orders and received items, simplifying the process of linking invoices to the correct purchase orders.

How Fraxion’s enhanced invoice matching improves your workflow

Building on the existing invoice matching functionality, Fraxion users now experience added invoice management efficiency with our enhanced linking feature. Our system prioritizes the closest matching purchase orders for quick and accurate linking, highlighted for easy identification. Whether linking the full purchase order or an invoice line item, the intuitive interface ensures precise association of relevant items, enhancing the accuracy and speed of your invoice matching process. This streamlined approach eliminates guesswork and boosts productivity, saving significant time and improving the invoice management process.

Reduce costs and risks with effective invoice matching

Invoice matching is a critical component of a company's accounts payable operations, ensuring that invoices align with supporting documents before payment. Whether your organization uses two-or three-way matching, this process enhances accuracy and compliance by verifying that goods and services ordered and received match the original purchase order, reducing the risk of fraudulent and inaccurate invoices. Effective invoice matching saves costs by preventing overpayments and financial losses from duplicate invoices and paying for goods not received. Digital matching speeds up the process, reducing errors, and highlighting issues and exceptions for faster resolution, ultimately enhancing financial efficiency and security.

What are the benefits of Fraxion's invoice matching enhancements?

Time savings:
These enhancements reduce the time required to manually link invoices and purchase orders by highlighting the closest matches, making the process faster and more efficient. With all purchasing records centralized in Fraxion, invoice matching becomes effortless, audits are streamlined, and issues with lost documents and retrieval are eliminated.

Improved accuracy:
By prioritizing and highlighting the best matches, these enhancements minimize the risk of errors, ensuring that invoices are correctly matched to the appropriate purchase orders and received items.

Greater control:
The new features offer greater control over the AP process, improving compliance with purchasing policies and providing clear visibility and accountability throughout the workflow.

Streamlined workflow:
The enhanced invoice matching integrates seamlessly with existing processes, offering users an intuitive and efficient way to manage invoice matching, reducing manual effort and increasing operational efficiency.

In summary, these are the key benefits:

For users:

• Time efficiency
• Accuracy improvements
• Streamlined process
  

For your business:

• Improved auditability and control
• Greater efficiency across finance departments 
• Time savings 
• Compliance with invoice processing policies
• Overall cost savings

Fraxion's procure-to-pay solution includes artificial intelligence (AI)-driven AP automation, invoice matching, approvals, and invoice batching. To see how the latest feature enhancements complement and extend our accounts payable suite, request a demo today. We'd like to show you how you can streamline your AP processes and achieve greater accuracy and control in your financial operations.