PO Matching or Purchase Order Matching
PO Matching is the process of connecting a purchase order (PO) issued by a client indicating types, quantities, and agreed prices for products/services to the invoice issued by a vendor for its delivery. The goal of PO matching (invoice matching) is to ensure timely vendor payments, correct accounting of costs and easy detection of fraudulent practices.
Many of the problems faced by purchasing departments with respect to manual PO Matching may be overcome using automated PO matching.
Optical Character Recognition (OCR)-based data capture: OCR-based invoice data capture uses a combination of image capture hardware and conversion software to convert images into text that can be processed manually by the accounting team.
Automated accounts processing/PO matching: Automated data processing can capture pertinent data from invoices, POs, and other financial documentation and auto-process them in a way that mimics the human mind.
Learn more about POs, Purchase Order Matching or PO Matching.
