Airbase and NetSuite provide one of the most bountiful unions of any strategic ERP extension. The partnership provides the smoothest two-way data exchange to keep your general ledger up to date. Now, with 3-way match from Airbase and NetSuite, it just got a whole lot smoother.
Brand new 3-way match from Airbase and NetSuite means you can swap out receipt and invoice pile-ups for an automated and efficient purchasing journey.
What is 3-way match?
3-way match is the matching of invoices, purchase orders, and item receipts. This process doubles as a verification and payments process and, without automation, involves lengthy manual processes for accounting and procurement departments.
Typically, matching invoices and verifying purchases is a process that directly translates to manual data entry and mountains of paperwork. Thankfully, change has come.
Why was change needed?
Laborious cross-checking, departmental silos, and paper, paper, paper. Previously, 3-way match among receipts, invoices, and payments went as follows:
- The purchasing team raised the purchase order requests.
- The receiving team was responsible for the receipt of goods.
- The AP team was responsible for verifying the documents generated along the purchase-to-pay process and executing payment.
Typically these departments operated in silos, white-knuckling controls and levers across systems that couldn’t communicate with each other. On top of all that, vendor management required attention alongside purchasing efficiency.
After a vendor sent an invoice, the AP team had to retrieve the purchase order and receipt note and cross-check quantities, price, and other information across all three documents — and that’s all before executing the payment or compiling an audit trail. This manual validation of line items often led to errors and increased processing times.
Without sophisticated software, the following pain points only escalate as the number of POs increases with scale:
- Extensive manual data entry.
- Manual verification of documents.
- Manual retrieval and organization of said documents.
- Human error and delays in documentation processing.
- Increased risk and room for fraud.
- No automated audit trail.
- No automated reporting capabilities (trends, budget analysis, vendor profile).
A new era of invoice processing.
Now, Airbase enables businesses to streamline spend and modernize purchase-to-pay processes with 3-way match. Here’s how:
- Airbase customers can create bills within the platform and perform 3-way matching of invoices with NetSuite purchase orders and item receipts in order to thoroughly validate the line-item details of a purchase before making a payment.
- Managing inventory and processes along the purchase-to-pay lifecycle is streamlined significantly.
- Bills can be categorized and coded correctly before syncing to the GL or ERP for accurate reporting.
- All 3-way-matched transactions and bills are synced to NetSuite, maintaining a proper audit trail and vendor history and ensuring you meet SOC compliance requirements.
Why should you choose 3-way match with Airbase?
Thanks to automation, Airbase’s new 3-way match offers an efficient and time-saving new frontier in invoice processing. It also reduces the risk of fraud and financial loss. Operable from within our consolidated platform, 3-way match also bridges gaps between AP and purchasing teams. Previously splintered communications or chase-up efforts across teams and functions are replaced by a platform everyone can access and upload to. Some additional benefits of choosing 3-way match with Airbase are as follows:
- Only pay for what was ordered and received — every time.
- Reduce the risk of human error or delay.
- Ensure compliance with both budget and policy.
- Increase internal controls around purchasing.
- Automate document matching and validation to save time and improve efficiency.
- Consolidate previously scattered processes into one system.
It’s easier, it’s faster, and it’s safer. To find out more about 3-way match from Airbase, request a product demo!