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 it's delivery. The goal of PO matching is to ensure timely vendor payments, correct accounting of costs and easy detection of fraudulent practices.
Many of the problems of 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 Purchase Order Matching or PO Matching.
