The processing of supplier invoices is a very time consuming process. Your business can speed up this process and achieve enhanced price variance analysis using Three Way Matching in System 21.

When your business receives an invoice from a supplier, it matches the information on the invoice to two other documents — a purchase order forwarded to it by the purchasing department and the receipt that was prepared by the company. A medium sized retail or distribution business may process thousands of supplier invoices per month and with the right systems in place invoices can be imported electronically and automatically processed through an enhanced analysis process.

Three Way Matching provides a solution to simplify the processing and matching of all three documents at one time. The process enables the business to analyse variances in different ways; examining whether it was a gain or loss, and whether it was caused by a price or currency variance.

Automating this process can also remove a large amount of manual analysis and make the processing of supplier invoices more efficient, whilst providing the enhanced price variance analysis that can enhance your business. In addition, this more efficient way of processing invoices can also free staff to concentrate on the invoices where there are queries.