Settle has added an Automatic 3-Way Matching for Purchase Orders feature to its cash-flow management platform.
Designed for eCommerce and consumer packaged goods (CPG) brands, this feature dynamically validates purchase orders (POs), goods received notes (GRNs) and bills by automatically flagging inconsistencies, ensuring users are not overbilled, the company said in a Wednesday (March 27) press release.
“Our Automatic 3-Way Matching marks a significant leap forward in removing typical bottlenecks with extreme accuracy, efficiency and control in cash flow management,” Alek Koenig, CEO and founder of Settle, said in the release. “It allows our customers to focus more on what they do best — growing their business.”
The new feature automatically links POs to bills with 99% accuracy, enabling businesses to accurately and automatically ensure that goods received match quantities ordered, according to the release.
Powered by Settle’s artificial intelligence (AI) auto-itemization and discrepancy flagging, the feature can pinpoint areas for teams to focus on, the release said. Settle has found that in 47% of cases, there were inconsistencies between POs and their corresponding bills.
The feature is designed to prevent overpayments and invoice fraud, accelerate payment cycles, boost operational efficiency and reduce the risk of human error, per the release. It replaces the traditional method of using spreadsheets and split screens.
The Automatic 3-Way Matching feature joins Settle’s integrated platform that enables inventory businesses to order, receive, match and pay, according to the release.
A user of the platform, Cathryn Stenning, AP/AR associate at Branch, said in the release, speaking of the new feature: “It’s changed my process entirely — I’m able to auto-itemize both the PO and the invoice and do the comparison right there on one screen. I don’t look at the spreadsheet at all anymore — it all exists within Settle now.”
PYMNTS Intelligence has found that both retailers and manufacturers are investing in upgrades to their procurement technology.
Thirty-one percent of retailers are currently investing in procurement systems and another 53% plan to, while 42% of manufacturers are already doing so and another 44% plan to, according to “Digital Payments: Modernizing Procurement Processes,” a PYMNTS Intelligence and Corcentric collaboration.