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AP Matching: Automating Accounts Payable Workflows through Cloud-based Managed Services

CFO Tech Outlook

Daniel Kimpton, Founder, AP MatchingDaniel Kimpton, Founder
Automation continues to make significant strides in the business landscape. However, there is one area that has not received the attention it deserves for automation: the accounts payable (AP) niche. Astonishingly, only 10 percent of businesses have fully automated their AP processes. This is about to change. While larger enterprises aim to mechanize their financial operations, they face hurdles due to the wide array of invoice formats, structures, and sources. Imagine a scenario where one supplier sends a PDF invoice via email while another employs a structured XML format through an online portal. These invoices diverge in presenting crucial information such as item details, quantities, unit cost, and taxes. This diversity contributes to a far-from-uniform landscape. Adaptable automation solutions driven by AI and machine learning are essential to extract data from varied sources and dynamically improve accuracy and efficiency. Integrating these solutions with existing ERP systems and ensuring data accuracy adds to the challenge of seamless AP automation.

AP Matching emerges as a catalyst in streamlining this intricate process. As a cloud-based platform, it elevates businesses by automating key AP processes—invoice processing, statement reconciliation, and duplicate prevention. Through full financial system automation, businesses can curtail labor and operational costs by minimizing manual intervention, expedite supplier payments, hasten invoice processing, enhance ledger reconciliation accuracy, prevent duplicate payments, and fortify financial controls.

“Our goal is to deliver world-class financial controls. We provide CFOs confidence in the precision of AP ledgers, timely supplier payments, and optimized P&L outcomes,” says Daniel Kimpton, founder of AP Matching.

The platform boasts three distinctive avenues: Invoice-Matching, Statement-Matching, and Duplicate-Matching. Invoice-Matching, the first avenue, automates matching of invoices with ERP or S2P systems without manual intervention. When suppliers send invoices, this automatically extracts and evaluates data as it arrives. It conducts real-time line-item matching for purchase order (PO) invoices to avoid exceptions. Approved invoices seamlessly integrate with the client’s ERP system. Should the matching process detect missing goods receipts, duplicate invoices, or over invoiced purchase orders, the platform efficiently resolves these issues. For instance, if an invoice has been matched, but there are missing goods receipts, the platform will automatically invoke existing workflows in the ERP or S2P system.

The platform also addresses non-PO invoices—received for goods or services without associated POs and lacking the structured process of PO-based transactions. Invoice-Matching offers a feature to automatically code these invoices or reject the invoice automatically if the vendor is not authorised to submit invoices without a PO.

The next platform, Statement-Matching, automates the reconciliation of Excel, PDF, and paper statements. Clients are able to forward their statements to a mailbox for data extraction and transfer to Statement-Matching within 24hrs. The platform then reconciles statement data with the customer’s ERP data, identifying disparities such as missing invoices/credits, miss-postings and duplicates.

The final platform, Duplicate-Matching, systematically identifies duplicate invoices based on a comprehensive set of parameters. The platform identifies potential duplicates at the earliest opportunity, so that clients can clear them down way before the payment run. The platform also provides a workflow to manage the recovery process in the event the duplicate invoice has been paid and the client needs to get a credit or refund from the supplier.


Our goal is to deliver world-class financial controls. We provide CFOs confidence in the precision of AP ledgers, timely supplier payments, and optimized P&L outcomes

The platform also offers a cost-free proof of concept, tailored to prospective clients. They can conduct due diligence, evaluate solutions’ efficacy using their data, and assess user feedback on the UI before making a decision.

Over time, AP Matching has demonstrated proficiency in streamlining AP processes for diverse sectors. The company recently facilitated a tenfold enhancement in statement processing capacity for a prominent entity, showcasing a significant leap in operational efficiency. Similarly, a major retailer reduced manual intervention by 80 percent after adopting invoice automation. In another case, a pharmaceutical company uncovered $200,000 in credits within a week of implementing statement matching.

These examples underscore the success of AP Matching’s optimization strategies and highlight their expertise in transforming diverse businesses across sectors. By embracing automation and leveraging AI, the company is poised to revolutionize the accounts payable landscape and empower businesses to thrive in an increasingly automated world.

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Top 10 Accounts Payable Solutions Companies - 2023

AP Matching

Company
AP Matching

Management
Daniel Kimpton, Founder

Description
AP Matching specializes in aiding accounts payable departments to proactively detect and rectify errors like missing invoices, duplicates, miss-postings, and data inaccuracies. This leads to improved payment efficiency, minimized supplier inquiries, and enhanced financial accuracy, bolstering businesses’ bottom line.