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The purpose of the 3-way match is to ensure that the details on all three documents align correctly, indicating that the buyer received the correct goods or services, in the right quantity and quality, and at the agreed-upon price. Here's how RPA can assist in this process:
- Data Extraction: RPA bots can extract relevant data from each document, such as purchase order number, item codes, quantities, prices, and other necessary information. This eliminates the need for manual data entry and reduces the chances of errors.
- Data Validation: The RPA bot can compare the data extracted from the purchase order, receipt of goods or services, and invoice to identify discrepancies. It can verify that the item codes, quantities, and prices match across all three documents.
- Exception Handling: If any discrepancies or exceptions are found during the validation process, the RPA bot can flag them for review by the appropriate personnel. This ensures that potential issues are addressed promptly and prevents incorrect payments or other errors.
- Workflow Automation: RPA can automate the entire 3-way match process by integrating with enterprise resource planning (ERP) systems or other relevant software. The bot can automatically retrieve and compare the necessary documents, perform the validations, and update the status in the system.
By using RPA for the 3-way match, organizations can improve accuracy, save time, and reduce the risk of errors in their procurement and accounts payable processes.
We'll dive deep into the world of RPA and show you how to harness the power of robotic process automation to streamline your workflows, increase efficiency, and supercharge your productivity. Whether you're a beginner or an experienced RPA enthusiast, this video will provide valuable insights, practical tips, and step-by-step tutorials to help you become an RPA master.
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