Invoice Automation
Process 95% of Invoices Touchlessly
The only AP solution for businesses that manufacture, distribute, or package physical products. SourceDay’s solution provides innovative invoice automation software for businesses and suppliers.
A First for Direct Spend
Manufacturers, distributors, and CPG companies know how difficult it is to match voucher invoices. One invoice may include parts from several POs. Each PO could be dozens of lines long.
Before you fire up the printer and break out the highlighter, meet the solution that’s changing everything. The SourceDay solution revolutionizes the invoice automation process to prevent errors and streamline supply chain processes.
How It Works
Get to know our four-step process for digitizing and matching invoices. Our team developed this process through personal experience in supply chain management. Our Invoice Automation feature is designed to offer a single portal for data management.
Step 1: Read Invoice
SourceDay’s technology reads and digitizes supplier invoices, whether they’re sent as Word docs, PDFs, or other formats. Since our software quickly integrates with your ERP, suppliers don’t have to change the way they send you invoices.
Step 2: Smart Validation
SourceDay reviews past purchase orders to match the invoice lines with the corresponding PO line, even if they come from multiple POs. This helps ensure we provide a flawless analysis of your POs to avoid errors and correct changes.
Step 3: 3-Way Matching
Using your chosen matching rules, SourceDay automatically compares line items from the order, invoice, and receipt of goods. Our system is programmed to detect irregularities and offer instant notification for buyers or suppliers. You don’t have to worry about receiving delayed information.
Step 4: Voucher & Pay
Matched invoices can be vouchered with the click of a button. Any mismatches might mean there’s a mistake or miscommunication. Luckily, this only happens about 5% of the time. Our Invoice Automation solution is programmed to detect irregularities and can speed up your payment processes.
Laser Focused on Line Items
Most “automated” payables solutions compare the total cost of the purchase order to the total invoiced amount. That’s not enough. SourceDay zooms in to compare each invoice line item to the corresponding purchase order line.
This allows for multiple releases, quantity variances, and price tolerances. If you need to edit any information, our systems can easily be adjusted.
In short: We make sure that no errors slip past our invoice automation. You can process payments automatically without worrying about incorrect payment amounts.
Business as Usual for Suppliers
Suppliers can still send invoices via email. You can opt to have them sent to a unique email address to auto-upload new invoices or drag and drop invoices as you receive them.
SourceDay will process the file, whether it’s a PDF or Word doc. Your suppliers won’t have to change any of their processes when you use our invoice automation software.
95% of Invoices Automatically Matched
Don’t waste time on lines that match anymore. Focus instead on getting to the bottom of mismatches.
When SourceDay identifies mismatches, you can correct the PO, request that the vendor update the invoice, or voucher the payment anyway. Give these situations the special attention they deserve. Moving from a manual system to an automated one can save your business time and money.
Set Your Own Matching Rules
Set tolerances for cost, quantity, total line amount, or total invoice amount, and customize your choices by the supplier. As long as invoices are in the ranges you specify, we can match them. SourceDay’s Invoice Automation feature is designed to meet your needs, whatever they may be.
Don’t Overpay, Underpay, or Forget to Pay
We believe you should pay your suppliers what you owe—no more, no less. SourceDay’s line-level matching protects your business against accidental overpayments and helps you take advantage of early payment discounts.
Close the Books in Record Time
When 95% of invoices are matched automatically, closing the books takes a lot less time. It’s a win-win for suppliers and buyers. Executives can review finalized numbers sooner and accountants won’t have to manage another system apart from their regular duties.
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