What is 2-Way Matching? How to automate it?

Handling supplier invoices in the accounting process requires meticulous verification to ensure accuracy before payments are made, utilizing methods such as 2-way, 3-way, and 4-way matching. These processes involve comparing purchase orders, invoices, goods receipts, and in some cases, inspection slips to confirm that quantities, prices, and delivery conditions align. Manual matching can be labor-intensive and error-prone, often resulting in inefficiencies and potential financial discrepancies. Automation, exemplified by AI-enabled tools like Nanonets, enhances the process by digitizing documents and automating verification, which reduces errors, increases efficiency, and prevents issues such as fraud. Nanonets, specifically, uses advanced AI to streamline the matching process, reducing processing times significantly while integrating seamlessly with existing systems, ultimately saving time and cost for companies.