10 mins read

Automated Financial Systems

Intelligent 3-Way Matching in Oracle Fueled by Yooz

by Yooz the 06.5.2024

3 way

Orders in, items out, send a bill, count the revenue, and (hopefully) rejoice. It sounds like a simple process and perhaps it was… A very long time ago. Today’s economy is much more complicated and so is the financial process. While this sounds like a negative it is in fact a window of opportunity for companies both large and small with the key being automation. And companies are taking up the challenge. When we surveyed more than 1,000 finance leaders, two-thirds told us they’ve already started making their business digital with a special focus on AP automation. Why?


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Automated Invoice Matching Is a Strategic Asset


Automated financial systems and specifically accounts payable automation are revolutionizing the AP process and in fact the role of the entire department. It does this simply by replacing manual tasks throughout the invoice and payment process with intelligent software. The same work that used to take hours and days is now done almost instantly and overcomes many of the obstacles previously faced by organizations. This includes processing cost, lack of visibility, late payments, and cycle times. At the same time an organization benefits from increased and easily accessed visibility. 

Specifically, automated systems can provide a treasure trove of data that can be used across an entire business. The key is ensuring that the information is complete, accurate, and of course accessible. The foundation of this is in the accounts payable workflow and to be even more exact, lies in the invoice intake process. The more exact the process, the better the level of information.


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The Benefits of 3-Way Matching


Three-way matching is a payment verification technique used in the accounts payable process to ensure that an invoice is valid. It matches a Purchase Order (PO), Goods Received Note (GRN), and the invoice, helping to avoid fraudulent or unauthorized payments including overpaying or duplications. Discrepancies can be immediately flagged for review.

Automated three-way matching supercharges the accounting process, allowing organizations to automatically match a large number of invoices in almost real-time. In the automated three-way process, the supplier invoice comes in and is immediately captured. Relevant information is extracted with the help of machine-learning algorithms and key data points are compared.

Do goods and services delivered match up in terms of quantity, price, amounts due and supplier information? Did the order actually exist or was it duplicated? Line by line is checked with any discrepancies are automatically flagged and in minutes escalated to the right team member. Only when the three-way matches pan out are invoices routed to the designated people for approval.

Not only does automated three-way matching help prevent errors and fraudulent invoices (which in turn save time, money, and even possibly business relationships) but it creates a clear audit trail for compliance.

100 Million Invoices and Counting: Yooz and the AP Process


As a cloud-based platform used by more than 4,000 organizations, the Yooz intelligent OCR technology has read and indexed more than 100 million invoices from a million vendors. In fact, this feature continues to learn and get smarter with each use. It’s this kind of experience and laser focus on the AP automation process that gives the system an unmatched edge in capturing, processing, and paying invoices quickly and securely.

With Yooz, your three-way match doesn’t just happen at the beginning of the process. Before payments go out, they undergo three additional checks to minimize errors and fraud. From beginning to end there is a fully compliant audit trail that makes losing documents – or information – a thing of the past. And once payment has been made, the information is automatically exported, reconciling the invoice with the matching purchase order and marking it as paid.



Why Yooz is the Best AP Automation Solution for Oracle NetSuite Users


Just as no two companies are alike, so too should your AP process reflect your unique needs and be able to seamlessly integrate with your business management platform and systems. Yooz accounts payable automation is not just scalable but fully integrated with Oracle NetSuite. This means that everything that you do in one platform is seamlessly, automatically, and accurately synched with NetSuite. In other words, the invoice data is automatically extracted and recorded in the NetSuite system such that the Yooz 3-way match is in fact the Oracle 3-way match..

In addition to this seamless integration, Yooz has ‘Built for NetSuite’ status, meaning that the platform meets the strict standards and best practices of the Oracle NetSuite SuiteCloud Platform.

Custom Dashboards to Gain Maximum Insights from Invoice Matching


Oracle NetSuite and Yooz also gives you the ability to create a customized dashboard that’s seamlessly integrated into our already user-friendly and intuitive interface. All relevant information is now at your fingertips and configured as you need it, including the status of all invoices in a central shared location. In fact, Yooz reporting features are so strong that PayStream rated them as one of the most robust reporting platforms currently offered in the AP Automation space.

Working with Yooz means developing a unique workflow that meets your specific needs. Real-time AP automation empowers your team to focus on true value-added tasks such as improving relationships with key vendors, a must-have during times of strained supply chains.


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Mastering the Oracle 3 Way Match with Yooz


Unlock the potential of the Oracle 3 way match with the advanced capabilities of Yooz. This powerful combination is designed to simplify the intricate process of matching purchase orders, invoices, and receiving documents. Yooz automates 80% of invoices without any prior setup, ensuring your accounts payable operations are both efficient and error-free right from the start.


The real strength of Yooz lies in its unmatched AI performance, delivering real-time processing with extraordinary simplicity and depth of functionality. Imagine launching your automation journey within just one hour and without the need for extensive training. Yooz is not just another tool; it’s an All-in-One solution that handles every stage of your P2P process, from purchase request to payment, aligning seamlessly with Oracle’s 3 way match requirements.


Yooz is robust and enduring, built on a Cloud foundation that ensures reliability and scalability. Recognized with prestigious awards and trusted by the global financial community, Yooz’s value is unparalleled. Our business expertise and focused innovation on automatic document processing make us stand out in the crowded market.


Choosing Yooz means adopting a solution that enhances your financial operations, streamlines your workflows, and ensures compliance with the highest accounting standards. For those looking to master the Oracle 3 way match, Yooz is your ultimate partner, offering a seamless, efficient, and comprehensive approach to accounts payable automation.



What is the Oracle 3 way match process?

The Oracle 3 way match process is a method used to ensure that the purchase order, the goods receipt, and the supplier’s invoice all align before payment is made. This helps in verifying that the goods or services received match the order placed and the invoice submitted, thus preventing discrepancies and potential fraud. At Yooz, we enhance this process with our advanced automation capabilities, ensuring accuracy and efficiency at every step.

How does Yooz integrate with the Oracle 3 way match process?

Yooz seamlessly integrates with the Oracle 3 way match process by automating the matching of purchase orders, invoices, and receiving documents. Our solution uses real-time AI to process and match these documents, eliminating manual entry and reducing errors. With Yooz, 80% of invoices can be automated without any prior setup, making the integration process smooth and efficient.

Can Yooz help reduce errors in the Oracle 3 way match process?

Absolutely. Yooz significantly reduces errors in the Oracle 3 way match process by automating the verification and matching of documents. Our solution’s real-time AI capabilities ensure that discrepancies are quickly identified and addressed, maintaining the accuracy and integrity of your financial data. By starting your automation journey with Yooz, you can achieve high levels of precision without the need for extensive training.

What are the benefits of using Yooz for the Oracle 3 way match process?

Using Yooz for the Oracle 3 way match process offers numerous benefits. Our solution provides unparalleled value by combining real-time AI performance with extreme simplicity and maximum business richness. Yooz automates all stages of your P2P process, from purchase request to payment, ensuring a seamless workflow. Additionally, Yooz is solid and enduring, born in the Cloud, and recognized by prestigious awards. It’s trusted by the global financial ecosystem, making it the ideal choice for enhancing your Oracle 3 way match process.


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