It is conducted by matching invoice details with corresponding purchase documents and receiving reports. Invoice fraud is a rampant problem for businesses today, and has resulted in companies losing over $2 billion. Fraudsters can send fake invoices which closely resemble legitimate invoices and without strong checks like 3-way matching, these invoices will get paid, and you might end up losing money. Manual invoice matching—the process of comparing purchase orders, invoices, and receiving reports by hand—has long been part of traditional accounts payable workflows. While it may work for low-volume environments, it quickly becomes inefficient and error-prone as businesses grow and transactions increase.
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