Are you ready to get started, but it all seems a little overwhelming? Let us help get you started with SourceDay's Invoice Automation product. We will take you from beginner to expert in no time.
The Beginning:
Who the heck are we? We started out trying to help organize the chaos that you may have experienced around managing POs. Here is a video on our roots. From there, we created our Invoice Automation product that helps with another pain point, yours. With Invoice Automation, we are striving to automate your invoices that already match, allowing you to focus on the problem children and get them to a better state, hopefully where they can be automated as well. Invoice Automation with SourceDay allows you to manage all purchase order invoices from one platform. It utilizes an automated 3 way matching system between the invoice, receipt, and purchase order.
Why Compare Invoices, Receipts, and Purchase Orders?
We want to look at multiple systems to avoid the common pitfalls of the more traditional method of comparing packaging slip, invoice and PO. With this traditional method you are comparing:
- The Invoice (Created by the supplier)
- The Packaging Slip (Created by the supplier)
- The Purchase Order (Created by the Buyer's Purchasing Department)
With the SourceDay method, you compare:
- The Invoice (Created by the supplier)
- The Purchase Order (Created by the Buyer's Purchasing Department)
- The Receipt (Created by the Buyer's Accounts Payable)
This means you are looking at documents created by three distinct systems, versus two systems.
How Does it Work?
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To over simplify - We take 3 of your common items, Purchase Orders, Receipts, and Invoices and we look at them part by part to compare quantity, and cost. Invoice Automation will match the Unit Cost on the PO to the Unit Cost on the Invoice and then the extended line amount (line total) on the Invoice to the extended line amount (line total) on the PO that will be vouchered, all so that your invoices can be vouchered and paid out quickly and efficiently. |
How Can I Get Up to Speed on the Product?
You've come to the right place! In this guide, we are going to talk you through the following concepts in order to help get you going. This guide can also act as a quick look book in case you just need a reminder on how to perform a function. We will go over:
- What to Expect
- Who's Doing What
- Picking the Right Invoices
- So Many Tabs, So Little Time
- How to Load Invoices into SourceDay
- Matching and Non Matching
- Vouchering, Posted and Paid Invoices
Next Up - Getting Started with Invoice Automation (Formerly Accounts Payable) - What to Expect