Vendor matching errors - How to prevent them!

Answer:

In SmartUi vendor matching refers to the process of identifying and matching vendor information on invoices, Credit notes and statements with existing vendor records in your financial system. 

The vendor matching process typically involves the following steps:

1. Extracting vendor information: 

The system uses its built-in Ai technology to extract vendor information from invoices, such as name, address, ABN and contact information.

2. Comparing extracted information to your records: 

The system then compares the extracted vendor information to existing records in the system, such as a vendor database or a CRM system, using a vendor matching algorithm. The algorithm takes into account factors such as name, address, and contact information to determine the best match.

3. Finding the closest match in your financial system: 

The system will use all extracted fields to find the closest match in your financial system. Therefore if a vendors address is incorrect it may match to the wrong vendor.

NOTE: If the vendor information in your financial system does not match the vendor data extracted from the document it may match to the incorrect vendor. 

TIPS :

1. Ensure all vendor fields on the invoice match the vendor data that is in your financial system.

• Vendor name
• Street
• State
• Zip code
• Country
• Tax ID/ ABN

2. Do not use "," or "." in your vendor data for street addresses or postcodes. This will break the matching. Please use the correct data.

3. If possible do not have your own company in the Vendor master data. Every invoice is addressed to your company and thus every invoice contains your company information which could cause matching issues.

Mismatching data is the number 1 cause of vendor matching failure, so ensure all fields above in your financial system match what is written on the invoice.