Over the last number of years Lightyear, the fast growing UK based Accounts Payable software provider, has led the AP market in part due to innovative features such as pioneering data-extraction technology and automated statement reconciliation. But it is their latest feature, coming hot on the heels of the release of their Purchase Order platform, that has got industry insiders talking.
Chris Gregg, CEO explains ‘’Our customer insights team spoke to hundreds of large SME and mid-market finance teams to understand their most costly and time consuming procurement tasks. Top of the list was the process of manually matching PO line items to goods received records and then to the vendor bill. Finance teams estimated up to 50% of their entire AP process was spent PO receipting and bill matching, so that became our focus – to save finance teams 50% of their procurement time by completely automating PO receipt and matching. And when we say completely automating, we mean right down to line and product code level. We do not believe that anything else in the market comes close to what we have designed, developed and built.”
According to the 2021 Payables insight Report, within the last year, 3-way matching has become the second greatest challenge for accounting teams, second only to manual data entry and inefficient processes – which Lightyear also solves for.
Lightyear believes that this new feature will be a complete game-changer for accounting teams. It is now possible for them to instantly match purchase order numbers with GRNs (goods received notes) and vendor bills (invoices) – saving up to 50% of not only the total cost, but also halving the time it takes to process an AP bill. Faster approvals give businesses the option of availing of early settlement discounts, leading to further cost savings.
The 3-way matching builds upon Lightyear’s recently launched Purchase Order Platform. Large businesses want a feature-rich yet intuitive, easy to use and affordable PO option. Lightyear’s PO Platform provides all of this plus added security and time savings due to the automation and transparency of the approvals matrix. The 3-way matching delivers real-time visibility to finance teams of the entire procure to pay journey in one easy to understand screen.
Chris goes on to say “One other thing that also came out of our research was that many finance teams already have procurement built into their own systems, but those systems didn’t provide much of anything in way of automating the goods receipting process. So, we’re pleased to announce that we have built the ability to import POs from any third party system via email and upload them bringing Lightyear’s advanced PO matching to the world of legacy PO systems. This means that no matter what PO system a finance team is using, Lightyear can provide advanced 3-way matching capabilities to them. We will look to further enhance the integration experience with our upcoming Open API”
98% of customers that took part in the beta testing process have confirmed that they have saved more than 50% of time on tasks related to the 3-way matching process.