Settle Launches Purchase Order Automatic 3-Way Matching, Revolutionizing Procurement Processes

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Mar 27, 2024, 09:00 ET

First Platform for Inventory Businesses to Natively Order, Receive, Match, and Pay to Ensure Accuracy and Efficiency for CPG brands

NEW YORK, March 27, 2024 /PRNewswire/ -- Settle, the leading cash-flow management platform, today announced the launch of Automatic 3-Way Matching for Purchase Orders, designed for the evolving needs of hyper-growth e-commerce and CPG brands. This 3-way matching solution bolsters Settle's commitment to simplifying cash flow management by saving critical time for accounting and operations teams, and focusing on innovating to solve inventory complexity.

Addressing a longstanding challenge in financial operations, Automatic 3-Way Matching revolutionizes traditional procurement methods by dynamically validating POs, goods received notes (GRNs), and bills by automatically flagging inconsistencies down to the line item, ensuring customers aren't overbilled. In the past year, Settle has found that 47% of POs had inconsistencies versus their corresponding bills totaling more than $12 million in discrepancies identified for customers. This feature enhances operational efficiency and accuracy giving companies real-time visibility and control.

"It's changed my process entirely - I'm able to auto-itemize both the PO and the invoice and do the comparison right there on one screen. I don't look at the spreadsheet at all anymore - it all exists within Settle now." - Cathryn Stenning, Branch

Developed to scale alongside growing purchase order volumes, Settle's new feature enables businesses to accurately and automatically ensure goods received match quantities ordered, meaning valuable hours saved that can be invested towards expansion plans instead. Settle's Purchase Order suite already allows customers to upload and create custom POs in under 6 minutes, store, manage, and organize their POs, while seamlessly syncing with Quickbooks Online. Customers can centralize their AP documents and workflows from purchase to pay without scouring through folders and emails.

The new Automatic 3-Way Matching feature automatically links POs to bills with 99% accuracy while allowing for many-to-many bills and POs matching, eliminating manual data entry and the need to maintain large spreadsheets.

"As a founder myself, I understand the critical importance of efficient cash flow management for the success of CPG and e-commerce businesses," says Alek Koenig, CEO and Founder of Settle. "Our Automatic 3-Way Matching marks a significant leap forward in removing typical bottlenecks with extreme accuracy, efficiency, and control in cash flow management. It allows our customers to focus more on what they do best – growing their businesses."

Settle's new PO 3-Way Matching feature allows businesses to permanently say goodbye to spreadsheets and split screens, and utilizes Settle's AI-driven auto-itemization and discrepancy flagging to quickly pinpoint areas to focus on so teams can prevent overpayments and invoice fraud while accelerating payment cycles. This translates to enhanced operational efficiency and reduced risk of human error, thereby resulting in a more seamless and smoother procurement process from start to finish. Settle's free basic plan offers creation and storage of unlimited purchase orders for any CPG and e-commerce brand.

To learn more about Settle's PO Automatic 3-Way Matching, visit settle.com/purchasing.

About Settle
Headquartered in San Francisco, California, Settle propels the growth of CPG brands by simplifying cash flow management. Through an integrated platform, Settle empowers consumer goods and e-commerce brands to elevate their financial operations with seamless vendor payments, purchase order 3-way matching, and transparent financing with Settle Working Capital. Settle proudly serves hundreds of high-growth consumer goods brands, including Branch, Soft Services, Dagne Dover, Truvani, HigherDOSE, and Olipop. Visit Settle.com to learn more.

*The statistics presented are based on available data obtained from Settle's internal quality assurance procedures and testing protocols. They are for informational purposes only. Settle makes no representation or warranties, expressed or implied, with respect to this information. For more information on our data sources and methodology please contact our customer support team.

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SOURCE Settle