Definition: An operational control used to verify that a vendor’s invoice details (such as price, quantity, and terms) align with the corresponding purchase order and the goods or services actually received. In the financial sector, invoice matching is frequently used for reconciling management fees, performance fees, and charges from third-party data providers.
Example: An asset manager receives an invoice from a market data provider. The operations team verifies this invoice against the original service agreement and the actual number of active user licenses to ensure that the billing accurately reflects the agreed-upon rates and the services currently in use.
Explore the IVP Reconciliation Solution
The IVP Reconciliation Solution automates the labor-intensive task of invoice verification by ingesting and matching billable items against internal usage data. Through our integrated service, IVP helps firms identify over-billing or duplicate invoices before payments are processed. This joint approach ensures that fund expenses are accurate, protecting investor interests and reducing operational overhead in the accounts payable workflow.
