Nanonets

APRIL 3, 2024

In this article, we will discuss the importance of the vendor reconciliation process and the benefits of employing AI-enhanced tools such as Nanonets. Compliance and Audit Readiness: Vendor reconciliation plays a crucial role in ensuring compliance with regulatory requirements and audit standards.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

PYMNTS

MARCH 28, 2019

Automated expense report auditing company AppZen is introducing a new spend auditing platform to analyze supplier invoices using artificial intelligence (AI).

AI 46

AI Audit Agreements Duplicate 46

Nanonets

APRIL 16, 2023

Looking for an AI based AP Automation solution? Verify bank accounts Automate approvals Instant vendor notifications Check against blacklists OCR and Machine Learning AI & OCR Technology in AP Automation At the start of the invoice management cycle, documents must be scanned so the data can be captured and entered into the system.

Automation 52

Automation AI Accounts Reconciliation 52

PYMNTS

OCTOBER 30, 2019

The new Workflow Spend Playbook highlights the latest solutions, including automation and artificial intelligence (AI), that are helping SMBs keep drivers and workers operating smoothly. Deploying technology – especially AI – can streamline the auditing process and boost cost savings significantly. AI can flag 8.7

Automation 41

Automation AI Audit Duplicate 41

Nanonets

JUNE 19, 2024

By doing so, they can maintain good vendor relationships, detect fraud, and support audit trails.   Errors in logging payments correctly, duplicates, or missing entries may lead to incorrect reporting. Elimination of Duplicate Payments The risk of duplicate payments is a constant concern in manual reconciliation.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

PYMNTS

JANUARY 18, 2019

In another report, AppZen debuted a report titled “The State of AI in Business Spend.” Among the findings in that report: Only 10 percent of employee expenses — the ones being sent along in expense reports — are being audited.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

Nanonets

APRIL 10, 2024

Recordkeeping:  Invoices and payment records are meticulously filed for future reference and audit purposes. Improved Compliance:  Ensures a streamlined and auditable AP process. Leverage AI and machine learning to lead in financial management. Faster Processing:  Automate tasks for quicker approvals and payments.

Automation 52

Automation Accounts AI Audit 52

Nanonets

NOVEMBER 30, 2023

  AI-driven optical character recognition (OCR) accurately digitizes and captures vendor invoice data, including line items. An AP automation solution provides an audit trail and digitizes transactions. Good internal controls also reduce external audit costs because less time is required to complete the audit. 

Best Practices 52

Best Practices Accounts Automation Electronic Funds Transfer (EFT) 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. However, as the company grew, the CFO, Alex Morgan, noticed several issues: Duplicate Claims:  Employees occasionally submitted the same expense twice due to lack of proper tracking. Read the article below.

Process 52

Process Compliance Automation Audit 52

Nanonets

APRIL 29, 2024

This documentation serves as an audit trail and supports accurate financial reporting. Audit Trail: Comprehensive audit trail functionality provides visibility into all reconciliation activities, from transaction matching to resolution.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

Nanonets

JUNE 19, 2024

This reduces the risk of errors, such as duplicate orders or incorrect quantities. Compliance and Audit Trail : Small businesses are often subject to audits and regulatory requirements. This transparency can be crucial during audits, providing clear evidence of financial transactions.

Small Business 52

Small Business Automation Audit P2P 52

Nanonets

MAY 31, 2023

AI-driven automation technologies such as OCR and RPA can enhance touchless invoice processing to be efficient and error-free. Schedule a Demo auto-sync AP data into ERPs Using AI in Automated Invoice Matching Using machine intelligence to handle processes can make complex tedious work, simple and easy.

Automation 52

Automation Audit Process Duplicate 52

PYMNTS

NOVEMBER 10, 2017

Especially for businesses that rely on manual expense reports, management and auditing processes, an employee that fudges a dollar amount here and there, or a worker who accidentally submits an expense report twice, mean companies can easily fall victim to fraud, both intentional and unintentional. It’s a very involved process.

Duplicate 44

Duplicate Audit Email Compromise Compliance 44

Nanonets

JUNE 21, 2023

This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records. By comparing payment data from different sources, businesses can identify discrepancies, such as missing or unmatched payments, duplicate entries, or recording errors.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

MARCH 14, 2024

Compliance: It ensures compliance with internal procurement policies and external regulations, minimizing financial risks and audit issues. Manual consolidation is prone to errors, leading to issues like overpayment, incorrect payments, and invoice duplication, ultimately causing productivity and trust losses.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

DECEMBER 25, 2023

Duplication of Entries : If the integration isn't set up correctly, you might end up with duplicate entries. Tips for Overcoming Challenges: Regular Audits : Regularly audit your financial data to ensure accuracy and consistency. Regularly review your records to catch and address these discrepancies early.

Finance 52

Finance Payment APIs and Integration Best Practices Automation 52

Nanonets

JUNE 12, 2024

Cost Savings: Implemented properly, purchase order management systems ensure that businesses can negotiate better terms with suppliers, avoid duplicate orders, reduce administrative costs, and avail early payment discounts. Streamlined Purchasing: Structures the purchasing process, reducing errors like duplicate orders.

Best Practices 52

Best Practices Automation Small Business Process 52

Nanonets

APRIL 18, 2024

We will also discuss NetSuite and AI-enabled automation to simplify some of the manual processes in AR and AP NetSuite Invoicing - Accounts Receivable (AR) Collecting payments from customers can be a constant struggle for many businesses. This eliminates the need for duplicate data entry, ensuring accuracy and saving you valuable time.

Automation 52

Automation AI Accounts Process 52

Nanonets

APRIL 12, 2023

In this step, organizations validate and clean the data, removing any discrepancies, duplicates, or errors. Errors in data entry and invoice processing : Manual data entry and invoice processing can result in errors, such as duplicate payments or incorrect information, which can lead to additional costs and delays.

Compliance 52

Compliance Automation Duplicate Process 52

Nanonets

APRIL 15, 2024

Auditing Challenges: Manual reconciliation can pose challenges during audits or financial reviews. Auditors may have difficulty verifying the accuracy and completeness of manual reconciliations, potentially leading to audit findings or discrepancies.

Reconciliation 52

Reconciliation Adjustments Correspondent Checks 52

Nanonets

FEBRUARY 27, 2024

💡 These days, AI-based OCR software for Quickbooks such as Nanonets offers automated expense categorization and GL coding using NLP and Deep learning. Streamlined Audit Trail: The precision of the date extraction and GL coding , and the subsequent automated data export to QuickBooks creates a clear, detailed audit trail.

Automation 52

Automation Database Audit Use Case 52

Nanonets

NOVEMBER 15, 2023

How AI and OCR digitizes AP documents accurately But that's not all. Paperless accounts payable systems like Nanonets have features like AI-OCR (Optical Character Recognition), preset rules, and automated workflows. Automate reporting and audit trails With paper-based systems, these tasks often require more time and effort.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

APRIL 29, 2024

Error Detection and Resolution : The software detects discrepancies or inconsistencies between credit card statements and accounting records, such as missing transactions, duplicate entries, or incorrect amounts. It employs encryption, access controls, and audit trails to protect sensitive financial information.

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 52

Nanonets

MAY 15, 2023

SaaS providers are leveraging AI to provide advanced functionality such as predictive analytics, natural language processing (NLP), and machine learning (ML). This includes removing underused licenses, consolidating duplicate subscriptions, and trimming overlapping functionality to reduce redundant applications.

Duplicate 52

Duplicate Automation AI On-Demand 52

Nanonets

FEBRUARY 13, 2024

However, as the company grew, the CFO, Alex Morgan, noticed several issues: Duplicate Claims:  Employees occasionally submitted the same expense twice due to lack of proper tracking. Here's how it transformed their process: Duplicate Claims Prevention:  The software now automatically flags duplicate entries.

Compliance 52

Compliance Non-Bank Automation Duplicate 52

Nanonets

MAY 11, 2023

The invoice and payment details are archived in the GL for future audits. Missed invoices lead to delayed payments and associated penalties, strained vendor relationships, delays in operation, and audit issues. Looking to automate your manual AP Processes? Schedule a Demo Challenges in processing invoices 1.

Process 52

Process Automation Audit Checks 52

Nanonets

MAY 7, 2024

By comparing these records, businesses can identify any discrepancies, such as missing or duplicate transactions, incorrect or false amounts, or any unauthorised expenses and transactions. Credit card reconciliation helps identify discrepancies such as fraudulent transactions, duplicate charges, or unauthorised expenses.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

Nanonets

AUGUST 1, 2023

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Computer-Assisted Audit Tools and Techniques (CAATTs) have been available to auditors since the early 1990s. The situation has changed now.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

PYMNTS

DECEMBER 3, 2018

.” “Some of the worst examples are the manual and paper management of expense reports,” he said, adding that technology can automate adherence to company spend policy, detect duplicate expense items and beyond. First, companies must embrace automation, ePayments and other initiatives that will digitize their expense data.

Automation 57

Automation AI Duplicate Treasury Management 57

Nanonets

AUGUST 21, 2023

Duplicate payments, incorrect amounts, and missed deadlines are just a few examples of the inaccuracies that can occur with manual processing.  Enhanced compliance Creating audit trails and maintaining detailed payment records can be challenging with manual processes. Why choose Nanonets to streamline your B2B payment automation?

Automation 52

Automation B2B Payment APIs and Integration Payments 52

Nanonets

MAY 21, 2024

Common discrepancies may include unapplied payments, duplicate entries, or incorrect customer balances. Documentation is essential for audit purposes and ensuring transparency in financial reporting. Investigate Discrepancies: Identify and resolve unapplied payments, duplicates, or errors.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

Nanonets

FEBRUARY 19, 2024

The Advantage of Duplicate/Triplicate Copies : Using a multi-copy receipt book means more than just giving customers their copy. The original receipt, typically white, goes to the customer, while the yellow one, a direct duplicate, is for the business's records. Satisfied, she signs at the bottom of the receipt. Grand Total: $44.28

Duplicate 52

Duplicate Automation Checks Transactions 52

Nanonets

NOVEMBER 14, 2023

Traditionally tackled through manual processes, digital transformation is now at the forefront of AP, with technologies like AI and ML revolutionizing how businesses manage their finances.  This transparency allows for better tracking, auditing, and financial planning.

Accounts 52

Accounts Automation Compliance Fraud Prevention 52

Nanonets

MAY 6, 2024

Duplicate Entries : Accidentally recording the same transaction multiple times can inflate balances and create discrepancies during reconciliation. Finance teams can track the status of reconciliations, monitor progress, and access detailed audit trails to ensure transparency and accountability.

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

FEBRUARY 1, 2024

Looking to integrate AI into your AP function? AP Automation brings to the table AI-powered Data Extraction that boasts an impressive 99%+ accuracy rate. But with AP Automation, advanced AI techniques like NLP and LLM are here to tackle the grunt work. Looking to add AI to your Accounting process?

Automation 64

Automation Accounts Process Multi-Currency 64

Nanonets

JULY 25, 2023

Complete and accurate financial accounting simplifies tax obligations, auditing, and valuation processes. Once extracted, Nanonets utilizes advanced AI algorithms to maintain the extracted information in a review-ready state. This enables easy access to data regardless of its format, increasing the efficiency of data retrieval.

Financial Analysis 52

Financial Analysis Payment APIs and Integration Assessments Automation 52

Nanonets

APRIL 24, 2023

Accounting & Auditing firms: they use bank extracts to reconcile financial statements , detect fraud, and ensure compliance with accounting standards. One of the key features of Nanonets is its AI-powered backend that facilitates the recognition of text, data, tables, graphs, and other elements within financial documents.

Automation 52

Automation Assessments Fraud Detection Risk Assessment 52