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

APRIL 15, 2024

Detects errors, omissions, and irregularities : By comparing each transaction in the bank statement with the corresponding entry in the company's records, bank reconciliation can catch discrepancies, errors, and omissions that may have occurred during the recording or transmission of financial data.

Reconciliation 52

Reconciliation Adjustments Correspondent Checks 52

Nanonets

JUNE 21, 2023

Reconciling payments involves verifying whether the payments received in the company's bank account match the corresponding invoices or payment records in the company's financial system. This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

FICO

MARCH 23, 2021

How about using AI Machine Learning or robotic process automation to identify potential problem transactions or errors. For example, highlighting duplicate transactions as they trigger to alerting a customer that their account is at risk of overdrawing based on current funds and projected withdrawals.

Risk Assessment 52

Risk Assessment Duplicate Fraud Prevention Automation 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

Matching of Transactions : Once intercompany transactions are identified, the next step is to match corresponding transactions recorded by each entity. Here are some of the top tools in this category: Tookitaki Key Features: Advanced AI-driven matching algorithms.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

Nanonets

APRIL 12, 2024

Accountants compare the entries in the general ledger with the corresponding figures in subsidiary ledgers, journals, and other internal records. Accounts Payable Reconciliation: The company reconciles its accounts payable ledger with vendor invoices and statements to ensure accurate recording of liabilities and payments.

Reconciliation 52

Reconciliation Payroll Automation Checks 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

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.  Accounts Payable (AP) processes are an important function for every business, overseeing the outgoing payments to suppliers and vendors.

Accounts 52

Accounts Automation Compliance Fraud Prevention 52

Nanonets

MAY 6, 2024

    General Ledger Reconciliation is the process of comparing and aligning the entries in the general ledger with the corresponding transactions documented in these external sources.   These documents provide supplementary details and serve as external sources of validation for the transactions recorded in the general ledger. 

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

APRIL 3, 2024

The virtual bookkeeper reconciles transactions recorded in the accounting software with corresponding bank statements to verify that all transactions are accounted for and correctly classified. Complex approval workflows, duplicate alerts and fraud detection. Top Features: All your expense data is in one place.

Automation 96

Automation Payment APIs and Integration Reconciliation Financial Analysis 96

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. Paperless systems can also automatically record each payment and its corresponding invoice and vendor details.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

JANUARY 8, 2024

Here are the key benefits of bank reconciliation: Identify Accounting Errors: The cashbook may contain inaccuracies stemming from duplicate payments, missed payments, lost checks, and even simple human errors. Nanonets is an AI-powered workflow automation solution that simplifies and streamlines account reconciliation.

Reconciliation 52

Reconciliation Process Adjustments Checks 52

Nanonets

JANUARY 8, 2024

Here are the key benefits of bank reconciliation: Identify Accounting Errors: The cashbook may contain inaccuracies stemming from duplicate payments, missed payments, lost checks, and even simple human errors. It's important to reconcile bank statements to identify errors, detect fraud, and maintain an accurate ledger.

Reconciliation 52

Reconciliation Accounts Adjustments Checks 52

Nanonets

APRIL 4, 2023

By importing Excel data into MySQL, businesses can centralize and access it more efficiently, reducing the risk of data duplication and errors. Start Free trial Method 4: Using Nanonets Nanonets is an AI-based automated data entry software that can extract data from excel documents and update MySQL server in seconds.

Database 52

Database Automation Process Use Case 52

Nanonets

AUGUST 21, 2023

It extracts vital data like invoice number, date, supplier name, and amount due and matches it with corresponding purchase orders and contracts. Duplicate payments, incorrect amounts, and missed deadlines are just a few examples of the inaccuracies that can occur with manual processing. 

Automation 52

Automation B2B Payment APIs and Integration Payments 52

Nanonets

APRIL 16, 2023

Errors at the start of the invoice processing workflow can snowball into serious outcomes such as over-payment, incorrect payments, invoice duplication, etc. Artificial intelligence (AI), computer science's "Holy Grail" in the words of Bill Gates, mimics human judgment and behaviour to match POs, invoices, and receipts.

Automation 52

Automation AI Duplicate Accounts 52

Nanonets

AUGUST 8, 2024

In the medical field, it helps improve diagnostic accuracy, with labeled medical imaging data enabling AI systems to identify potential health issues more effectively. This growing demand underscores the importance of high-quality data annotation in advancing AI and ML applications across diverse sectors. billion in 2022 to USD 3.6

AI 52

AI Automation Process Best Practices 52

Nanonets

JUNE 24, 2024

But this also implies that when a high volume of transactions needs to be reconciled, chances of missing human errors, duplicate submissions, and inaccurate information may prove to be a problem. AI document processing captures and extracts documents from multiple sources.

Reconciliation 52

Reconciliation Credit Cards Correspondent Automation 52

Nanonets

JUNE 18, 2024

Each balance should match its corresponding entry in the general ledger for any source. Steps in the Account Reconciliation Process The reconciliation process ensures each entry of the general ledger matches the corresponding external documentation. Custom Filters : Apply filters to focus on specific transactions or accounts.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

MAY 10, 2023

By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. A 3 way match is an internal control process that cross-references a supplier's invoice against its corresponding purchase order (PO) and good received note (GRN). Automate invoice payments with AI.

Accounts 52

Accounts Automation Duplicate Process 52

Nanonets

JANUARY 17, 2024

In the last decade, the advent of AI and cloud computing has revolutionized this field. Their contributions range from AI-driven analytics to seamless integrations with accounting systems, reshaping how businesses handle their expenses. Technological Innovations in Expense Management Automation and AI have come to our rescue.

Payment APIs and Integration 52

Payment APIs and Integration Compliance Automation Audit 52

Nanonets

MARCH 30, 2023

Greater levels of accuracy Automating payment processing enhances accuracy by validating invoice data against ERP or accounting systems, eliminating manual processes and paper handoffs that cause errors, and flagging duplicate invoices. Some technology providers guarantee accuracy.

Automation 52

Automation Transactions Wire Transfer ACH 52

Nanonets

NOVEMBER 14, 2023

Classification : Leveraging full-text optical character recognition (OCR), artificial intelligence (AI), machine learning, and other advanced technologies, the solution automatically identifies and digitally sorts diverse document types (e.g., invoices, orders, receipts).

Automation 52

Automation Facilitators Compliance Audit 52

Nanonets

MARCH 28, 2024

Its AI-powered solution, Flow , automates the entire procure-to-pay process, from intelligent invoice data capture to automated approval workflows and seamless accounting integration. It uses advanced AI and OCR to handle complex, multi-format invoices, while Ramp's AI is more limited. Let's explore them.

Payment APIs and Integration 52

Payment APIs and Integration Automation AI Treasury Management 52

Nanonets

JUNE 29, 2023

Flow by Nanonets Nanonets is an AI-based expense management software that offers automated data capture for intelligent processing of expenses. Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic. Pros: Zero shot AI that can capture data from documents from day 1.

Payment APIs and Integration 52

Payment APIs and Integration Automation Credit Cards Online and Mobile Banking 52