Nanonets

FEBRUARY 1, 2024

Lost Productivity: The average invoice processing time in a manual environment can reach as high as 45 days. Looking to integrate AI into your AP function? Schedule a Demo Now let's see how AP Automation streamlines the accounts payable process and solves these problems. Looking to add AI to your Accounting process?

Automation 64

Automation Accounts Process Multi-Currency 64

Nanonets

MARCH 14, 2024

Manual consolidation is prone to errors, leading to issues like overpayment, incorrect payments, and invoice duplication, ultimately causing productivity and trust losses. Manual invoice processing costs are known to reach as high as $15-50/invoice. How to automate 2-way matching?

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

OCTOBER 1, 2024

The aim is to ensure accuracy and prevent errors or fraud before payment processing. This significant difference in processing time highlights the impact of efficient validation processes and exception handling. Poor exception management leads to backlogs, delayed payments, and increased processing costs.

Best Practices 40

Best Practices Automation Multi-Currency Process 40

Nanonets

FEBRUARY 26, 2024

However, automated AP processing costs are just 33% of manual costs, resulting in significant annual savings of $62 billion for  AP departments. Cost Savings : Automation reduces labor costs and helps avoid late payment fees while maximizing early payment discounts. What is Accounts Payable Automation?

Automation 52

Automation Accounts Payment APIs and Integration Process 52

Nanonets

NOVEMBER 15, 2023

Let's say you process 10,000 invoices monthly at $10 each. Now consider this: roughly a third of businesses surveyed were able to reduce invoice processing costs even more: a whopping 50%. How AI and OCR digitizes AP documents accurately But that's not all. That's roughly $300,000 saved annually.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

JUNE 14, 2024

Poor data management can result in data silos, duplication, and discrepancies. An outdated P2P process can slow a business down tremendously. The next section will explore how these challenges can be mitigated and the P2P process optimized through automation.

P2P 52

P2P Process Automation Checks 52

Nanonets

AUGUST 21, 2023

Cost savings A recent report revealed that almost 92% of businesses use checks for payments. With the median processing cost between $2.01 and $4 , processing each check manually can be very expensive for companies.  Here are some compelling reasons to consider implementing B2B payment automation: 1.

B2B 52

B2B Automation Payment APIs and Integration Payments 52

Nanonets

APRIL 7, 2025

How to extract data from healthcare documents using Nanonets Nanonets is an AI-based OCR software. You can extract text from your healthcare documents, process data, sync data into different systems, process invoices, and more. You can also classify incoming documents using AI (e.g.,

Automation 52

Automation Regulatory Compliance Compliance Payment APIs and Integration 52