Nanonets

JULY 21, 2023

Implementing Business Process Automation (BPA) can give your employees extra hours each day. No employee should have to give up their personal time because they are spending half their workday on tedious, repetitive tasks that can be automated. Optimize your business processes with Nanonets BPA. End result?

Automation 52

Automation Process Audit Payroll 52

Nanonets

JANUARY 1, 2024

In this blog, we'll delve into what invoice audits entail and why they are crucial for the financial integrity of businesses. What is an Accounts Payable Audit?    An Account Payable Audit is a process by which the financial records of the accounts payable department are examined by an auditor.

Audit 52

Audit Compliance Automation Verification 52

Nanonets

APRIL 24, 2024

Audit Bank Reconciliation Guide  Both internal and external accounting audits are essential parts of financial management as well as organizational risk management. A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies. Looking out for a Reconciliation Software?

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

Nanonets

APRIL 1, 2024

Failure to maintain this discipline can lead to financial pitfalls, including overdrafts, bounced checks, and inaccuracies in financial reporting and auditing practices. Through these reconciliation processes, businesses can uphold financial transparency, mitigate risks, and maintain credibility in their financial operations.

Reconciliation 52

Reconciliation Checks Automation Process 52

Nanonets

DECEMBER 4, 2023

Whether running a B2B or B2C business, streamlining your order-to-cash (O2C) process can mean the difference between success and stagnation. A recent McKinsey study revealed that a shocking 3-5% of EBITDA often slips through cracks in the O2C process. Automated order processing is the solution.

Automation 52

Automation Process Payment APIs and Integration Returns 52

Nanonets

JUNE 19, 2023

Accounts payable audits play a crucial role in the financial health of businesses. This article covers why accounts payable audits are important to maintain financial health and the steps in an AP audit process. We will also cover how automation helps to streamline the AP audit procedure.

Audit 52

Audit Accounts Procedures Compliance 52

Nanonets

NOVEMBER 5, 2024

DocuClipper is an OCR-powered financial document processing tool that converts bank statements, credit card statements, invoices, receipts, and brokerage statements into Excel, CSV, or accounting software-ready formats. AutoEntry Automated data entry for accounting No Yes Ease of use, accounting integration SMBs, accounting firms 3.8

Process 52

Process Fraud Detection Online and Mobile Banking Rules 52

Nanonets

NOVEMBER 14, 2024

ABBYY is a technology company making document processing software since 1989. Their product lineup includes FineReader PDF for OCR and PDF management, FlexiCapture for enterprise document capture, ABBYY Vantage for intelligent document processing, Timeline for process intelligence, and Mobile Capture for mobile document scanning.

Process 52

Process Automation Volume Verification 52

Nanonets

SEPTEMBER 18, 2024

Financial document automation is not just changing the game – it's rewriting the rules.    From multinational banks and big accounting firms to local insurance agencies and small healthcare providers, businesses of all sizes process hundreds and thousands of financial documents daily.

Automation 52

Automation Audit Payment APIs and Integration Compliance 52

Nanonets

DECEMBER 6, 2023

However, the advent of HR process automation has revolutionized the way HR professionals operate. By harnessing the power of technology and intelligent software, HR process automation streamlines workflows, reduces errors, enhances data accuracy, and ultimately improves the overall employee experience.

Automation 52

Automation Process Payroll Compliance 52

Nanonets

AUGUST 1, 2023

In the rapidly evolving world of auditing, innovative technologies have revolutionized traditional practices. Auditors are now increasingly embracing the agile auditing approach previously used in software development. This strategic allocation of resources optimizes auditing efforts, leading to more focused and effective audits.

Audit 52

Audit Risk Assessment AI Assessments 52

Nanonets

SEPTEMBER 12, 2023

Throw in manual invoice processing and siloed data and systems, and you've got a recipe for inefficiency and frustration. The cost of manually processing invoices can climb from $15 to $40 per invoice , not to mention the countless hours spent on data entry.  per invoice , leading to significant cost savings.

Automation 52

Automation Process Audit Compliance 52

FloQast

SEPTEMBER 4, 2024

For The Joint Chiropractic (NASDAQ: JYNT), 2021 marked a pivotal year as they embarked on a journey to enhance their accounting operations by integrating FloQast into their processes. The impact proved transformative, dramatically improving their Close process , enhancing workflow visibility, and expediting reporting.

Compliance 98

Compliance Automation Accounts Audit 98

Nanonets

MAY 8, 2023

Reconciliation is a mandatory process for businesses of all sizes. With intelligent automation , the reconciliation landscape is changing. Let’s look at the reconciliation processes and how reconciliation software simplifies reconciliation for your finance department. Can you automate the reconciliation process?

Reconciliation 52

Reconciliation Automation Process Adjustments 52

Nanonets

JANUARY 10, 2024

Remember the time when a single misplaced receipt could derail the entire expense reporting process in a company? We’ll take you through the knotty challenges of traditional expense approval processes and unfold how embracing efficiency can be a game-changer for your financial management. Well, those days are long gone.

Automation 52

Automation Process Compliance Reconciliation 52

Nanonets

AUGUST 10, 2023

Streamlining your expense claim process isn't just great for business efficiency and accuracy — it's a game changer for your bottom line. According to this Global Business Travel Association report , processing an expense report for a single-night hotel stay costs an average of $58 and takes 20 minutes!

Automation 52

Automation Process Compliance Audit 52

Nanonets

NOVEMBER 21, 2023

The AP approval process is the workflow for getting authorization to pay vendor invoices (with credit payment terms) that are included in accounts payable before being paid. In contrast to the manual accounts payable approval process for vendor invoices, AP automation software provides streamlined electronic AP approval.

Automation 52

Automation Process Accounts Rules 52

Nanonets

DECEMBER 13, 2023

Integrating AI and automation into the underwriting workflow presents a significant opportunity to minimize the time allocated to administrative tasks, manual processes, and repetitive data entries. Let's explore what are the top 6 benefits of AI insurance claims processing. #1:

AI 102

AI Process Fraud Detection Compliance 102

Nanonets

MAY 8, 2023

If not, it may be time to rework your current accounting policies to implement audit trails. Despite what many business owners believe, audit trails aren’t reserved only for companies that receive an audit. Audit trails can prevent fraud, aid in disaster recovery, and ensure compliance with regulatory agencies.

Audit 52

Audit Procedures Disaster Recovery Reconciliation 52

Nanonets

JUNE 18, 2024

Did you know that processing an expense report for an overnight hotel stay can take up to 20 minutes and cost an average of $58 ? Automate Data Extraction from Expense Claims What qualifies as a claim? Learn to craft an effective expense policy & process to guide employee spending.

Automation 52

Automation Process IRS Compliance 52

FloQast

MARCH 13, 2024

In the world of accounting, the reconciliation process stands as a critical linchpin, ensuring the accuracy and integrity of financial data. As companies navigate complex financial landscapes, the need for streamlined reconciliation processes has never been more pronounced. However, the path to automation is fraught with challenges.

Reconciliation 96

Reconciliation Automation Compliance Mitigation 96

Nanonets

JUNE 19, 2023

However, the advent of HR process automation has revolutionized the way HR professionals operate. By harnessing the power of technology and intelligent software, HR process automation streamlines workflows, reduces errors, enhances data accuracy, and ultimately improves the overall employee experience.

Automation 52

Automation Process Compliance Payroll 52

Nanonets

NOVEMBER 10, 2024

Parseur is an AI-powered document processing tool that extracts data from emails and PDFs automatically. Mailparser Rule-based Yes Limited Emails Email automation 4.7 Mailparser Rule-based Yes Limited Emails Email automation 4.7 Processes multiple file types (PDF, Excel, ZIP) 3. Key features: 1.

Automation 52

Automation AI Volume Rules 52

Nanonets

AUGUST 1, 2023

The recent advancements in AI and ML have made invoice imaging software much more robust, enabling AP teams to automate some of the most tedious aspects of the accounts payable processes. Invoice imaging is the process of digitizing invoices and extracting data from them. Now imagine having to process 600-800 invoices a month.

Automation 52

Automation Process Accounts Rules 52

Nanonets

SEPTEMBER 25, 2024

For businesses processing thousands of bank statements daily—from insurance companies to financial institutions, bank statement processing presents a challenge and an even bigger opportunity for automation. In this article, we’ll explore applications of AI and automation for bank statement processing.

AI 52

AI Process Best Practices Reconciliation 52

FICO

JUNE 21, 2021

In today’s litigious environment , AI-powered business decisions must be more than explainable, ethical and responsible; we need Auditable AI. Is the model fully explainable, with accurate reason codes that explain automated decisions the model makes, explainable to both model user and the impacted party? Why Auditability Matters.

Audit 116

Audit AI Governance Government 116

FloQast

JANUARY 22, 2024

You can and should: Maximize performance Minimize workload Accounting and finance functions are crucial to your organizational performance and increasing enterprise value is possible by leveraging things like workflow automation, reporting, and audit readiness. Workflow automation can help.

Automation 52

Automation Technology Audit Compliance 52

Nanonets

SEPTEMBER 27, 2024

The need for automation in the insurance industry is more pressing than ever. According to a recent study by Datos Insights , the insurance industry lags in terms of digitisation, with only 20% automation in underwriting and less than 3% automation in claims processing across sectors. So, let’s get started.

Process 52

Process Underwriting Automation Database 52

Nanonets

AUGUST 14, 2023

AI invoice processing is no longer a sci-fi dream but a present reality reshaping the way businesses manage their accounts payable (AP). The rapid evolution of artificial intelligence (AI) and machine learning (ML) is pushing the boundaries of what's possible in business automation. What is AI-based invoice processing?

AI 52

AI Process Automation Interoperability 52

Nanonets

SEPTEMBER 22, 2023

Robotic process automation (RPA) is a game-changer for the accounting industry, offering significant improvements in efficiency and productivity. By automating repetitive tasks, RPA allows organizations to reduce human errors and free up employees for more impactful work. Benefits of RPA in Accounting 1.

Automation 40

Automation Accounts Process Reconciliation 40

Nanonets

APRIL 3, 2024

Guide to the Vendor Account Reconciliation Process Running a business involves collaboration with various vendors who provide different kinds of products and services. Vendor reconciliation , a crucial part of this process, involves scrutinizing purchase-related documents to ensure accuracy in all vendor transactions.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

Nanonets

JULY 14, 2024

IInvoice management software is transforming financial processes for businesses in 2024. Many businesses face challenges with invoice processing —from data entry errors to delayed payments. Modern invoice management tools automate much of the process. These issues can impact cash flow and overall efficiency.

Automation 52

Automation Process Multi-Currency Online and Mobile Banking 52

Nanonets

APRIL 10, 2024

Improving the efficiency of the Accounts Payable (AP) process is a strategic initiative for businesses, as the complex and resource-intensive work is unsustainable, challenging to scale, and prone to error. Payment Processing:  Once approved, payments are manually initiated through checks or ACH transfers.

Automation 52

Automation Accounts AI Audit 52

FloQast

JANUARY 22, 2024

Companies that automate their financial statement preparation processes often benefit from improved accuracy, near real-time data, and increased efficiency. Fact: Companies that automate part of their financial statement preparation process reduce time-to-Close by 33% or more.

Automation 52

Automation Reconciliation Audit Accounts 52

Nanonets

JANUARY 23, 2024

Automation in accounting? Imagine invoice processing costs dropping from  $40  to  $1.42  each. That's why accounting automation is among the hottest trends today. QuickBooks Online is a powerhouse in accounting, but pair it with Zapier's automation magic, and you get an unstoppable duo.

Automation 59

Automation Accounts Process AI 59

Nanonets

FEBRUARY 1, 2024

In the rapidly evolving business landscape, the efficiency of Accounts Payable (AP) processes is no longer just a back-office concern but a strategic imperative. Accounts Payable (AP) automation is the use of technology to streamline and improve the process of managing a company's bills and payments owed to others.

Automation 64

Automation Accounts Process Multi-Currency 64

FloQast

MARCH 11, 2024

NYSE: PHM), one of America’s leading homebuilding companies, recognized the need to modernize financial processes to stay ahead. The Challenge: A Manual and Paper-Intensive Process Before integrating FloQast, PulteGroup grappled with a manual process laden with paperwork. We had a very manual process before,” Woods said. “We

Close Processes 105

Close Processes Process Reconciliation Audit 105