PYMNTS

NOVEMBER 10, 2020

A survey of 500 finance professionals found that 54 percent of businesses have sent invoices to the wrong recipients, for example, while 63 percent of businesses have received duplicate invoices. Handling AR and AP management procedures is another major hurdle that companies must overcome if they wish to operate at maximum efficiency.

Liquidity Management 87

Liquidity Management Treasury Automation Point-of-Sale (POS) 87

EBizCharge

MAY 14, 2024

Automated billing transforms how businesses handle their finances, offering a seamless and error-free approach to invoicing and payments. With its foundations in digital efficiency, automated billing could be the financial game-changer your company needs. What is automated billing? How does automated billing work?

Automation 52

Automation Payment APIs and Integration Best Practices Online and Mobile Banking 52

Nanonets

JUNE 25, 2024

Companies without automation spend $6.30 per invoice , while automated counterparts pay just $1.45. That's right— automation could save you nearly 77% per invoice! This guide will walk you through the process of invoice coding, how to automate it, and the best practices. But it's beyond just cost.

Automation 52

Automation Payment APIs and Integration Rules Process 52

PYMNTS

JULY 10, 2020

Manual, paper-based AP procedures can stand in the way of this, though, because these methods require staff to spend time and resources handling invoices and typing details into company systems. Automating these procedures could help, however. Cutting Out Inefficiencies.

Automation 55

Automation Procedures Process Duplicate 55

PYMNTS

DECEMBER 31, 2019

Such legacy payment methods are usually tied to paper-based invoices and manual tracking and reconciliation procedures, which impede payments from being processed in a timely manner. Such procedures are also prone to human error, which can decrease customer satisfaction and affect vendor relationships. Manual processing challenges.

Process 61

Process Innovation Same Day ACH B2B 61

Nanonets

JUNE 19, 2023

We will also cover how automation helps to streamline the AP audit procedure. An accounts payable audit is an in-depth assessment of a company's accounts payable records and procedures. By performing routine accounts payable audit procedures, businesses can uphold their financial integrity. What is an AP Audit?

Audit 52

Audit Accounts Procedures Compliance 52

Nanonets

AUGUST 21, 2023

B2B payment automation involves everything from the automation of capturing and processing invoices to making payments to vendors and reconciling those payments in your books. B2B payment automation is a game-changer for businesses of all sizes. B2B payment automation is a game-changer for businesses of all sizes.

B2B 52

B2B Automation Payment APIs and Integration Payments 52

Nanonets

APRIL 3, 2024

The vendor reconciliation process is the systematic procedure of verifying and aligning the financial records of a company with those of its vendors. Any discrepancies, such as duplicate payments or missing entries, must be identified. Why Automate Vendor Reconciliation?

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

Nanonets

OCTOBER 1, 2024

We'll also delve into how automation can help you move closer to that 3-day benchmark. Company Policies: Guide internal procedures for invoice processing Now, let’s put them all together to understand the validation process: 1. These automated checks catch the most common errors before they reach human reviewers.

Best Practices 40

Best Practices Automation Multi-Currency Process 40

Stax

NOVEMBER 11, 2024

ACH transfers, or payments made through the Automated Clearing House network, account for billions of dollars in payments annually. The average consumer commonly uses the ACH network for automated bill payments and larger transactions. In fact, NACHA, the nonprofit that governs the ACH payments network reported 6.1% in Q4 2021.

ACH 88

ACH Checks Identity Theft Payments 88

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. So, what is audit automation software, and what are the popular tools that are used for audit automation today? How does audit automation work?

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

Nanonets

MAY 7, 2024

We will also uncover how cutting-edge automation solutions such as Nanonets can revolutionise the expense reconciliation process, unlocking newfound efficiencies and insights for businesses of all sizes. Automated reconciliation offers increased efficiency, accuracy, and scalability compared to manual methods.

Reconciliation 52

Reconciliation Best Practices Credit Cards Compliance 52

Nanonets

MAY 6, 2024

This results in scattered files, versioning issues, the need to track down stakeholders for missing information, the generation of duplicate datasets, and more.   Automation tools mitigate the risks associated with manual reconciliation processes by automating repetitive tasks and providing robust error-checking mechanisms.

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Nanonets

MARCH 22, 2023

Vendors with different invoicing standards/procedures tend to make accounts payable processes quite cumbersome. Hence they might want to consider AP Automation instead. Looking to automate your manual AP Processes? Book a 30-min live demo to see how Nanonets can help your team implement end-to-end AP automation.

Accounts 52

Accounts Duplicate Automation Privacy 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.

Process 52

Process AI Best Practices Reconciliation 52

Nanonets

JANUARY 29, 2024

  In this article, we guide you through the credit card reconciliation process in QuickBooks, addressing common issues and providing useful tips to streamline the procedure. Duplicate Payments: Search in your cleared transactions if you can find a very similar record. ' Then, select the account you wish to reconcile.

Reconciliation 52

Reconciliation Credit Cards Duplicate Automation 52

Nanonets

APRIL 24, 2024

  This article discusses the significance of bank reconciliation audits and the role of automation in streamlining the process. This audit aims to verify the accuracy and completeness of the bank reconciliation procedures and ensure that they are conducted in accordance with established accounting standards and regulatory requirements.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

Nanonets

MAY 21, 2024

Bank Errors : Banks can make errors in processing transactions, such as posting incorrect amounts or duplicating entries. Automated reconciliation software can match transactions, identify discrepancies, and generate reports efficiently. For example, checks may be issued but not yet cashed, leading to timing discrepancies.

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 52

FloQast

OCTOBER 27, 2023

Changing nature of operating models : Today, companies leverage automation, use algorithms in their business software, and use a broad range of communication media and outputs. Increasing speed of business processes : Technology and automation make business processes faster than ever. The post What is Compliance Management?

Compliance 52

Compliance Best Practices Mitigation Procedures 52

Nanonets

NOVEMBER 15, 2023

By automating the conversion of purchase orders into invoices, PO Flip offers a seamless, error-reducing, and time-saving approach to managing transactions. A PO Flip is an automated process that converts a purchase order (PO) into an invoice, which is then transmitted to the purchaser who issued the PO. What is a PO Flip?

Duplicate 52

Duplicate Automation Process Facilitators 52

Nanonets

MAY 6, 2024

Duplicate Entries : Accidentally recording the same transaction multiple times can inflate balances and create discrepancies during reconciliation. Manual Process Vulnerabilities : Manual reconciliation processes are more susceptible to manipulation, fraud, and oversight compared to automated systems, increasing the risk of errors.  

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

PYMNTS

MAY 7, 2020

It’s not only diagnosing the problem, it’s recommending automated actions operational teams can take to fix the issue,” said Thomsen. Duplicate invoices, non-optimal approval routing procedures, and missed early payment discounts are also top friction points for AP departments today.

Process 56

Process B2B Payments Accounts 56

PYMNTS

MAY 12, 2016

Document processing and automation firm Esker gathered the latest research from the Institute of Finance and Management (IOFM) to check in on whether mobile devices are gaining traction among AP professionals — and how. .” But, as Esker highlighted in its report, automation is far from commonplace. Reducing Cycle Times.

Automation 40

Automation Addressing Accounts Duplicate 40

PYMNTS

APRIL 12, 2019

The Association for Financial Professionals ( AFP ) found that although automated clearing house transactions are generally regarded by CFO.com to be relatively “safer” than other types of transactions — say, paper checks — fraud involving ACH is on the rise. ACH in the Crosshairs, Too.

Business Email Compromise 46

Business Email Compromise AFP ACH Email Compromise 46

Nanonets

JUNE 17, 2023

This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process. These errors might include duplicate entries in a subsidiary journal or misclassifying an asset as an expense.

Reconciliation 52

Reconciliation Accounts Adjustments Credit Cards 52

Nanonets

MARCH 14, 2024

initiates payment for approved invoices, following their payment procedures. Manual consolidation is prone to errors, leading to issues like overpayment, incorrect payments, and invoice duplication, ultimately causing productivity and trust losses. How to automate 2-way matching? Payment Initiation: Using Quickbooks, XYZ Inc.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

MAY 15, 2023

SaaS spending includes the following: The procurement spend: The selection and acquisition of any SaaS subscription entail ensuring that the tool aligns with the needs, operational procedures, and budget of the business.  Extensive Relying on manual spreadsheets or self-reporting may result in inaccurate and outdated inventories.

Duplicate 52

Duplicate Automation AI On-Demand 52

Nanonets

JUNE 18, 2024

Automated Accounts Reconciliation software like Nanonets can cohesively consolidate all data sources on one platform, automate the matching logic across external data sources and general ledgers, effectively provide an audit trail, and keep the process transparent for the accounting team personnel involved.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

AUGUST 1, 2023

Audit Artificial intelligence implementation addresses the daunting task of sifting through vast amounts of data, automating tasks like data entry and analysis, leading to increased efficiency and precision. This streamlining of the auditing process enhances accuracy and expedites operations, ultimately improving audit outcomes.

Audit 52

Audit Risk Assessment AI Assessments 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.

Process 52

Process Compliance Automation Audit 52

PYMNTS

FEBRUARY 11, 2020

The procedural burden of verifying a high volume of documents and mitigating fraud and cybersecurity risks has had a particularly profound impact on the ability of smaller businesses to access trade finance, noted Tarone, adding that one of SMBs’ biggest barriers to global expansion is accessing the financing that is necessary to grow. .”

Finance 53

Finance Technology Cross-Border Distributed Ledger Technology (DLT) 53

Nanonets

MARCH 20, 2023

Modern approaches such as AP automation can help optimise & supercharge entire AP workflows and free up man-hours for higher value tasks. Accounts payable processing keeps overspending in check, and prevents multiple/duplicate payments for the same product/service. Looking to automate your manual AP Processes?

Process 52

Process Accounts Automation Checks 52

CB Insights

MARCH 21, 2018

It can bring automation and efficiency to the claims processing system, which we’re seeing companies experiment with in the property and casualty insurance space. As Yann Krattiger of Allianz has said, “Automated processing replaces the exchange of thousands of emails and massive data files.”. Property and Casualty Insurance.

Blockchain 78

Blockchain Audit Process Risk 78

Nanonets

NOVEMBER 14, 2023

E-Procurement, also known as supplier exchange, is the use of digital tools and technologies to streamline and automate the requisition, ordering, and purchasing of goods and services in a business-to-business context. Reduces supply problems, including pricing mistakes, order duplication, and inventory issues.

Automation 52

Automation Process Facilitators Duplicate 52

EBizCharge

OCTOBER 17, 2023

Fortunately, the National Automated Clearing House Association (NACHA) , the governing body over the ACH Network, has processes, procedures, and safeguards to protect consumers and merchants from transaction errors. This can be due to duplicate payments, incorrect amounts or recipients, payment date errors, technical errors, etc.

ACH 52

ACH Returns RDFI ODFI 52

PYMNTS

JUNE 25, 2018

Accounts payable automation firm Invu released its latest survey, “ Changing trends in the purchasing processes of U.K. This week’s B2B payments Data Digest rounds up top statistics from Invu’s report that led the AP automation firm to call for change. In its survey of 200 financial decisions at U.K.

Duplicate 40

Duplicate Assessments Accounts Process 40

Nanonets

AUGUST 8, 2024

Next, we'll compare manual vs. automated annotation and help you navigate the build vs. buy decision for annotation tools. Data annotation techniques can be broadly categorized into manual and automated approaches. Automated annotation is well-suited for large-scale projects with relatively straightforward labeling requirements.

AI 52

AI Automation Process Best Practices 52