Nanonets

JUNE 22, 2023

By matching invoices with accounting entries in the general ledger, businesses can identify and rectify duplicate entries, errors, or extra payouts, keeping their books in proper balance. This helps avoid any misunderstandings or disputes arising from inaccurate or inconsistent numbers, strengthening vendor and supplier relationships.

Reconciliation 52

Reconciliation Audit Automation Correspondent 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

JUNE 27, 2023

Additionally, manual processing increases the risk of errors, leading to invoice discrepancies, payment disputes, and time-consuming reconciliation processes. This involves extracting relevant information such as invoice number, vendor details, invoice date, line item details, and corresponding amounts.

Process 52

Process Automation Electronic Funds Transfer (EFT) Volume 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

FEBRUARY 13, 2024

Enhanced Employee Satisfaction : When employees understand what and how they will be reimbursed, it leads to fewer disputes and a happier workplace. 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.

Compliance 52

Compliance Non-Bank Automation Duplicate 52

Nanonets

NOVEMBER 15, 2023

Additionally, the invoices must be matched with the corresponding purchase orders and goods receipts to avoid duplicate invoices, fraud, and errors. In case of a mismatch or discrepancy, it raises an alert, allowing you to catch errors early and avoid payment delays or disputes.

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. If you identify any such errors, you can dispute and rectify them with your bank. What is BRS in simple words?

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. If you identify any such errors, you can dispute and rectify them with your bank. What is BRS in simple words?

Reconciliation 52

Reconciliation Accounts Adjustments Checks 52

Nanonets

SEPTEMBER 22, 2023

While minor discrepancies may be acceptable, it is crucial to ensure accuracy to avoid payment delays or disputes. By referencing the invoice number, both parties can easily identify and reconcile any discrepancies or disputes. Understanding these terms helps in managing cash flow effectively.

Reconciliation 40

Reconciliation Automation Disputes Process 40

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

JULY 14, 2023

Information Extraction - once the Process of OCR is complete it’s important to identify which piece of text corresponds to which extracted field. This number is most of the time going to increase due to the duplication of invoices. If a field is the total, subtotal, date of invoice, vendor etc.

Automation 98

Automation Process Payment APIs and Integration Database 98

Nanonets

SEPTEMBER 21, 2023

In the event of a dispute or discrepancy, invoices serve as evidence of the agreed-upon terms, protecting businesses from potential legal challenges. Invoices offer legal protection by establishing a binding agreement between the parties involved and serve as evidence in case of disputes.

Audit 40

Audit Legal Accounts Transactions 40