Nanonets

JUNE 24, 2024

Gathering all the Statements and Receipts or supporting documents: First, we must collect all the credit card statements and the relevant receipts for the specified period. This results in a gap in the documentation and invoices are involved to fill in the gap by matching against the credit card statements. But how do we go about this?

Reconciliation 52

Reconciliation Credit Cards Correspondent Automation 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). The invoice can now be paid by the AP team.

Accounts 52

Accounts Automation Duplicate Process 52

Nanonets

JUNE 27, 2024

Fuzzy matching (également appelée correspondance approximative de chaînes) est une technique qui permet d'identifier deux éléments de texte, chaînes ou entrées qui sont à peu près similaires mais ne sont pas exactement identiques. Qu’est-ce que fuzzy matching?

Correspondent 52

Correspondent AI Non-Bank Duplicate 52

Fi911

AUGUST 16, 2024

Issuing banks are not obligated to explain their decisions, while acquiring banks and merchants benefit from a clearer understanding of the documentation required for representment. However, research indicates a rising trend of chargebacks being filed for reasons that do not correspond with the assigned codes.

Disputes 52

Disputes Non-Bank EMV Authorization 52

Nanonets

JUNE 22, 2023

Invoice reconciliation is the process of comparing and matching invoices with relevant supporting documents to ensure the accuracy and integrity of financial transactions. By carefully reviewing and comparing invoices against supporting documents, businesses can identify discrepancies, overcharges, or unauthorized expenses.

Reconciliation 52

Reconciliation Audit Automation Correspondent 52

Nanonets

MAY 6, 2024

Businesses maintain a multitude of other financial documents, including bank statements, invoices , bills, cash payment receipts, and more. These documents provide supplementary details and serve as external sources of validation for the transactions recorded in the general ledger.   What is the General Ledger?

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

JUNE 21, 2023

It involves cross-checking payment records, such as invoices, receipts, bank statements, and other financial documents, to reconcile any discrepancies between them. 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

Nanonets

MARCH 14, 2024

For this, all details of the purchase as mentioned in the invoice are matched with the corresponding purchase order to ensure that the product/services that were ordered were delivered correctly and at the price agreed upon. This verification process is called 2-way matching.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

APRIL 29, 2024

It is the process of comparing and matching credit card transactions with corresponding spends and financial records to ensure accuracy and transparency in financial reporting.  This may include invoices, receipts, purchase orders, or other documentation related to the transactions. What is Credit Card Reconciliation?

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 52

Nanonets

SEPTEMBER 25, 2024

Set up rule-based workflows to identify and remove any duplicate entries and human review for complex or ambiguous transactions. For instance, if the bank statement shows a $1,000 deposit on a specific date, it matches the corresponding entry in the accounting records. Use advanced matching engines to create customizable match rules.

AI 52

AI Process Best Practices Reconciliation 52

Nanonets

JULY 24, 2023

This essential practice involves comparing transactions and other financial activities with supporting documentation and resolving any discrepancies that may arise.   The source documents include invoices, receipts, and transaction statements.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

Nanonets

APRIL 16, 2023

MS-Word documents), data entry files (e.g., MS-Word documents), data entry files (e.g., MS-Excel files), structured XML documents from Electronic Data Interchange (EDI), PDFs and image files, and sometimes as hard copy documents. that can lead to loss of productivity and trust. Figure 4: OCR based data retrieval.

Automation 52

Automation AI Duplicate Accounts 52

Nanonets

APRIL 12, 2024

Book Reconciliation serves as the umbrella term, encompassing a broader spectrum of financial data matching that involves comparing the ledger entries with figures from other financial documents. Accountants compare the entries in the general ledger with the corresponding figures in subsidiary ledgers, journals, and other internal records.

Reconciliation 52

Reconciliation Payroll Automation Checks 52

Clearly Payments

JUNE 21, 2024

Duplicate Charges: The cardholder’s account was charged multiple times for the same transaction. Gathering Evidence: Documentation: Collect all transaction records, receipts, delivery confirmations, and any correspondence with the customer. Transaction Receipts: Provide detailed receipts to customers.

Disputes 52

Disputes Address Verification System (AVS) Credit Cards Best Practices 52

Nanonets

APRIL 3, 2024

From tracking expenses and invoicing clients to preparing tax documents, virtual bookkeepers provide peace of mind and ensure financial compliance for self-employed professionals. With advanced OCR and machine learning capabilities, Flow can extract relevant information from various expense documents such as receipts and invoices.

Automation 96

Automation Payment APIs and Integration Reconciliation Financial Analysis 96

Nanonets

APRIL 12, 2024

Match the payment to the corresponding invoice, and the system will automatically update your financial records. It can capture data from the invoice and flag duplicate invoices.  Match invoice information against open Purchase Orders, Delivery Notes, and other AP documents.

Automation 52

Automation AI Accounts Reconciliation 52

Nanonets

NOVEMBER 15, 2023

Think of it as the blueprint for a transaction, a document that sets the stage for subsequent business interactions. The document is more than just a list of items to be purchased; it's a detailed proposal that encapsulates the buyer's needs and expectations. When should businesses use a PO Flip?

Duplicate 52

Duplicate Automation Process Facilitators 52

Nanonets

APRIL 15, 2024

A Bank Reconciliation Statement is a financial document that ensures that the cash balances recorded in the internal financial records align with the financial records presented in the bank statement. In effect, the reconciliation statement is a document that presents the comparison between the internal financial records of a company (e.g.

Reconciliation 52

Reconciliation Adjustments Checks Correspondent 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. Regulatory Compliance Risks Inadequate Documentation Failing to meet the detailed documentation requirements set by tax authorities. Receipt and Documentation Requirements : Specify the documentation needed to substantiate expenses.

Process 52

Process Compliance Automation Audit 52

FloQast

JANUARY 22, 2024

The traditional method also has a lot of paper documentation to use as an audit trail. For bank reconciliations, the accounting software will automatically match the corresponding entries (between the bank and the cash ledger), remove duplicate transactions, and identify outstanding transactions.

Automation 52

Automation Reconciliation Audit Accounts 52

Nanonets

NOVEMBER 15, 2023

It involves the  AP department  leveraging technology to digitize invoices and related documents, automating the approval process, and conducting payments through electronic means. How AI and OCR digitizes AP documents accurately But that's not all.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Clearly Payments

JUNE 12, 2024

Furthermore, billing errors and duplicate charges account for a smaller percentage of chargebacks, roughly 5-10%, where customers dispute charges due to incorrect billing amounts or being charged multiple times for a single transaction. Once the evidence is gathered, the merchant must prepare a detailed response.

Disputes 52

Disputes Card Issuer Acquirers Transactions 52

Nanonets

JANUARY 8, 2024

However, let's understand the manual bank reconciliation process once: Step 1: Gather documents On the bank side, you need the bank statements, outstanding checks, deposits, and any pending transactions. Consider using digital tools or software to digitize and categorize your documents, making them easily accessible for reconciliation.

Reconciliation 52

Reconciliation Process Adjustments Checks 52

Nanonets

JANUARY 8, 2024

However, let's understand the manual bank reconciliation process once: Step 1: Gather documents On the bank side, you need the bank statements, outstanding checks, deposits, and any pending transactions. Consider using digital tools or software to digitize and categorize your documents, making them easily accessible for reconciliation.

Reconciliation 52

Reconciliation Accounts Adjustments Checks 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. Documentation and Reporting: Throughout the reconciliation process, it is essential to maintain comprehensive documentation of all transactions and reconciliation activities.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

Nanonets

FEBRUARY 13, 2024

Receipt and Documentation Requirements : Specify the documentation needed to substantiate expenses. Receipt and Documentation Requirements: All expenses must be accompanied by a receipt. 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

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. Capturing and extracting data intelligently from invoices, receipts, bills, and other financial documents.

Automation 52

Automation Transactions Wire Transfer ACH 52

Nanonets

JULY 14, 2023

Machines - Optical Character Recognition (invoice OCR) - recognizing the text and numbers present in the documents. Information Extraction - once the Process of OCR is complete it’s important to identify which piece of text corresponds to which extracted field. If a field is the total, subtotal, date of invoice, vendor etc.

Automation 98

Automation Process Payment APIs and Integration Database 98

Nanonets

JUNE 27, 2023

This involves extracting relevant information such as invoice number, vendor details, invoice date, line item details, and corresponding amounts. Verification and Validation : Once the invoice data is captured, it must be verified for accuracy and validated against purchase orders, contracts, or other supporting documents.

Process 52

Process Automation Electronic Funds Transfer (EFT) Volume 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

NOVEMBER 14, 2023

Fraud Prevention and Compliance: Automated systems are equipped to identify discrepancies like duplicate invoices or unusual payment patterns, enhancing fraud prevention. This reduction in paper usage not only helps the environment but also decreases storage and handling costs associated with physical documents.

Accounts 52

Accounts Automation Compliance Fraud Prevention 52

Nanonets

SEPTEMBER 21, 2023

Unlike purchase orders and receipts, invoices specifically request payment and serve multiple purposes, including record-keeping, accounting, tax documentation, and legal protection. Invoices serve multiple purposes, including record-keeping, accounting, tax documentation, and legal protection.

Audit 40

Audit Legal Accounts Transactions 40

Nanonets

JANUARY 17, 2024

Managing and storing digital receipts, invoices, and other expense-related documents can become overwhelming. This includes recording all changes and approvals related to expenses and having proper documentation readily available for audits. Receipt and Documentation Requirements: All expenses must be accompanied by a receipt.

Payment APIs and Integration 52

Payment APIs and Integration Compliance Automation Audit 52

Nanonets

AUGUST 8, 2024

Semantic annotation: Linking words or phrases to their corresponding meanings or concepts. Nanonets: AI-based document processing platform specializing in automating data extraction with custom OCR models and pre-built solutions. Intent annotation: Determining the purpose or goal behind a user's message or query.

AI 52

AI Automation Process Best Practices 52

Nanonets

JUNE 29, 2023

With advanced OCR and machine learning capabilities, Nanonets can extract relevant information from various expense documents such as receipts and invoices. Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic. Flow demo Top features: All your expense data in one place.

Payment APIs and Integration 52

Payment APIs and Integration Automation Credit Cards Online and Mobile Banking 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.  Take Nanonets , for example.

Automation 52

Automation B2B Payment APIs and Integration Payments 52

Nanonets

MARCH 28, 2024

Nanonets has customizable approval workflows for complex hierarchies, a vendor portal for communication and document sharing, and detailed AP analytics. Vendor portal : Communicate with vendors, track status, and manage documents in one centralized hub. Who is Nanonets a good fit for?

Payment APIs and Integration 52

Payment APIs and Integration Automation AI Treasury Management 52