Nanonets

APRIL 15, 2024

Detects errors, omissions, and irregularities : By comparing each transaction in the bank statement with the corresponding entry in the company's records, bank reconciliation can catch discrepancies, errors, and omissions that may have occurred during the recording or transmission of financial data.

Reconciliation 52

Reconciliation Adjustments Correspondent Checks 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

SEPTEMBER 25, 2024

of Americans held transaction accounts , generating an unprecedented volume of financial data. Set up rule-based workflows to identify and remove any duplicate entries and human review for complex or ambiguous transactions. In today's complex financial landscape, businesses are drowning in a sea of bank statements.

AI 52

AI Process Best Practices Reconciliation 52

Nanonets

JUNE 27, 2023

It is important to note that the average cost of invoice processing can vary significantly depending on the organization's existing operations, the volume of invoices, and the level of automation implemented. For moderate invoice volume (20,000 – 100,000), the average cost to process an invoice is $4.24 without automation.

Process 52

Process Automation Electronic Funds Transfer (EFT) Volume 52

Nanonets

JUNE 18, 2024

Each balance should match its corresponding entry in the general ledger for any source. Steps in the Account Reconciliation Process The reconciliation process ensures each entry of the general ledger matches the corresponding external documentation. Volume : Efficiently processed 2 million transactions per month.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

NOVEMBER 15, 2023

Prevention of Duplicate Invoicing and Invoice Fraud : PO Flip also serves as a powerful tool against invoice fraud and duplications. Since invoices are generated directly from the purchase orders, there's a single source of truth, reducing the chances of duplicate or fraudulent invoices being processed.

Duplicate 52

Duplicate Automation Process Facilitators 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. It can adapt to evolving business requirements and accommodate growing transaction volumes. LucaNet Key Features: Integrated financial consolidation and reporting.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

Nanonets

MARCH 30, 2023

Benefits of Payment Automation Here are some of the primary benefits of payment automation: Prompt payments Automated payment solutions can promote prompt payment for businesses with all levels of transaction volumes. Some technology providers guarantee accuracy.

Automation 52

Automation Transactions Wire Transfer ACH 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. Here is how the process looks like.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

APRIL 12, 2024

Accountants compare the entries in the general ledger with the corresponding figures in subsidiary ledgers, journals, and other internal records. Accounts Payable Reconciliation: The company reconciles its accounts payable ledger with vendor invoices and statements to ensure accurate recording of liabilities and payments.

Reconciliation 52

Reconciliation Payroll Automation Checks 52

Nanonets

MAY 6, 2024

    General Ledger Reconciliation is the process of comparing and aligning the entries in the general ledger with the corresponding transactions documented in these external sources.   These documents provide supplementary details and serve as external sources of validation for the transactions recorded in the general ledger. 

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

NOVEMBER 14, 2023

This efficiency also extends to handling increased invoice volumes without additional staffing needs. Improved Scalability : As a business grows, the volume of invoices and complexity of financial transactions increase. The organization thus has freed-up resources to tackle more value-additive tasks.

Accounts 52

Accounts Automation Compliance Fraud Prevention 52

Nanonets

APRIL 16, 2023

Errors at the start of the invoice processing workflow can snowball into serious outcomes such as over-payment, incorrect payments, invoice duplication, etc. An invoice is created, matched against POs and delivery receipts based on pre-set rules, and checked to ensure there are no duplicate invoices.

Automation 52

Automation AI Duplicate Accounts 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. This same volume of paper is also going to require 2.5

Automation 98

Automation Process Payment APIs and Integration Database 98

Nanonets

NOVEMBER 14, 2023

Particularly useful in scenarios with large document volumes.   Today, the world uses 420 billion kilograms of paper every day , which corresponds to two pieces of paper for everyone on Earth every single hour. Barcode Recognition : Decodes information embedded in barcodes on documents.

Automation 52

Automation Facilitators Compliance Audit 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. Paperless systems can also automatically record each payment and its corresponding invoice and vendor details. Do you want real-time reporting and analytics? A supplier portal?

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

MARCH 28, 2024

Nanonets is perfect for businesses of all sizes looking to eliminate manual invoice processing, streamline complex approval workflows across multiple departments or locations, seamlessly integrate with their accounting systems, and efficiently handle a high volume of invoices in various formats from different vendors.

Payment APIs and Integration 52

Payment APIs and Integration Automation AI Treasury Management 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. 

Automation 52

Automation B2B Payment APIs and Integration Payments 52

Nanonets

APRIL 4, 2023

Firstly, MySQL is a powerful open-source database management system that provides a scalable and reliable solution for storing and managing large volumes of data. By importing Excel data into MySQL, businesses can centralize and access it more efficiently, reducing the risk of data duplication and errors.

Database 52

Database Automation Process Use Case 52

Nanonets

JANUARY 17, 2024

Ensuring that the chosen expense management solution can scale to accommodate increased transaction volumes, additional employees, and expanding operations is essential for long-term success. Here's how it transformed their process: Duplicate Claims Prevention: The software now automatically flags duplicate entries.

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. They need robust tools that can handle high volumes across various data types without compromising performance. Intent annotation: Determining the purpose or goal behind a user's message or query. All thanks to data annotation.

AI 52

AI Automation Process Best Practices 52

Nanonets

JUNE 29, 2023

Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic. Scalable, and capable of handling large volumes of documents and data, thereby catering to businesses of all sizes. Nanonets reads transaction information from any source, updates the invoice, and posts to your ERP.

Payment APIs and Integration 52

Payment APIs and Integration Automation Credit Cards Online and Mobile Banking 52

Nanonets

SEPTEMBER 21, 2023

Invoices serve as vital evidence of the goods or services received and the corresponding payment obligations. Furthermore, invoices help businesses avoid duplicate payments or pay inaccurate amounts. One of the key elements of accounting internal controls is the proper authorization and documentation of transactions.

Audit 40

Audit Legal Accounts Transactions 40