Nanonets

MAY 10, 2023

By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. The goal here is to ensure that financial details (order quantity, order amount, total amount, PO number etc.)  match across all 3 documents. This is vital for managing spend and cash outflow.

Accounts 52

Accounts Automation Duplicate Process 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. Regularly analyze reasons for variances (for eg: format differences, fraud, duplicate records) Discrepancy identification During reconciliation, any mismatches are flagged for further review.

AI 52

AI Process Best Practices Reconciliation 52

Nanonets

DECEMBER 6, 2023

By automating HR tasks such as data entry, document management, and payroll processing, organizations can achieve higher levels of accuracy and consistency. Collaboration features, such as shared document repositories and task management systems, facilitate seamless communication and coordination within the HR department.

Automation 52

Automation Process Payroll Compliance 52

Nanonets

JUNE 12, 2024

Cost Savings: Implemented properly, purchase order management systems ensure that businesses can negotiate better terms with suppliers, avoid duplicate orders, reduce administrative costs, and avail early payment discounts. Need Identification and Requisition Employees should be trained to identify and document procurement needs accurately.

Best Practices 52

Best Practices Automation Small Business Process 52

Nanonets

JUNE 19, 2023

By automating HR tasks such as data entry, document management, and payroll processing, organizations can achieve higher levels of accuracy and consistency. Collaboration features, such as shared document repositories and task management systems, facilitate seamless communication and coordination within the HR department.

Automation 52

Automation Process Compliance Payroll 52

Nanonets

FEBRUARY 19, 2024

Manual verification of IDs and travel documents is time-consuming. Immigration officers have difficulty quickly validating identities and spotting fraudulent documents when manually reviewing visas and passports. It identifies and recognizes text within scanned travel documents, photos, or images.

Automation 52

Automation AI Volume Checks 52

Nanonets

JUNE 18, 2024

With disconnected data sources and innumerable documentation, accounting teams can face the added task of figuring in interest rates, exchange rates, and timing differences to reconcile balances effectively. Compare Data : Compare the general ledger balances with the supporting documentation to identify discrepancies or differences.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

JULY 14, 2023

Machines - Optical Character Recognition (invoice OCR) - recognizing the text and numbers present in the documents. Data dump - once the information has been extracted it needs to be stored in a retrievable format like A database An excel sheet An ERP system. If a field is the total, subtotal, date of invoice, vendor etc.

Automation 98

Automation Process Payment APIs and Integration Database 98

Nanonets

JULY 5, 2023

Email extractors can extract data from emails in the following ways: Lead generation An email extractor helps with lead generation, checking for duplicate data, and validating contacts scraped from various sources.   Parse emails, attachments, documents, websites and more. Automate your email extraction workflows with Nanonets.

Automation 52

Automation API Database Duplicate 52

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

JUNE 25, 2024

Typically, invoice coding follows these steps: Invoice receipt: You may receive invoices via email, web portals, supplier platforms, or even as paper documents. Validation and matching: Next, the invoice is checked against purchase orders and receiving documents. The first step is to gather and digitize them if necessary.

Automation 52

Automation Payment APIs and Integration Rules Process 52

Nanonets

MARCH 20, 2023

AI-enabled accounts payable software like Nanonets can extract accounts payable data from various sources and convert them into structured digital information that can be further processed or fed into ERPs or databases. There is no standard structure or function to accounts payable software. Looking to automate your manual AP Processes?

Accounts 52

Accounts Payment APIs and Integration Multi-Currency Automation 52

Nanonets

APRIL 8, 2024

ERP software, including Odoo ERP, is essential for business management because it unifies what would otherwise be siloed systems requiring duplicate manual data entry into a single database.  With an ERP system, role-authorized team members and management can view the same data with real-time dashboards.

CRM 52

CRM Payment APIs and Integration API Automation 52

Nanonets

MAY 10, 2023

For instance, collaborative tools, inboxes that are shared, and databases. Nanonets can automate manual processes like invoice processing, KYC , customer onboarding, document automation, document verification, and more. You can connect Kissflow with Nanonets for complete document workflow automation.

Automation 98

Automation Rules Procedures Process 98

Nanonets

MAY 2, 2024

Introduction to NetSuite  NetSuite is a cloud-based, real-time ERP system for managing functional business processes with a unified database. Eliminate paper documents and manual data entry: Intelligent OCR data capture uses artificial intelligence/machine learning to digitize header and line item fields. 

Automation 52

Automation Accounts Process Checks 52

Nanonets

JUNE 26, 2024

A bank reconciliation statement is a financial document that compares a company's bank account balance to the transactions recorded on its general ledger, often called the "cash books." Issues like duplicate payments, missed payments, or incorrect transaction amounts can cause these errors.

Reconciliation 52

Reconciliation Adjustments Audit Checks 52

Nanonets

FEBRUARY 19, 2024

Documenting transactions in receipt books ensures accuracy in financial management, compliance with tax regulations, and the ability to resolve discrepancies with ease. Understanding Receipt Books A receipt book is essentially a book of pre-printed forms designed to document transactions between a seller and a buyer. Grand Total: $44.28

Duplicate 52

Duplicate Automation Checks Transactions 52

Nanonets

MARCH 14, 2024

Invoice is a legally binding document that is issued by the vendor to the purchaser along with or after the delivery of the product/service to the customer. Manual consolidation is prone to errors, leading to issues like overpayment, incorrect payments, and invoice duplication, ultimately causing productivity and trust losses.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

FEBRUARY 27, 2024

The most cumbersome aspect of expense management with Quickbooks is scanning receipts and converting the unstructured data in receipts (in form of image files, PDFs, documents) to structured data in Quickbooks. Choose "Receipts" as document type. Why is it important ? All such receipts are processed in real time.

Automation 52

Automation Database Audit Use Case 52

FICO

MARCH 27, 2018

Even when data is available it is often spread across multiple tables within complex databases. When small transactions are questioned, staff spends significant effort updating their documentation. 5) Reduce Duplicate Invoice Payments. Most ERP systems are designed to prevent duplicate payment of a single invoice.

Government 40

Government Governance Duplicate Risk 40

Fi911

OCTOBER 11, 2023

It discerns genuine biometric information, like an individual’s real voice or facial attributes, from fabricated or duplicated ones. Instead, it’s a vital component in an integrated, multi-faceted authentication framework, consisting of three primary pillars: liveness, data source verification, and document validation.

Deepfake 52

Deepfake Verification Authentication Breach 52

Nanonets

APRIL 16, 2023

When this happens, the system will track and notify the supplier of any bumps in the road or other documents required to process. Source: helpsystems Invoice Matching The next step is for the AP automation system to electronically compare supplier invoices with the proper documents. There’s no typos with OCR!

Automation 52

Automation AI Accounts Reconciliation 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.

Reconciliation 52

Reconciliation Adjustments Checks Correspondent 52

Nanonets

AUGUST 1, 2023

Here's a step-by-step overview of how to audit software functions: Data Collection: The first step of collecting fin data from various sources, including bank statements, invoices, payment receipts, operational databases, spreadsheets, and other relevant repositories, is the most time-consuming of the entire operation.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

Nanonets

JULY 25, 2023

At the core of Nanonets lies its automated synchronization capability, enabling seamless integration of invoices and payment information from various sources such as emails, PDFs, and scanned documents. To enhance data accuracy further, Nanonets incorporates a range of approval workflows, duplicate alerts, and fraud detection tools.

Financial Analysis 52

Financial Analysis Payment APIs and Integration Assessments Automation 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

NOVEMBER 14, 2023

It excels with streamlined lead routing, advanced document management including e-signatures, nuanced revenue forecasts, and is a haven for teams craving access controls and enhanced deal customization. Pipedrive presents a haven for optimizing performance at a competitive $39.90 per user/month, billed annually.

CRM 98

CRM Automation AI Database 98

Nanonets

SEPTEMBER 21, 2023

These systems can extract relevant information from invoices, such as due dates and payment amounts, and automatically organize them in a centralized database. One effective strategy for  supplier reconciliation  is to maintain a centralized database or system that tracks and records all transactions with suppliers.

Accounts 40

Accounts Best Practices Automation Reconciliation 40

Nanonets

MAY 11, 2023

Fraud vulnerability:  Some frauds that occur in the invoice process include third-party frauds, labor mischarging, duplicate payments and other internal errors.  Automated invoice processing workflows can be integrated with databases and other accounting systems for automatic matching without human intervention.

Process 52

Process Automation Audit Checks 52

Nanonets

OCTOBER 18, 2024

Murphy , Sales Operations Manager, Upfront Operations OCR and NLP enabled invoice capture AI-powered OCR and NLP technologies have revolutionized invoice capture, significantly easing the workload of AP teams by automating the extraction of invoice data from scanned documents, PDFs, or images, regardless of format. 

Automation 52

Automation Payment APIs and Integration AI Multi-Currency 52

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. They connect your apps and ensure real-time data sync between your applications and databases.

Payment APIs and Integration 52

Payment APIs and Integration Compliance Automation Audit 52

Nanonets

AUGUST 8, 2024

Nanonets: AI-based document processing platform specializing in automating data extraction with custom OCR models and pre-built solutions. Seamless integration with existing systems through well-documented APIs is crucial, allowing enterprises to incorporate annotation processes into their broader data and AI pipelines.

AI 52

AI Automation Process Best Practices 52

Nanonets

APRIL 14, 2023

Business requirements are analyzed, documented, and shared with potential vendors, and quotes are gathered from them. All-in-one spend management platforms combine multiple tools, databases, and analytics into a single centralized solution, offering businesses a high level of flexibility, scalability, and capability to manage expenditures.

Automation 52

Automation Process Credit Cards Compliance 52

CB Insights

NOVEMBER 21, 2017

One answer: use a database — a ledger. However, Bitcoin is free and open to anyone, trusted or not, like a Google document that anyone can read and write to. A common digital history is important because digital assets and transactions are in theory easily faked and/or duplicated. Bob has the token, and Alice does not.

Blockchain 78

Blockchain Technology Bitcoin Participant 78

CB Insights

MARCH 21, 2018

For flight insurance, a smart contract could be linked to an air traffic control database, and automatically trigger compensation when delays or cancellations occur. Your therapist’s office manually requests documents from each provider. Each link in the chain represents a possible point of failure.

Blockchain 78

Blockchain Audit Process Risk 78

Nanonets

FEBRUARY 1, 2024

Invoice Collection : Inefficiencies in managing a mix of digital and paper invoices, leading to misplaced documents and delayed processing. You'll bid farewell to the days of sifting through emails, shared drives, vendor portals, and outdated databases. Can AP Automation Software Prevent Invoice Fraud and Duplicate Payments?

Automation 64

Automation Accounts Process Multi-Currency 64

Nanonets

SEPTEMBER 21, 2023

This allows small businesses to automate manual processes, eliminate duplicate data entry, and reduce the risk of errors. With a centralized customer database, sales teams can access customer information, purchase history, and preferences, allowing them to personalize interactions and provide a more tailored experience.

Small Business 40

Small Business Automation Risk Process 40