Nanonets

JUNE 19, 2023

This article covers why accounts payable audits are important to maintain financial health and the steps in an AP audit process. 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.

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Fi911

MAY 22, 2024

A payment reversal is the process through which funds from a transaction are returned to the payer’s account. This process can be triggered for various reasons, such as a disputed charge, an error in the transaction, or fraud detection. Different types of payment reversals exist, each with distinct procedures and implications.

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PYMNTS

MAY 7, 2020

There is a difference, he explained, between this analytical approach, and the operational approach that process mining technology can take. Celonis recently rolled out a process mining operational application designed for the accounts payable department with a focus on enabling businesses to optimize their payment processes.

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Nanonets

APRIL 24, 2024

A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies.   This article discusses the significance of bank reconciliation audits and the role of automation in streamlining the process. Looking out for a Reconciliation Software?

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PYMNTS

NOVEMBER 6, 2020

Handling accounts payable (AP), accounts receivable (AR), cash flows and other capital management tasks is an inescapable reality for almost every business that deals with inventory and sales, but these commonplace processes are fraught with obstacles. Developments From Around The World of Back-Office Optimization.

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Nanonets

MAY 7, 2024

Expense reconciliation is the process through which businesses track expenditures, identify anomalies, adhere to regulatory requirements, and maintain financial accuracy and integrity. This process is essential for maintaining financial accuracy, compliance with regulations, and preventing fraud or errors.

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Nanonets

MAY 21, 2024

At the core of accounts management lies account reconciliation, the process of comparing various financial documents to ensure accuracy and accountability.      In this article, we shall explore the fundamentals of accounts reconciliation , discussing its importance, processes , and best practices.  

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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. Upon completing the reconciliation process, the cleared balance should match the statement ending balance, resulting in a difference of zero.

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Nanonets

JUNE 25, 2024

This guide will walk you through the process of invoice coding, how to automate it, and the best practices. Invoice coding is the process of assigning specific identifiers to each line item on an invoice. This process, while thorough, is time-consuming and prone to errors. And how can you implement invoice in your organization?

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FloQast

OCTOBER 27, 2023

Compliance officers may need to limit their advisory role to the initial stages, step aside to let the business conduct the process, and provide oversight and review at the tail end. Increasing speed of business processes : Technology and automation make business processes faster than ever. It’s like grading their own homework.

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Nanonets

MARCH 22, 2023

Growing businesses have to maintain relationships with many suppliers and vendors, and this usually ends up making the Accounts Payable process complicated. Vendors with different invoicing standards/procedures tend to make accounts payable processes quite cumbersome. Looking to automate your manual AP Processes?

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EBizCharge

OCTOBER 17, 2023

Every day, billions of dollars in transactions are processed around the world. This article will explore the processes involved in ACH payments, explaining how to distinguish returns vs. reversals and answering common questions such as what is an ACH return and can you reverse an ACH payment? What is an ACH return?

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PYMNTS

NOVEMBER 11, 2020

How big of a problem is manual data entry and processing? AP and AR automation are also integrating with corporates’ enterprise resource planning systems and “seamlessly processing supplier and customer invoices with minimal human intervention. A recent survey found that 74.2 A recent survey found that 74.2

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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. 

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Nanonets

JUNE 17, 2023

Account reconciliation is a critical process in accounting, which ensures that financial records are accurate and consistent. This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process. How Does Account Reconciliation Work?

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Nanonets

MARCH 14, 2024

This verification process is called 2-way matching. Recap of the Procurement Process Before understanding 2-way matching, let’s quickly recap how procurement works in a business setting. Now that the invoice have been obtained, the matching process is performed by the accounts payable team at ABC. What is 2-way matching?

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FICO

MARCH 14, 2023

This health plan was struggling with the limitations that their manual process imposed upon their ability to fulfill their role in providing their citizens with access to quality healthcare, and they felt isolated in their struggle. The balance of claims processing requires manual intervention.

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PYMNTS

NOVEMBER 10, 2020

Businesses of all sizes struggle with capital management, regardless of whether they employ staff or seek out third parties to handle their cash flows, accounts payable (AP) and accounts receivable (AR) processes and other related tasks. Automating Capital Management. A study found that 74.2

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Nanonets

SEPTEMBER 1, 2023

Companies still rely on traditional paper checks to pay vendors, which means they grapple with various challenges, such as manual processes, difficulty tracking payments, and high check-related fees. FedNow For Businesses It significantly impacts your Accounts Payable process due to speed, low cost & ready availability. to $1.5.

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Nanonets

NOVEMBER 14, 2023

Although the origin of E-Procurement can be traced to the 1960s with the advent of Electronic Data Interchange (EDI) , it has evolved into a sophisticated process employing online catalogs, bids, purchase orders, and invoices in the 21 st century. Reduces supply problems, including pricing mistakes, order duplication, and inventory issues.

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EBizCharge

MAY 14, 2024

Automated billing is a process that enables businesses to handle their invoicing and payment collection with minimal manual intervention. Invoice distribution: Invoices can then be issued to customers through online portals, email, or other preferred delivery methods without any manual process. What is automated billing?

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PYMNTS

JULY 10, 2020

Money, therefore, remains tight, and SMBs need fast and precise insights into their finances and processes to help them make more informed spending decisions. These slow processes make it difficult for AP professionals to quickly pull up information on payment obligations, and they also present plenty of opportunities for human error.

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Nanonets

AUGUST 1, 2023

This streamlining of the auditing process enhances accuracy and expedites operations, ultimately improving audit outcomes. The use of artificial intelligence in accounting and auditing holds significant potential for various aspects of the auditing process.

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PYMNTS

FEBRUARY 6, 2019

According to CCN, and quoting Nikkei Asian Review , the three banks said that the project was a duplication of their own efforts on a bank-by-bank basis. The goal is to help safeguard and authorize patient identity procedures.

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Nanonets

MAY 15, 2023

According to a recent report , 99% of companies use at least one SaaS solution to run their business, with 38% of companies stating that all their operational processes rely on SaaS platforms. The SaaS industry has experienced impressive growth over the past five years. The SaaS industry has been growing by 18% annually.

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Nanonets

JULY 14, 2023

We will also touch upon what is wrong with the current state of invoice recognition OCR and information extraction in invoice processing. For a long time, we have relied on paper invoices to process payments and maintain accounts. But can this process be done better, more efficiently, with less wastage of paper, human labor and time?

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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. A 2018 report revealed that businesses in North America spend $187 billion annually on Accounts Payable (AP) processing, and labor accounts for over 90% of these costs.

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Fi911

OCTOBER 11, 2023

It discerns genuine biometric information, like an individual’s real voice or facial attributes, from fabricated or duplicated ones. In doing so, it protects our banking processes and ensures only authentic interactions. What is Liveness Detection? It thus bolsters defenses against potential security breaches.

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Nanonets

NOVEMBER 15, 2023

Staggeringly, 79% of SMEs and 68% of mid-market firms cite manual data input and inefficient procedures as their primary pain point. Could adopting a paperless accounts payable process be the solution? The term paperless accounts payable refers to a completely digital AP process, eliminating the need for paper invoices.

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Nanonets

SEPTEMBER 22, 2023

In today's fast-paced and ever-evolving business landscape, organizations must adapt and optimize their  procurement  processes to stay competitive. Manual and non-standardized procurement processes can lead to  limited visibility  into the supply chain and potential  value leakage.

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PYMNTS

JUNE 25, 2018

Accounts payable automation firm Invu released its latest survey, “ Changing trends in the purchasing processes of U.K. Twenty-three percent of survey respondents say purchasing processes must be fixed ‘as a matter of urgency.’ A fifth of respondents said they know they have a backlog of supplier invoices to process.

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Duplicate Assessments Accounts Process 40

PYMNTS

APRIL 12, 2019

“This new development indicates that fraudsters are now trying to use ACH transactions as vehicles for their scams as they move away from checks and wires,” said the association, which also noted that the processes leading up to the payment itself represent the points where the fraudsters ply their trade.

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Business Email Compromise AFP ACH Email Compromise 46

Nanonets

SEPTEMBER 21, 2023

As technology advances, the invoicing process has evolved from traditional paper-based invoices to  electronic invoicing , also known as  e-invoicing. By embracing electronic invoicing, businesses can streamline their invoicing processes, reduce administrative tasks, and improve overall  efficiency.

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Audit Legal Accounts Transactions 40

Nanonets

APRIL 12, 2023

Tail spend, the long-tail of a company's procurement expenditure which has become increasingly important in recent years as companies seek to optimize their procurement processes and reduce costs. This leaves minor purchases to be less controlled with procedures that vary from department to department, creating compliance risks.

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The Paypers

DECEMBER 31, 2017

Don't micromanage Don't be a bottleneck Focus on outcomes, not minutiae Build trust with your colleagues before a crisis comes Assess your company's strengths and weaknesses at all times Conduct annual risk reviews Be courageous, quick and fair Talk more about values more than rules Reward how a performance is achieved and not only the performance (..)

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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. What’s next for enterprise mobility could be anyone’s guess, but some analysts have made their prediction: accounts payable.

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PYMNTS

JANUARY 21, 2019

Despite the fact that Visa and Mastercard submitted their applications to process renminbi payments over a year ago, reports this week indicated that China’s central bank has yet to acknowledge those applications. First, for years we had aspirations to develop a great core processing capability and a world-class digital banking platform.

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