PYMNTS

AUGUST 19, 2019

Firms auditing expenses through manual processes and outdated technologies risk missing the chance to flag erroneous or fraudulent submissions from vendors and employees. Deploying technology — especially artificial intelligence (AI) — can streamline the auditing process and boost cost savings significantly.

Audit 56

Audit AI Duplicate Regulatory Compliance 56

PYMNTS

JANUARY 26, 2021

Usually, the auditing workflow involves looking at expense reports filed by employees, with a focus on identifying potentially erroneous or even fraudulent transactions. Digitizing and centralizing spend across various departments and workflows is the first step to enhancing the auditing process, said McCrossan.

Audit 75

Audit Continuity Automation Risk 75

Nanonets

AUGUST 1, 2023

In the rapidly evolving world of auditing, innovative technologies have revolutionized traditional practices. Auditors are now increasingly embracing the agile auditing approach previously used in software development. This strategic allocation of resources optimizes auditing efforts, leading to more focused and effective audits.

Audit 52

Audit Risk Assessment AI Assessments 52

The Fintech Times

FEBRUARY 14, 2024

Easier monitoring: Automated systems maintain an audit trail for all transactions, facilitating process monitoring and compliance with audits. As AI and ML play an increasing role in automation, certain capabilities are becoming more common in AP automation solutions. AI engines learn to precisely identify the correct supplier.

Automation 103

Automation Process Duplicate Compliance 103

Nanonets

JUNE 19, 2023

Accounts payable audits play a crucial role in the financial health of businesses. 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. What is an AP Audit?

Audit 52

Audit Accounts Procedures Compliance 52

PYMNTS

JANUARY 18, 2019

In another report, AppZen debuted a report titled “The State of AI in Business Spend.” Among the findings in that report: Only 10 percent of employee expenses — the ones being sent along in expense reports — are being audited.

Business Email Compromise 69

Business Email Compromise Scams Payroll Audit 69

PYMNTS

MARCH 28, 2019

Automated expense report auditing company AppZen is introducing a new spend auditing platform to analyze supplier invoices using artificial intelligence (AI).

AI 46

AI Audit Agreements Duplicate 46

PYMNTS

JUNE 22, 2017

Finding where those errors are via manual auditing can be a headache, too. We think roughly 30 percent of duplicate payments are the result of some sort of vendor master issue, either as a duplicate vendor or some other error associated with vendor master,” the executive explained.

Duplicate 48

Duplicate AI Audit Automation 48

Nanonets

AUGUST 1, 2023

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Computer-Assisted Audit Tools and Techniques (CAATTs) have been available to auditors since the early 1990s. The situation has changed now.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

Nanonets

SEPTEMBER 25, 2024

In this article, we’ll explore applications of AI and automation for bank statement processing.   Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Maintain an efficient audit trail for future retrieval. Ensure all statements are properly scanned and readable.

Process 52

Process AI Best Practices Reconciliation 52

PYMNTS

OCTOBER 30, 2019

The new Workflow Spend Playbook highlights the latest solutions, including automation and artificial intelligence (AI), that are helping SMBs keep drivers and workers operating smoothly. Deploying technology – especially AI – can streamline the auditing process and boost cost savings significantly. AI can flag 8.7

Automation 41

Automation AI Audit Duplicate 41

Nanonets

APRIL 16, 2023

Looking for an AI based AP Automation solution? Verify bank accounts Automate approvals Instant vendor notifications Check against blacklists OCR and Machine Learning AI & OCR Technology in AP Automation At the start of the invoice management cycle, documents must be scanned so the data can be captured and entered into the system.

Automation 52

Automation AI Accounts Reconciliation 52

Nanonets

APRIL 3, 2024

In this article, we will discuss the importance of the vendor reconciliation process and the benefits of employing AI-enhanced tools such as Nanonets. Compliance and Audit Readiness: Vendor reconciliation plays a crucial role in ensuring compliance with regulatory requirements and audit standards.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

PYMNTS

NOVEMBER 10, 2017

Especially for businesses that rely on manual expense reports, management and auditing processes, an employee that fudges a dollar amount here and there, or a worker who accidentally submits an expense report twice, mean companies can easily fall victim to fraud, both intentional and unintentional. It’s a very involved process.

Duplicate 44

Duplicate Audit Email Compromise B2B 44

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. Artificial intelligence (AI), computer science's "Holy Grail" in the words of Bill Gates, mimics human judgment and behaviour to match POs, invoices, and receipts.

Automation 52

Automation AI Duplicate Accounts 52

FloQast

JANUARY 22, 2025

Lack of integration results in: Data silos Greater risk of errors Duplicated efforts and thus more work for accounting departments Simply put, disjointed point solutions not only hinder efficiency but also erode trust in the systems meant to support accounting teams, leaving them overburdened and unable to perform at their best.

Accounts 52

Accounts AI Automation Audit 52

Nanonets

JUNE 19, 2024

By doing so, they can maintain good vendor relationships, detect fraud, and support audit trails.   Errors in logging payments correctly, duplicates, or missing entries may lead to incorrect reporting. Elimination of Duplicate Payments The risk of duplicate payments is a constant concern in manual reconciliation.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

PYMNTS

DECEMBER 3, 2018

.” “Some of the worst examples are the manual and paper management of expense reports,” he said, adding that technology can automate adherence to company spend policy, detect duplicate expense items and beyond. First, companies must embrace automation, ePayments and other initiatives that will digitize their expense data.

Automation 57

Automation AI Duplicate Treasury Management 57

Nanonets

NOVEMBER 30, 2023

  AI-driven optical character recognition (OCR) accurately digitizes and captures vendor invoice data, including line items. An AP automation solution provides an audit trail and digitizes transactions. Good internal controls also reduce external audit costs because less time is required to complete the audit. 

Best Practices 52

Best Practices Accounts Electronic Funds Transfer (EFT) Automation 52

Nanonets

APRIL 10, 2024

Recordkeeping:  Invoices and payment records are meticulously filed for future reference and audit purposes. Improved Compliance:  Ensures a streamlined and auditable AP process. Leverage AI and machine learning to lead in financial management. Faster Processing:  Automate tasks for quicker approvals and payments.

Automation 52

Automation Accounts Audit AI 52

Nanonets

MAY 31, 2023

AI-driven automation technologies such as OCR and RPA can enhance touchless invoice processing to be efficient and error-free. Schedule a Demo auto-sync AP data into ERPs Using AI in Automated Invoice Matching Using machine intelligence to handle processes can make complex tedious work, simple and easy.

Automation 52

Automation Audit Process Checks 52

Nanonets

MAY 10, 2023

By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. Automate invoice payments with AI. Improve bottomlines: the 3 way match process helps flag fraudulent invoices, duplicate payments and other discrepancies. This is vital for managing spend and cash outflow.

Accounts 52

Accounts Automation Duplicate Process 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. 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. Read the article below.

Process 52

Process Compliance Audit Automation 52

Nanonets

JUNE 26, 2024

Issues like duplicate payments, missed payments, or incorrect transaction amounts can cause these errors. Audit Compliance protocols: Properly reconciled bank statements are required for accurate tax reporting and can help avoid penalties or issues during audits. This improves compliance and visibility.

Reconciliation 52

Reconciliation Adjustments Audit Checks 52

Nanonets

JUNE 21, 2023

This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records. By comparing payment data from different sources, businesses can identify discrepancies, such as missing or unmatched payments, duplicate entries, or recording errors.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

APRIL 29, 2024

This documentation serves as an audit trail and supports accurate financial reporting. Audit Trail: Comprehensive audit trail functionality provides visibility into all reconciliation activities, from transaction matching to resolution.

Reconciliation 52

Reconciliation Audit Automation Transactions 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. Many AP software, however comprehensive, require that the data be available in recognizable digital formats.

Accounts 52

Accounts Payment APIs and Integration Multi-Currency Automation 52

Nanonets

APRIL 12, 2023

In this step, organizations validate and clean the data, removing any discrepancies, duplicates, or errors. Errors in data entry and invoice processing : Manual data entry and invoice processing can result in errors, such as duplicate payments or incorrect information, which can lead to additional costs and delays.

Duplicate 52

Duplicate Compliance Automation Process 52

Nanonets

JUNE 19, 2024

This reduces the risk of errors, such as duplicate orders or incorrect quantities. Compliance and Audit Trail : Small businesses are often subject to audits and regulatory requirements. This transparency can be crucial during audits, providing clear evidence of financial transactions.

Small Business 52

Small Business Automation P2P Audit 52

Nanonets

OCTOBER 1, 2024

The invoice is then filed for future reference or audits, completing the validation process. This leads to an overpayment, which is only discovered during the next audit cycle. Such disconnected systems increase the risk of errors and make it difficult to maintain a comprehensive audit trail. check, ACH, wire transfer) selected.

Best Practices 40

Best Practices Automation Multi-Currency Duplicate 40

Nanonets

DECEMBER 25, 2023

Duplication of Entries : If the integration isn't set up correctly, you might end up with duplicate entries. Tips for Overcoming Challenges: Regular Audits : Regularly audit your financial data to ensure accuracy and consistency. Regularly review your records to catch and address these discrepancies early.

Finance 52

Finance Payment APIs and Integration Best Practices Automation 52

Nanonets

NOVEMBER 14, 2023

Classification : Leveraging full-text optical character recognition (OCR), artificial intelligence (AI), machine learning, and other advanced technologies, the solution automatically identifies and digitally sorts diverse document types (e.g., Real-time risk identification and enhanced compliance in auditing and tax-related processes.

Automation 52

Automation Facilitators Audit Legal 52

Nanonets

JULY 14, 2024

Key Invoice Features: AI-powered invoice capture and data extraction Customizable approval workflows Integration with major accounting software (e.g.,

Automation 52

Automation Process Multi-Currency Online and Mobile Banking 52

Nanonets

MAY 15, 2023

SaaS providers are leveraging AI to provide advanced functionality such as predictive analytics, natural language processing (NLP), and machine learning (ML). This includes removing underused licenses, consolidating duplicate subscriptions, and trimming overlapping functionality to reduce redundant applications.

Duplicate 52

Duplicate Automation AI On-Demand 52

Nanonets

MARCH 14, 2024

Compliance: It ensures compliance with internal procurement policies and external regulations, minimizing financial risks and audit issues. 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

MAY 11, 2023

The invoice and payment details are archived in the GL for future audits. Missed invoices lead to delayed payments and associated penalties, strained vendor relationships, delays in operation, and audit issues. Looking to automate your manual AP Processes? Schedule a Demo Challenges in processing invoices 1.

Process 52

Process Automation Audit Checks 52

Nanonets

NOVEMBER 15, 2023

How AI and OCR digitizes AP documents accurately But that's not all. Paperless accounts payable systems like Nanonets have features like AI-OCR (Optical Character Recognition), preset rules, and automated workflows. Automate reporting and audit trails With paper-based systems, these tasks often require more time and effort.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52