Remove Audit Remove Duplicate Remove XML
article thumbnail

How to Use AI in Bank Statement Processing

Nanonets

  Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Maintain an efficient audit trail for future retrieval. Set up rule-based workflows to identify and remove any duplicate entries and human review for complex or ambiguous transactions.

Process 52
article thumbnail

What is PO Matching? And how to automate it?

Nanonets

MS-Excel files), structured XML documents from Electronic Data Interchange (EDI), PDFs and image files, and sometimes as hard copy documents. Errors at the start of the invoice processing workflow can snowball into serious outcomes such as over-payment, incorrect payments, invoice duplication, etc.

article thumbnail

Best Accounts Payable Software of 2023

Nanonets

Features : Easy customization Intelligent data capture Advanced workflow with graphical interface Audit trail Email alerts Integration and functionality of key modules such as Epicor CPQ, Quick Ship, Epicor ECM, Advanced MES, and Epicor ECC. Accurate data capture A company may invoice invoices in various formats - paper, pdf, xml , etc.

article thumbnail

What is two-way matching and how does it work?

Nanonets

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.

article thumbnail

How to automate data extraction in healthcare: A quick guide

Nanonets

Regular audits and continuous improvement processes are essential to ensure the tool's accuracy and reliability over time. Set up quality control measures and regular audits to maintain accuracy. The validation workflow enables you to detect and flag duplicate documents to prevent issues like double billing.