EBizCharge

JANUARY 16, 2025

As a standard part of your documentation, MCCs are often listed in sections related to transaction types or fee structures. Cross-reference with MCC directories: You can verify your MCC by referencing MCC directories, which list codes and their corresponding business types.

Credit Cards

Nanonets

NOVEMBER 25, 2024

Optical Character Recognition ( OCR ) has revolutionized the way we interact with textual data in real life, enabling machines to read and interpret text from images, scanned documents, and handwritten notes. Some of its application may include: Document Digitization : Converts physical documents into editable and searchable digital formats.

Correspondent

Nanonets

JULY 22, 2025

How many times have you spent months evaluating automation projects - enduring multiple vendor assessments, navigating lengthy RFPs, and managing complex procurement cycles - only to face underwhelming results or outright failure?  In short, low automation levels are usually a data problem, not a tool problem.

Automation

Nanonets

JANUARY 13, 2025

The distributor's order processing workflow before automation was typical of many industrial suppliers. While we could automate the entire workflow from order entry to shipping, we knew that would involve retraining the sales team and disrupting established processes.  We realized we could deliver immediate value here.

Automation

Trade Credit & Liquidity Management

JUNE 16, 2025

This requires efficient and effective collection practices, a well-trained staff, and some degree of process automation. Be proactive and attach all relevant supporting documentation. This will speed up the collection process and avoid delaying tactics, such as a customer asking for invoice copies or other relevant documentation.

Lockbox

The Fintech Times

JUNE 19, 2025

AI, automation, and embedded insurance are just some of the technologies driving change in everything from underwriting and claims to customer engagement, leading many industry firms and leaders to rethink their approach. . Financial organisations are currently seeing the highest AI gains from internal automation.

AI

Nanonets

APRIL 14, 2023

Documents are ubiquitous in business and serve as the foundation for data, information, and knowledge. From invoices and contracts to emails and memos, documents are an essential part of the daily document processing workflow.   All businesses have some sort of document processing workflow in place.

Process

The Finance Weekly

NOVEMBER 3, 2021

For both internal and external sources, each balance has to match the corresponding account in the general ledger. Due to the inefficiencies and error proneness of account reconciliation through traditional processes, finance teams should automate through , new technologies in the industry.

Reconciliation

Nanonets

DECEMBER 10, 2023

From the moment a product is manufactured to its final delivery, an array of documents accompanies its journey, often creating bottlenecks in the seamless flow of operations. One of the pivotal hurdles faced by the logistics sector revolves around the management of logistics documents. What is Intelligent Document Processing?

Automation

Nanonets

JULY 14, 2023

Want to automate invoice processing ? Machines - Optical Character Recognition (invoice OCR) - recognizing the text and numbers present in the documents. Information Extraction - once the Process of OCR is complete it’s important to identify which piece of text corresponds to which extracted field.

Automation

Nanonets

NOVEMBER 14, 2023

All organizations, irrespective of size, deal with a myriad of documents that contain vital information and data required for its functioning.    Daily inundated with data in varied forms, manual management of documents and data can easily overwhelm teams, leading to confusion and inefficiency. How does Document Capture Work?

Automation

Nanonets

AUGUST 1, 2023

In today's information-driven world, collaboration and communication within teams heavily rely on data and documents. From contracts and invoices to manuals and reports, documents play a vital role in conveying structured information that can be easily shared, understood, and acted upon. What is document workflow automation?

Automation

Nanonets

APRIL 4, 2023

With the rise of digital mailroom automation technologies, companies can streamline their mail processes, increase efficiency, and reduce costs. Read this guide to learn more about how your business can leverage automated mailrooms to improve operations and boost productivity. What is mailroom automation?

Automation

Nanonets

JUNE 15, 2023

Introduction Documents are the lifeblood of business communication. They allow for the transfer of information, the tracking of decisions, the formalization of procedures, and the documentation of business transactions, among many other things. Why are Document Workflows essential?

Automation

Nanonets

APRIL 3, 2024

Enter virtual bookkeeping – a paradigm-shifting approach that harnesses the power of digital tools and automation to revolutionize traditional bookkeeping practices. This allows the virtual bookkeeper to access real-time financial data, invoices, receipts, bank statements, and other pertinent documents required for bookkeeping tasks.

Automation

Nanonets

MARCH 30, 2023

Intelligent Document Processing (IDP) refers to the automation of data extraction from unstructured documents. It eliminates the need for manual data entry, reduces errors, and increases efficiency in document management. What is intelligent document processing? What is intelligent document processing?

Process

Nanonets

SEPTEMBER 9, 2024

when you're using OCR) Using Workflow Automation to combine the best parts of solutions 1 - 4 These solutions will differ a bit (some are more manual while some solutions are highly automated and good for scale) - you can pick what's best for your business depending on your scale of operations.

Automation

EBizCharge

MAY 31, 2024

Cash application automation software is steadily transforming that image into a reality for businesses around the globe. What is automated cash application software? Why is cash application automation crucial for businesses? This data is crucial for businesses accurately attributing received funds to the corresponding AR.

Automation

Nanonets

JUNE 12, 2023

Introduction to Microsoft Power Automate Power Automate, formerly known as Microsoft Flow, is a cloud-based service offered by Microsoft to help users create and automate workflows across multiple applications and services. Its aim is to boost user productivity in business processes and automate repetitive manual tasks.

Automation

Nanonets

JULY 21, 2023

Implementing Business Process Automation (BPA) can give your employees extra hours each day. No employee should have to give up their personal time because they are spending half their workday on tedious, repetitive tasks that can be automated. In large organizations, automation might take care of high-volume, low-value tasks.

Automation

FloQast

JANUARY 22, 2024

Companies that automate their financial statement preparation processes often benefit from improved accuracy, near real-time data, and increased efficiency. Fact: Companies that automate part of their financial statement preparation process reduce time-to-Close by 33% or more. What Financial Reporting Functions Can You Automate?

Automation

Nanonets

MARCH 21, 2023

Introduction A purchase order (PO) is a commercial document that represents a formal request to a vendor or supplier to provide goods or services at a specified price and within a certain timeframe. How to Start Automating the Purchase Order Workflow The complete purchase order workflow listed in above section can be automated.

Automation

Nanonets

APRIL 16, 2023

MS-Word documents), data entry files (e.g., MS-Excel files), structured XML documents from Electronic Data Interchange (EDI), PDFs and image files, and sometimes as hard copy documents. The unification of all these documents is time-consuming and error-prone when performed manually. Figure 4: OCR based data retrieval.

Automation

Nanonets

MARCH 30, 2023

Enter payment automation - a solution that has gained popularity in recent times due to the pandemic and the new competitive landscape. By automating the payment process, businesses and individuals can save time and minimize the risk of errors. What is Payment Automation? How does payment automation work?

Automation

Nanonets

JULY 18, 2023

Fortunately, cutting-edge advancements in automation technology have revolutionized the accounts payable landscape, offering businesses an opportunity to streamline their workflows and achieve unprecedented levels of efficiency. Photo by Carlos Muza / Unsplash What is NetSuite Automation? What is Oracle NetSuite?

Automation

Nanonets

NOVEMBER 9, 2023

What comes to mind when you hear "order entry automation"? While that's pretty close to what order entry automation is, there are a few nuances to consider. This is where order entry automation can help. What is order entry automation? How does order entry automation work? Let’s dive in.

Automation

Nanonets

APRIL 1, 2024

For instance, payments may erroneously appear as settled in records while the corresponding cash remains undebited, necessitating reconciliation adjustments. These tools leverage advanced algorithms and data integration capabilities to automate the matching of transactions between accounting records and bank statements.

Reconciliation

Nanonets

MARCH 30, 2023

The solution to this problem is optical character recognition (OCR), a technology that can help automate many of these manual processes. OCR technology is particularly useful in healthcare and medical establishments, where there is a high volume of paper-based documents that need to be digitized and stored in electronic health records (EHRs).

Automation

Nanonets

APRIL 30, 2023

Looking to automate payroll processes? Try Nanonets and automate employee onboarding, reimbursements, payment, and approvals with no-code workflow s. This regulation requires that expenses be recorded in the same period as corresponding revenue. Looking to automate your manual payroll processes?

Payroll

Nanonets

SEPTEMBER 12, 2023

  In sharp contrast, automated invoice processing could reduce the cost to $1.42 In addition to cost reductions, automation can help mitigate fraud risks and provide increased visibility into cash flow trends.  This automation can improve the speed and accuracy of invoice processing and simplify compliance.

Automation

Nanonets

JULY 31, 2023

After that, we build our first automation to automate a repetitive task involving PDFs using ChatGPT API. As the journey concludes, you'll find yourself equipped with the skills to automate any personal and professional tasks involving PDFs in your everyday life. Looking to automate tasks involving PDFs in your daily life?

API

The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. Inadequate pre-implementation testing : The VREQ flags effectiveness was not thoroughly tested across all systems.

Financial Crimes

EBizCharge

MAY 13, 2024

Tools like AR automation can streamline these operations. This article will explore the benefits of collections automation, including how it can improve cash flow and overall efficiency for businesses. When businesses automate payment collection processes, they can significantly enhance their cash flow and overall financial health.

Automation

Nanonets

NOVEMBER 16, 2023

This is where Accounts Payable (AP) Automation emerges as a critical tool, not merely for managing payments but as a strategically in scaling your business. AP Automation involves leveraging technology to streamline, optimize, and automate the processes associated with managing a company’s accounts payables.

Automation

Synapse Payment Systems

NOVEMBER 9, 2022

This is why keeping good records, including invoices, receipts, and other documentation proving the customer received the product or service they purchased, is vital. If you’re an online business , be sure to keep records of all communication with the customer, such as emails, chat logs, and any other correspondence.

Disputes

Nanonets

FEBRUARY 21, 2024

Yet, the leap from traditional bookkeeping to a streamlined, automated financial ecosystem is one that many QuickBooks users are yet to fully embrace. Today, AP automation technology can automate what was once a laborious process. The Solution Businesses are constantly seeking ways to streamline these critical operations.

Automation

Nanonets

SEPTEMBER 5, 2023

Spoiler alert: They probably have, and it's called workflow automation software. Workflow automation is like having a personal assistant who never sleeps, never forgets, and never makes a mistake.    This guide will delve into the top 5 workflow automation software, explore their features and their pricing strategies.

Automation