Nanonets

MAY 10, 2023

By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. Here are some common checks carried out on each of the documents that are part of the 3 way matching process: Was the PO filled out correctly? The receiving department also checks damage and quality at this stage.

Accounts

PYMNTS

JANUARY 28, 2020

Employees should cross-reference suspicious customer coupons with databases like these, as other stores have likely already seen and logged fakes. Restaurant managers can require that coupons be stapled to receipts, or personally bring checks to customers using coupons to prevent reuse. “The

Duplicate

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.   to check for footfall on the website, sales performance, etc.  These

Automation

Nanonets

MAY 31, 2023

 The AP automation software checks to make sure all the data entered matches purchase orders and sales receipts, thereby eliminating chances of fraud and mistakes.  If Automated AP Workflow - Can detect trends based on past history and detect duplicate invoices.  Vendor  Vendor names, account info, etc.

Automation

Nanonets

OCTOBER 1, 2024

In reality, it requires systematic checks and balances, not just one person's oversight. It typically involves checking these fields, matching them against supporting documents like purchase orders, vendor contracts, and receiving reports. " If only invoice validation were that simple.

Best Practices

Nanonets

FEBRUARY 19, 2024

Payment Method: Shows whether the customer paid with cash, card, check, online, or using any other payment method. The Advantage of Duplicate/Triplicate Copies : Using a multi-copy receipt book means more than just giving customers their copy. The duplicate copy remains attached in the book for Sarah's records.

Duplicate

Nanonets

MAY 11, 2023

It encompasses all the steps right from receiving a vendor’s invoice to recording the payment made after appropriate checks & approvals. As simple as it may sound – receive the invoice, check for correctness, pay the invoice, close the transaction – invoice processing is not a simplistic workflow.  Let

Process

Nanonets

NOVEMBER 14, 2023

This involves scanning or document imaging, wherein essential data is collected, categorized, processed, and placed into databases. Data Extraction : Metadata within the document is identified and extracted automatically, contributing to a more detailed and organized database. invoices, orders, receipts).

Automation

Nanonets

MARCH 14, 2024

All invoices received by a company for products or services that have been purchased from a vendor must be checked for accuracy before payment is initiated. An accounts payable manager manually checks the invoice and either approves the invoice payment or rejects the invoice. This is 2-way matching. How to automate 2-way matching?

Payment APIs and Integration

Nanonets

MAY 10, 2023

For instance, collaborative tools, inboxes that are shared, and databases. If they are accustomed to your system, check to see if they are aware of the stages in the optimized workflow and are comfortable carrying it out. Check for integrations before you make a final decision. List every possible input route.

Automation

Nanonets

FEBRUARY 27, 2024

Receipts are captured faster than a speeding bullet, thanks to the wonders of mobile technology and seamless integrations to import receipts from your apps and databases. Easy Approvals:  System-driven compliance checks kick in first, flagging only the outliers. All such receipts are processed in real time.

Automation

Nanonets

APRIL 15, 2024

It typically outlines outstanding checks, deposits in transit, bank fees, errors, and any other differences between the two sets of records.  Check out Nanonets Reconciliation where you can easily integrate Nanonets with your existing tools to instantly match your books and identify discrepancies. Bank Statement ).

Reconciliation

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. Fulfillment: When the order arrives, it is checked for quality and quantity.

Best Practices

Nanonets

JUNE 26, 2024

" Outstanding Checks " are checks issued by the company but haven't yet been cleared by the bank, meaning the funds have not yet been deducted from the company's bank account balance. For example, a deposit of $5,000 on June 1st and a check #123 for $1,000 on June 3rd.

Reconciliation

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. and databases (MySQL, PostGres, MSSQL, etc.) There is no standard structure or function to accounts payable software.

Accounts

Nanonets

MAY 30, 2023

Electronic payments are the systems by which consumers pay for goods and services electronically, in ways that do not involve paper either as currency or checks.  ePayment The cost of processing checks is about $3.  Check  Check processing is also slow - it can take 2-3 weeks to clear a simple check.

Payment APIs and Integration

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. Reduce invoice errors, duplicate invoices, and fraud risks: Better validation and exceptions flagging in AP automation will save your company money by reducing overpayment errors. 

Automation

Fi911

OCTOBER 11, 2023

It discerns genuine biometric information, like an individual’s real voice or facial attributes, from fabricated or duplicated ones. By evaluating these natural characteristics, passive models offer a discreet yet vigilant checking method. This advanced solution is also known as “anti-spoofing” or “liveness verification.”

Deepfake

Nanonets

NOVEMBER 14, 2023

Reduces supply problems, including pricing mistakes, order duplication, and inventory issues. Minimizes missing orders, order duplication, and enhances overall efficiency. Empowers businesses with the ability to quickly check and compare prices and lead times.

Automation

Nanonets

FEBRUARY 19, 2024

The travel industry often struggles with long processing times at check-in and security, causing congestion. This streamlines processes like passenger check-in and identity verification at airports. Check out Nanonets in action! For more detailed information, check out our comprehensive breakdown of AWS Textract.

Automation

Stax

MARCH 14, 2024

Chip and PIN cards are authorized with the cardholder’s personal identification number (PIN), while chip and signature are authorized by the cardholder’s signature that is matched to the back of the card or to a signature on file in the credit card’s database. Check out this guide !) How Does EMV Affect Card-Not-Present Transactions?

Chip Cards

Nanonets

MARCH 4, 2024

OCR enables powerful search capabilities within legal databases, allowing users to quickly locate specific terms, references, or sections in documents. For more detailed information, check out our comprehensive breakdown of AWS Textract. Also, check out the leading alternatives to Nanonets.

Legal

Nanonets

JUNE 25, 2024

Validation and matching: Next, the invoice is checked against purchase orders and receiving documents. This leads to time wasted on status inquiries and potential duplicate payments. This step ensures accuracy and helps prevent overpayments or duplicate payments. This helps catch discrepancies early.

Automation

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.    Before purchasing a third-party app, check to see for which Odoo deployments these connectors are intended.

CRM

Nanonets

JUNE 19, 2023

Data Integration and Custom Workflows HR process automation software seamlessly integrates with existing HR systems or databases, enabling real-time data synchronization. Nanonets OCR software can extract relevant information from these forms and populate the HR system or employee database, saving time and reducing data entry errors.

Automation

Nanonets

APRIL 16, 2023

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

Nanonets

DECEMBER 22, 2023

Check some of PhantomBuster workflows at Nanonets   Features of PhantomBuster Some of the features of PhantomBuster that help in the automation of data extraction and lead generation are:   Phantoms and Flows: PhantomBuster offers two main types of automation tools. "Phantoms"

CRM

Nanonets

OCTOBER 18, 2024

For instance, 3-way matching ensures that invoices, POs, and receipts are cross-checked before payment, improving accuracy and compliance. 💡  For example, Nanonets helped a property maintenance company, Tapi , automate its 3-way matching, eliminating manual checks and significantly reducing processing times. 

Payment APIs and Integration

Nanonets

JUNE 24, 2024

Obtaining Approval: Once all the data is recorded in the general ledger, factor in the fees of the credit cards and cross-check whether all the credit card expenses match. After this bring in the controllers or the designated finance managers who can review and provide the approval for the entire process.

Reconciliation

Nanonets

JUNE 18, 2024

Bank service fees, deposits in transit, outstanding checks, and interest rates must be factored into the reconciliation process. Delayed Fraud Detection : Unauthorised credit card activity, duplicate checks, and other fraudulent activities might go unnoticed due to ineffective account reconciliation.

Reconciliation

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

Nanonets

JULY 21, 2023

Once approved, the reconciled data is securely stored in a centralized database, ensuring an auditable trail. Compared to manual spreadsheet checking, automated reconciliation is much faster and more efficient. With automated systems, there is no need to navigate through folders of printouts or manually check multiple spreadsheets.

Reconciliation

Nanonets

FEBRUARY 1, 2024

Instead of manually handling invoices, checking them, and making payments, AP automation uses software to do these tasks more quickly, accurately, and with less human effort. Verification : Time-consuming process of cross-checking invoices against POs and delivery notes, often leading to delayed payments.

Automation

EBizCharge

MAY 14, 2024

Automated billing systems work by integrating with a company’s existing financial and customer databases and their accounting software. Integration with other systems By integrating billing with other systems, businesses can eliminate manual data entry and duplication of efforts, reducing the risk of errors and improving data accuracy.

Automation

Nanonets

JANUARY 17, 2024

They connect your apps and ensure real-time data sync between your applications and databases. This helps in maintaining a checks and balances system. 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.

Payment APIs and Integration

Nanonets

AUGUST 8, 2024

Quality control: Implement rigorous quality assurance processes, including cross-checking annotations and regular performance evaluations of annotators. Step 7: Data export Once data annotation is complete and has passed quality checks, export it in the required format.

AI

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