Stax

NOVEMBER 11, 2024

When you’re selling products or services that cost thousands of dollars, you end up paying hundreds of dollars in credit card fees. Using ACH payments reduces your processing costs to a fraction of what you’d typically pay when a client uses a credit card. Another significant NACHA rule is the requirement for authorization.

ACH 88

ACH Checks Identity Theft Payments 88

Nanonets

OCTOBER 1, 2024

The aim is to ensure accuracy and prevent errors or fraud before payment processing. Approval routing Based on predefined rules, invoices are routed to the appropriate approver(s). This significant difference in processing time highlights the impact of efficient validation processes and exception handling.

Best Practices 40

Best Practices Automation Multi-Currency Duplicate 40

Nanonets

MARCH 20, 2023

  The use of accounts payable software results in a 73% faster processing time. According to Goldman Sachs , the use of accounts payable automation software also results in 33% reduction in processing costs. Categorizing and coding transactions based on business rules. and databases (MySQL, PostGres, MSSQL, etc.)

Accounts 52

Accounts Payment APIs and Integration Multi-Currency Automation 52

Nanonets

JUNE 19, 2024

You can set predefined rules and conditional checks to maintains consistency across all procurement activities, minimizing errors and preventing unauthorized spending. Streamlined Purchasing Process : With a PO system in place, the purchasing process becomes more structured and efficient.

Small Business 52

Small Business Automation P2P Audit 52

Nanonets

APRIL 16, 2023

The umbrella term for all of this is robotic process automation (RPA) and it involves aspects of machine learning and artificial intelligence. It also allows you to easily screen and automates routine workflow processing and validation rules. This helps to improve accuracy and recognize patterns over time.

Automation 52

Automation AI Accounts Reconciliation 52

Nanonets

JUNE 27, 2023

Organizations with higher labor costs will have higher average costs per invoice. Exception Handling: Dealing with invoice exceptions, such as errors, discrepancies, or missing information, increases the processing cost. This helps mitigate risks and provides accurate and compliant processing.

Process 52

Process Automation Electronic Funds Transfer (EFT) Volume 52

Nanonets

MARCH 14, 2024

Manual consolidation is prone to errors, leading to issues like overpayment, incorrect payments, and invoice duplication, ultimately causing productivity and trust losses. Manual invoice processing costs are known to reach as high as $15-50/invoice. It checks the details in invoices or purchase orders against set rules.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

NOVEMBER 15, 2023

Let's say you process 10,000 invoices monthly at $10 each. Now consider this: roughly a third of businesses surveyed were able to reduce invoice processing costs even more: a whopping 50%. This process is time-consuming, prone to errors, and delays vendor payments. That's roughly $300,000 saved annually.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

SEPTEMBER 21, 2023

Benefits of AP Automation Examples Enhanced Efficiency Automated   invoice processing   reduces manual tasks and accelerates payment cycles. Cost Savings Streamlined processes lead to reduced processing costs and potential for early payment discounts.

Accounts 40

Accounts Best Practices Automation Reconciliation 40

EBizCharge

MAY 14, 2024

Improved accuracy Automated billing software is programmed to follow predefined rules and procedures consistently, minimizing the risk of human error inherent in manual billing processes. You can also use automation rules to trigger invoice creation upon fulfilling certain criteria, like the conclusion of a billing cycle.

Automation 52

Automation Payment APIs and Integration Best Practices Online and Mobile Banking 52

Nanonets

JUNE 14, 2024

Poor data management can result in data silos, duplication, and discrepancies. An outdated P2P process can slow a business down tremendously. The next section will explore how these challenges can be mitigated and the P2P process optimized through automation.

P2P 52

P2P Process Automation Checks 52

Nanonets

FEBRUARY 1, 2024

Dramatic Cost Reductions in Processing Let's start with the financial health of your department. AP Automation has been shown to slash processing costs by a staggering 70%. These savings come from reduced labor costs, elimination of late payment fees, early payment discounts, and decreased errors and fraud.

Automation 64

Automation Accounts Process Multi-Currency 64

Nanonets

OCTOBER 18, 2024

  Managing different currencies, tax regulations, and compliance rules across countries can be overwhelming for AP teams, but AI-driven automation can help. This eliminates manual intervention, improves accuracy, and reduces invoice processing times.

Payment APIs and Integration 52

Payment APIs and Integration Automation AI Multi-Currency 52

Nanonets

AUGUST 21, 2023

Cost savings A recent report revealed that almost 92% of businesses use checks for payments. With the median processing cost between $2.01 and $4 , processing each check manually can be very expensive for companies.  Each partner may have their own system and set of rules for recording transactions.

B2B 52

B2B Automation Payment APIs and Integration Payments 52

Nanonets

APRIL 7, 2025

These models can process multi-page documents, lengthy tables, and various EHR/EMR formats as well as billing systems and administrative platforms with ease. After data extraction, you can set up automated rules to perform data formatting, such as text capitalization, date formatting, and more.

Automation 52

Automation Regulatory Compliance Compliance Payment APIs and Integration 52