Nanonets

FEBRUARY 21, 2024

The Evolution of Invoice Processing The journey of invoice processing from its traditional, manual roots to the digital frontier is a tale of technological evolution. Pre 1980s - Manual Accounts Payable: Accounts payable processes were entirely manual, involving physical invoices, paper checks, and ledger books.

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Nanonets

FEBRUARY 26, 2024

Finance teams are well aware of the tedious and error-prone nature of manual accounts payable processes. Sorting through stacks of paper invoices, reaching out to approvers individually, and mailing checks are extremely tedious and error-prone. We will discuss the following: What is Accounts Payable?

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Nanonets

SEPTEMBER 29, 2023

”  Tracking the performance of the Accounts Payable department of your company requires way more effort than just tracking the number of invoices that are past their due date!  Example: Accounting costs, Accounts payable turnover.  Why Are KPIs Important For Accounts Payable AP Teams?

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NextProcess

JANUARY 12, 2024

10 Best Practices that Impact Accounts Payable Automation All around the world, mistakes happen in accounts payable departments every day. Since the accounts payable department handles money leaving the company, mistakes that happen here mean companies are losing money. But sometimes, errors can be costly.

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Nanonets

MARCH 20, 2023

Accounts payable software is increasingly being used by businesses worldwide. Automated accounts payable software can efficiently manage large volumes of financial transactions between a company and its suppliers, while also automating ancillary activities such as approvals and payments. What is accounts payable software?

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Nanonets

MAY 31, 2023

Automated invoice processing is the process of seamlessly extracting data from invoices entering your system and pushing it into your ERP so that processing a payment can be done in just a few clicks. Also Check out Nanonets' pre-trained Invoice OCR or build your own custom Invoice management workflow.

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Nanonets

NOVEMBER 14, 2023

Accounts Payable (AP) processes are an important function for every business, overseeing the outgoing payments to suppliers and vendors. Traditionally tackled through manual processes, digital transformation is now at the forefront of AP, with technologies like AI and ML revolutionizing how businesses manage their finances. 

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MineralTree

MARCH 16, 2023

The State of Accounts Payable Today Recession and inflation are top challenges for CFOs as they look to keep companies profitable in 2023. This dynamic, coupled with ongoing threats related to recession and inflation, result in numerous challenges for accounts payable teams. What is Accounts Payable Outsourcing?

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MineralTree

MARCH 14, 2024

For scaling businesses, invoice payments rapidly grow in volume and complexity. However, many companies still rely on manual processes to manage accounts payable—and these outdated practices are causing problems across their financial operations. Did you know?

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Nanonets

MARCH 21, 2023

Accounts payable defined The accounts payable is an accounting term that refers to the money that a company owes to a vendor or a supplier – for having availed of their products or services. The account payable is recorded when an invoice is approved for payment. No code required.

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Nanonets

MARCH 20, 2023

What is the accounts payable process? The accounts payable process of a company is the management of its short-term payment obligations to vendors/suppliers. The accounts payable or AP is the amount of money that a business owes to its vendors/suppliers for availing their goods/services.

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Gaviti

NOVEMBER 14, 2022

Receivables collection is one of the most critical functions of any business, but it can also become one of the most stressful. Companies can reduce many overwhelming and monotonous aspects of collections via automation. Sage Intacct streamlines collections tasks but automation alone is not enough. Processing payments.

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Gaviti

MAY 30, 2023

Accounts receivable is one of the most critical roles in your business. How well your team handles collections determines whether you have the cash to make payroll, pay taxes, and cover other financial obligations. What Is Accounts Receivable Collections Outsourcing? Schedule invoices.

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Nanonets

MAY 10, 2023

That's why finance teams are increasingly adopting a 3 way match of vendor invoices as an essential step of their accounts payable process. The accounts payable 3 way match process is largely dependent on tracking details across three documents: purchase orders, order receipts and invoices.

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Nanonets

SEPTEMBER 22, 2023

Accounts payable reports  are an essential tool for businesses of all sizes, providing valuable insights into financial management and helping to optimize business operations. Key Takeaways: Accounts payable reports  help track and report business expenses.

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MineralTree

DECEMBER 22, 2022

What does digital transformation mean in Accounts Payable? Digital transformation in Accounts Payable (AP) occurs when teams use technology to automate and streamline manual processes across the back office. per invoice, while others spend an average of $4.98. Why the difference? Reduce Risk of Fraud.

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Cevinio

NOVEMBER 17, 2023

In this blog post, we argue that SSCs could access even greater efficiencies and savings by adopting new technologies, especially in the Accounts Payable space. Let’s explore the issues that prevent some SSCs from achieving these positive outcomes, with a focus on finance and accounting functions, specifically Accounts Payable.

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Nanonets

OCTOBER 18, 2024

Imagine turning your often-overlooked accounts payable (AP) department into a strategic powerhouse. The future of accounts payable lies in AP automation , which can turn this traditional back-office function into a key driver of growth. 5 Tipalti Midmarket + Enterprise Global payments automation with tax compliance 4.5/5

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Nanonets

APRIL 18, 2024

In today's fast-paced business environment, efficient management of accounts receivable (AR) and accounts payable (AP) is crucial for maintaining a healthy cash flow. Invoices are an essential part of this. Invoice creation and Invoice processing are critical steps in these processes.

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AvidXchange

FEBRUARY 27, 2019

When complications occur in your accounts payable processes, they can hamper your business growth. In the worst scenarios, a poorly performing accounts payable process can even be a liability to your company. Some are still heavily dependent upon paper invoices and checks.

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Counto

OCTOBER 16, 2024

Unauthorised Payments : Processing payments without adequate oversight can lead to financial repercussions. Example : A staff member pays an invoice that wasn’t approved, causing budget issues. Streamlined Financial Processes : Integrating spend analytics tools simplifies invoice processing. Learn more here.

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Outsourced Bookeeping

JUNE 13, 2024

When the major steps of the P2P cycle are automated, the efficacy, reliability, and traceability of the entire process are significantly improved. Requisitioning and ordering, accounts payable and invoices, approval, and even scheduling of payments, are all done automatically and efficiently, cutting down on time and excluding errors.

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AvidXchange

FEBRUARY 7, 2022

“When construction firms come to us, they are often trying to resolve issues around the management of invoices. It’s not surprising, as they are dealing with incredibly time-consuming, cumbersome manual invoicing processes that involve a lot of waiting and uncertainty. Download the report and get a jump on the new year.

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NextProcess

OCTOBER 8, 2024

For many of these challenges, implementing Business Process Automation (BPA) software in financial departments can make a big difference. From procurement to accounts payable , automation streamlines core business processes and takes over routine tasks to free up employees to focus on more value-added contributions.

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Gaviti

OCTOBER 10, 2024

Benefits of Autonomous Finance Tools Autonomous finance fintech applies to a wide range of applications, from autonomous banking and cash flow forecasting and management to accounts payable and payment processing. In addition, faster and more accurate processes help build customer trust. Offers a competitive advantage.

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Nanonets

JANUARY 1, 2024

In this blog, we'll delve into what invoice audits entail and why they are crucial for the financial integrity of businesses. What is an Accounts Payable Audit?    An Account Payable Audit is a process by which the financial records of the accounts payable department are examined by an auditor.

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Nanonets

FEBRUARY 20, 2024

In the bustling world of business, managing accounts payable and invoice processing manually is becoming more and more challenging. The Evolution of Invoice Processing The journey of invoice processing from its traditional, manual roots to the digital frontier is a tale of technological evolution.

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Nanonets

JUNE 6, 2024

Automated data collection and processing allow for more comprehensive and up-to-date reporting. Connect the elements to define the process logic. For example, a flow can automate the onboarding process for new employees by collecting necessary information, sending welcome emails, and assigning tasks.

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Nanonets

MARCH 14, 2024

One copy of the PO is sent to XYZ, one is retained by the Purchase department of ABC, one to the Accounts Payable Department. When XYZ supplies the chairs, the  invoice  is provided along with or after the delivery to ABC. In case of unsuccessful match, the invoice processing and payment is paused.

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Nanonets

FEBRUARY 20, 2024

Yet, despite its advanced capabilities, managing accounts payable and invoice processing manually in Xero is becoming more and more challenging. The Evolution of Invoice Processing The journey of invoice processing from its traditional, manual roots to the digital frontier is a tale of technological evolution.

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Nanonets

SEPTEMBER 22, 2023

The  accounts receivable process  involves tracking and managing unpaid invoices, monitoring payments, and ensuring the collection of funds owed. It is important to understand the difference between  accounts receivable  and  accounts payable , which is the money a business owes to others.

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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. What is Vendor Reconciliation In accounts payable (AP) activities, a vendor is an individual or entity that provides goods or services to the company.

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Gaviti

APRIL 18, 2024

As an assessment and diagnostic tool, it’s hard to overstate the importance of your company’s accounts receivable (AR) collections aging report. This report is a valuable tactic to stay on top of cash flow and improve short-term collections forecasting. What Is an AR Aging Report?

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AvidXchange

SEPTEMBER 6, 2017

In preparation for the event, we sat down with panelist Bill Gilbert, Vice President and Corporate Controller of REDICO, to talk real estate, accounts payable automation , and best practices for year-end close. Can you describe your company’s AP process before automation? Before AvidXchange, there was a lot of paper.

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Nanonets

APRIL 1, 2024

If you've ever spent hours chasing down missing invoices, manually entering data , or chasing colleagues for approvals, you know the pain of inefficient accounts payable (AP) processes. It is currently ranked in the top 10 in the Accounts Payable Automation Software category. out of 5 stars.

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Gaviti

MARCH 3, 2024

Robotic Process Automation (RPA) involves programming robots or “bots” to complete tasks related to accounts receivable so that A/R teams can focus on business growth. For example, RPA in accounts receivable can automate invoice distribution, payments, collections, payment matching and reconciliation.

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Invoicera

SEPTEMBER 13, 2024

With automated reminders and a user-friendly client portal, you can significantly improve your payment collection rates. Limitations The free plan is quite limited, and you will have to upgrade your account to access every feature. Advantages Invoicera’s automation is beneficial for time and cost savings.

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