NextProcess

MAY 24, 2024

5 Tips for Managing High-Volume Accounts Payable with BPA Software How many invoices does your company receive each month? If you’re processing hundreds or even thousands of invoices each month, then your company is managing high-volume accounts payable. 1) Automate Strategically Not all BPA software works the same way.

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NextProcess

MAY 24, 2024

If you’re processing hundreds or even thousands of invoices each month, then your company is managing high-volume accounts payable. For example, some solutions involve purchasing software that you install directly onto company computers. Manual data entry is time-consuming and can introduce accidental errors.

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AvidXchange

SEPTEMBER 29, 2021

You may not expect mythology to have any relevance in the numbers-driven, here-and-now world of accounts payable software and services. Finance teams don’t have to buy and integrate expensive new hardware or computer servers. Limited – if any – IT resources are needed.

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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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NextProcess

NOVEMBER 22, 2024

The history of accounts payable (AP) automation began in the 1960s, with electronic data interchange (EDI) and continues today with new innovations like machine learning and artificial intelligence poised to continue transforming AP. Thats understandable. Its now possible to have a paperless, or nearly paperless, AP department.

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Invoicera

JANUARY 7, 2025

Most traditional accounts payable and receivable processes are susceptible to errors such as duplicate entries, errors made by the workers, etc., Human Errors: It comes with many errors, including wrong amount, wrong payment terms, or tax computation, thus leading to discrepancies and delays in payment. Did you know?

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Nanonets

MAY 1, 2024

Invoicing and managing accounts payable digitally are a fact of life for business owners today, whether a small, local mom-and-pop or an eCommerce juggernaut selling thousands of dollars worth of inventory daily.  Likewise, errors in manual data entry can cause devasting financial ramifications if they go unnoticed.

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NextProcess

JUNE 21, 2024

You’ll most likely have capital project management teams, procurement and accounts payable working together on operational expenses, and a travel and expense (T&E) department for employee reimbursements. OpEx purchases like computer paper, manufacturing materials, and shipping supplies all go through the procurement department.

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Nanonets

JULY 4, 2023

The rules are modified and appended as the computer learns from existing data. Big Data: the technology that allows storing, analyzing, and managing enormous amounts of data to identify patterns and create optimal solutions. The output can be customized, to only extract specific tables or data entries of interest.

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Outsourced Bookeeping

MAY 29, 2023

CPAs can assign work such as bank reconciliations, financial statement creation, and data entry to a group of qualified experts by using bookkeeping services. Improved Accuracy: To maintain accurate and current books, professional accounting services employ modern computer applications and procedures.

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Nanonets

JANUARY 5, 2024

That will elevate the status of an often-neglected area of finance – accounts payable (AP). In place of data entry and document matching responsibilities, AP becomes the focal point of key financial operations involving supplier management, contract compliance, working capital management, and more.

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AvidXchange

MAY 11, 2021

You’ve probably heard about accounts payable (AP) automation solutions. AP automation solutions use software to speed up processing of invoices and payments reliably from a centralized computer database. Most notably slow approval and data entry processes, as well as lost, incorrect or duplicate payments.

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Nanonets

APRIL 16, 2023

Even in departments where there is the digitization of information in the form of Enterprise Resource Planning (ERP) applications, a significant amount of human labour is required; from the time an invoice is raised or received to its entry into the ERP application, accounts payable personnel perform a seemingly endless list of chores. ·

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AvidXchange

DECEMBER 21, 2023

NLP tools can extract financial data from documents like balance sheets and enter it into financial systems and spreadsheets. Computer vision is another popular AI tool for finance departments – 48% of those we surveyed said they use it. Computer vision can “see” data in images.

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Nanonets

MAY 20, 2024

Its main goal is to provide users with a structured, complete view of data to support confident decision-making across the enterprise. Improve data quality and consistency:  Efficient data workflows ensure data is captured, cleaned, and standardized at every step.

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NextProcess

MARCH 3, 2023

Automating things like accounts payable, purchasing, and expense reporting has been going on for years. Chances are, you bought a copy of the software and installed it onto your computer (or the IT department did). You can sign up for NextProcess’ Accounts Payable and Procurement software. Here’s an example.

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Nanonets

APRIL 10, 2024

The included Sage 100 accounts receivable and accounts payable processing provides basic functionality, including recording and manually paying invoices and producing aging reports.    Include add-on AP automation software in your software budget for integrated payables through Sage 100 integration.

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AvidXchange

MAY 16, 2024

Unlike traditional paper-based invoicing systems, e-invoicing automates the invoicing process, eliminating the need for physical paperwork and manual data entry. Stay informed on the go with AvidXchange's "Net 30" podcast, featuring the latest accounts payable industry news, trends, and expert interviews.

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Nanonets

JUNE 4, 2024

In this article, we have rounded up the leading OCR applications for a select list of popular use cases (handwriting recognition, accounts payables etc.) Over the years, OCR has been increasingly adopted in many document-processing workflows that previously depended on manual data entry. We've got you covered.

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AvidXchange

JULY 23, 2024

Traditional manual billing can involve time-consuming, error-prone tasks such as data entry, invoice creation, and payment processing. Scalability Due to the computing power of most AI systems, they can easily scale to handle increased transaction volume and business growth. AI in Accounts Payable: Can a Computer Do My Job?

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NextProcess

MAY 3, 2024

For example, accounts payable (AP) BPA software automates processes associated with the AP department including invoice receiving, data entry, matching invoices with POs, tracking payment deadlines, paying invoices that fall within approval thresholds, and sending approval reminders for payments that require authorization.

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NextProcess

MAY 3, 2024

For example, accounts payable (AP) BPA software automates processes associated with the AP department including invoice receiving, data entry, matching invoices with POs, tracking payment deadlines, paying invoices that fall within approval thresholds, and sending approval reminders for payments that require authorization.

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Nanonets

JULY 30, 2023

Nanonets emerges as a leading alternative to DocParser, offering intelligent document processing and data entry products. This makes it a versatile tool for businesses looking to streamline their data entry processes and enhance data enrichment.   Still not quite sure?

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Nanonets

APRIL 14, 2023

Do you know what the future of accounting looks like? ChatGPT is the technology that will revolutionize the accounting field, making it faster and more efficient than ever before. With ChatGPT, accountants can use computer-aided automation to streamline tasks and processes, leaving more time for analysis and insights.

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NextProcess

OCTOBER 8, 2024

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. In the accounts payable department, for example , companies with fully automated AP save an average of $14.93

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Nanonets

JUNE 15, 2023

Time-consuming Traditional accounting methods involve time-consuming tasks such as data entry, calculations, and reconciliations. Prone to errors Manual accounting is highly susceptible to human error. Incorrect data entries and data omissions can lead to inaccurate financial records.

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Invoicera

DECEMBER 31, 2023

The need for accounting automation has become more than just a convenience — it’s a necessity. Here are some compelling reasons why businesses are embracing these tools: Enhanced Accuracy Manual data entry and calculations are prone to human error. Read More – Collaborative Accounting: Enhancing CPA-Client Work 1.

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CapActix

OCTOBER 10, 2023

Comprehensive compliance and reporting The best accounting software for CPAs and accounting firms should have comprehensive compliance capabilities that are updated to keep up with changing rules. This includes automatic tax computations, current tax forms, and seamless e-filing.

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AvidXchange

JULY 29, 2021

There are several misconceptions about robotic process automation (RPA), how it works and why it’s important in the context of accounts payable (AP) automation. You’ll see RPA in action doing tasks on your computer screen such as keying in numbers into the amount field of a digital invoice.

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AvidXchange

SEPTEMBER 1, 2021

USE CLOUD-BASED BUDGETING SOFTWARE A popular tool for budgeting is performance management or budgeting software powered by cloud computing. Automate manual tasks If your department still depends on data entry and manual labor such as stamping and stuffing envelopes, you’re probably wasting time and increasing costs.

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AvidXchange

OCTOBER 26, 2020

That includes using the power of accounts payable (AP) automation software to help make your year-end process faster and easier. The data there should be consolidated and updated often and rapidly. We’ll share insights on how to intelligently navigate your way through this year’s unprecedented year-end closing process.

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Nanonets

MAY 31, 2023

  Invoice capture using manual data entry  into systems during these times lead to common issues like lost documents and tally mismatches. Set up touchless AP workflows and streamline the Accounts Payable process in seconds. This is able to provide digital text that makes data entry a little easier.

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MineralTree

FEBRUARY 16, 2023

These malicious actors use social engineering tactics such as contacting an AP team and requesting them to update payment information into a fraudulent account or by manipulating victims into providing confidential data, such as bank account numbers and passwords. In 2021, 68% of organizations were targeted with a BEC scam.

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Nanonets

MARCH 21, 2023

Purchase order automation can help in this step by automatically sending purchase orders to vendors through email or electronic data interchange (EDI) systems. Website: [link] Tipalti - Tipalti is a global payables automation platform that offers automated Purchase Order Dispatch as part of their solution.

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AvidXchange

AUGUST 31, 2023

AvidXchange is transforming the Accounts Payable process one company at a time. On today’s episode we’re going to talk about digital skills. Was it accounts payable? 2:12 RHONDA GREENE No. So literally before computers, personal computers, right.

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oAppsNet

FEBRUARY 14, 2024

Advanced data extraction technologies, such as Intelligent Document Processing (IDP) and Natural Language Processing (NLP), go beyond basic OCR to extract structured data fields, such as names, dates, amounts, and addresses, from unstructured documents.

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Nanonets

NOVEMBER 14, 2023

Some of them are: Optical Character Recognition (OCR) : Converts machine-printed text into a computer-readable format. Facilitates the interpretation and processing of textual data. Reduced Errors: Manual data entry is error-prone, leading to inaccuracies in reports due to incomplete data, missing/correct material, and duplicates.

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