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In July there were two important updates: users with the line level matching feature enabled can now see line matching status in accruals, open orders and committed spend reports. We also added custom fields into accruals, committed spend and open orders reports- these previously only included cached analysis fields.
Additionally, the team struggled with lengthy and cumbersome month-end closing processes due to manual payment approvals. Accruals in particular posed a hurdle, requiring a day and a half to gather data via paper purchase orders (POs).
Has the manual effort of the invoicingprocess turned into daunting tasks that are resulting in errors and revenue loss? According to research, conducted by Levvel Research , 50% of businesses regardless of size (SME, mid-market, enterprises) have yet to automate their accounts payable (AP) processes. If so, you’re not alone.
accuracy in invoice capture. This two-layer approach helps catch potential errors and ensures fast and accurate invoiceprocessing. Easy Invoice Approval Process AP solutions should make the invoice approval process as seamless as possible.
Efficient processes ensure the business doesn’t experience short-term financial strain. Streamline InvoicingProcesses: Ensure invoices are sent promptly after the delivery of goods or services. Manage Accounts Receivable and Payable Timely management of receivables and payables is essential to avoid cash flow gaps.
Or worse, an invoice that is misplaced in a stack of papers. This leads to faster invoiceprocessing and happier suppliers that offer early payment discounts. Give Nanonets ™ a spin for higher accuracy, greater flexibility, post-processing, and a broad set of integrations with other Accounting, ERP systems & more!
By implementing spend management software, businesses can streamline their spending processes and maximize the value obtained from their expenditures. This is achieved by integrating all activities related to sourcing, contracting, purchasing, supplier management, invoiceprocessing, and payments.
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