Chief Product Officer at Kanverse.ai. According to the "2020 Report to the Nations," published by the Association of Certified Fraud Examiners (ACFE), organizations lose an estimated 5% of annual revenue due to fraud. For organized scammers, accounts payable (AP) departments are often perceived as a poorly guarded cashbox they can target for scams or other malicious attacks. In most cases, payments are processed through these departments, which makes this function vulnerable and a prime target for theft. There are several common types of AP fraud, but fortunately, there are also steps organizations can take to reduce their risk.
Do you want to learn about one of the secrets of building a successful business? It's not something that requires a huge amount of investment or work. In fact, it's so simple that it's often overlooked. Okay, let's spill the beans, it's "automation". Read on to know more about how your company can use document parsing to automate your business workflows. Document parsing is a term that involves examining the data present in a document and extracting useful information from it.
Shamrock Solutions supports a variety of financial department solutions for accounts payables, accounts receivables, and remittance processing. These solutions address a range of processes including invoice processing, audits, account openings, expense reporting, payment options, customer engagement, and order entry. All accounting procedures, especially remittance and AR/AP processing, are critical to any organization's financial well-being. Manual data entry of invoices is an inefficient, expensive, labor-intensive and often error-prone process. Slow and mistake-laden document processing lengthens payment cycles, reduces staff productivity, adds late payment penalties and causes missed early payment discounts.
Find out how data entry automation can help your business optimize workflows. Eliminate bottlenecks created by manual data entry processes. Click below to learn more about Nanonets PDF scraper. Data entry is the process of extracting and entering relevant information in a computerized system or ERP software. This is an essential process in businesses that seek to reorganize data into convenient formats for additional downstream processing.
AntWorks is a global, artificial intelligence (AI) and intelligent automation (IA) company that creates new possibilities with data through digitization, automation, and enterprise intelligence. As the world's only integrated intelligent automation platform (IAP), powered by fractal science principles and pattern recognition, ANTstein digitises every type of data for forward-thinking companies looking to achieve straight-through processing. Asheesh Mehra, Co-founder and Group CEO, AntWorks, tells us more. Asheesh Mehra: Today, automation of business processes has moved from being a nice-to-have to a necessity. Analyst firm, Forrester, predicted that business process automation can cut operating costs by up to 90%.