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7 Ways AI Can Streamline Expense Management

Nanonets

Traditional expense management systems are often fraught with challenges: manual data entry is time-consuming and prone to errors; fraudulent claims can slip through the cracks; and ensuring compliance with company policies and tax laws can feel like navigating a minefield.

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The budgeting process

Accounting Tools

This should include matching against pay ranges and ascertaining whether payroll taxes are being correctly calculated. If bonus payments are more likely than not to occur, include them in the budget, along with applicable payroll taxes. Verify that payroll tax rates in the model are updated for the budget year.

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A Beginner’s Guide to APIs for Finance Pros 

AvidXchange

In accounts payable (AP) automation , an API plugs into different software programs, unlocks the data and turns on the communications between them so they can connect and share information and functionality. Find out which AP automation software companies have APIs that integrate with your accounting software.

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How to streamline your Expense Reimbursement process

Nanonets

The goal of an expense reimbursement process is not just to ensure that employees are compensated in a timely and fair manner but also to maintain accurate financial records and comply with tax laws and regulations. Inaccuracies in Expense Reporting Manual Data Entry Errors Mistakes in receipts and expense reports due to human error.

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The top 15 spend management software in 2023

Nanonets

AI algorithms ensure data accuracy and readiness for review Seamless integration of transaction information from diverse sources into the ERP, facilitating accurate and timely payments. Automated expense recognition and classification, reducing manual data entry and GL coding efforts.

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What is the Accounts Payable Process?

Nanonets

The Accounts Payable process encompasses almost all payments (except payroll) made by a business for goods and services.  The  The AP maintains records of all financial aspects of purchases made by the company, which is crucial for auditing and tax purposes.

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The Top 6 Coupa Software Competitors & Alternatives

Nanonets

A core selling point is Nanonets’ suite of advanced optical character recognition (OCR) that helps accounting teams integrate invoicing, receipts, and more, no matter whether they’re digital or paper products.