April 2023

wholesale lockbox

AI-Powered Financial Automation for Wholesale Lockbox Processors

Wholesale lockbox processors often struggle with manual data entry because it can be time-consuming and error-prone. In a lockbox operation, customers send payments (such as checks or electronic transfers) to a designated post office box. The lockbox processor then retrieves these payments and deposits them into the customer’s account. The lockbox processor needs to extract …

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B2B Financial Document Automation

Why B2B Financial Document Automation Critical for Transaction Processors and Banks

What is Financial Document Automation AI-powered B2B financial document automation is the application of artificial intelligence and machine learning algorithms to automate and streamline the processing of financial documents.¬† The technology is designed to reduce manual data entry, minimize errors, and improve accuracy and efficiency in processing financial documents such as invoices, purchase orders, receipts, …

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Breaking Down VAT Compliance Reporting

Currently, value-added tax (VAT) is used by over 160 countries worldwide, spanning from Latin America to Europe, Africa, and the Asia Pacific. But for accounting professionals, this rapid globalization comes with tax compliance obligations in multiple jurisdictions. Changes in governance and globalized business practices have drastically changed the way VAT is filed and processed. As …

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