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wholesale lockbox

AI-Powered Financial Automation for Wholesale Lockbox Processors

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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

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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

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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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Financial Services BPO Transforms Back-Office Operations with Itemize

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A leading financial services BPO offering solutions that ignite efficiency, savings, and revenue growth across industries. The team has noticed increased digitization efforts amongst its customers in recent years. The BPO wanted to deliver end-to-end services for intake, document categorization, and data capture processing of invoices, receipts, POs, and other finance, accounting, AP, AR, and …

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The True Cost of Manual AP and Three Reasons to Consider Cloud

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According to recent research from the Institute of Finance and Management (IOFM), more than 75% of all annual invoices are still processed manually. Many businesses have implemented strategic initiatives to reduce costs and better manage discretionary spending. However, paper documents are still sent back and forth, and faxed and e-mailed documents still require manual handling.  …

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Itemize AP Workflow

6 Steps to Invoice Approval Workflows (and How to Accelerate the Process)

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Successful businesses require healthy cash flow, and if there’s a bottleneck, there are only two places it could be. Either payment needs to come in faster, or inefficient invoice management is straining the system. Often, the issue isn’t even over-purchasing, although duplicate payments and overspending are possible. The fact is that manual invoice processing is …

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Is AP Automation Software Worth It for Your Business?

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With the shift from manual, in-person tasks to remote work and online tools, there has to be a better way to handle payments. But is AP automation software for small and mid-sized businesses the solution? Until recently, the cost of accounts payable software outweighed the potential savings for many organizations. As solutions have become more …

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Financial close

Improve Month-End and Year-End Close with AP Automation

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Between the myriad of daily tasks, it’s no secret that the month-end and year-end closing processes can be tedious and time-consuming tasks for AP professionals. This is particularly true when your company requires multiple levels of sign-off for each account. To ensure an efficient close process, most companies leverage detailed checklists/processes for the various tasks …

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Accounts Payable Invoice Automation: What to Look For in the Right Solution

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AP Automation can be overwhelming but if done right it provides robust changes for a small investment with great benefits. Few points to keep in mind as you thank about making changes to your AP:  Start by improving a single process, such as automating the physical intake of invoices, or roll out an AP automation …

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