Fraud hits every business hard. Recent research from the Association of Certified Fraud Examiners shows that a typical organization loses 5% of its revenue to fraud every year, with a median loss of $125,000. What’s worst is that fraud typically goes unnoticed for an average of 14 months, resulting in average losses of $8,300 a month. …
According to a recent Pymnts research, almost 4 out of every 5 finance leaders in the U.S. and U.K. believe their firms’ accounts payable (AP) operations can’t sustain continued growth, with many of them blaming inefficiencies from the use of manual processes, which they say are also leading to fraud and risk exposure. The survey …
CFO Guide – How to Select the Right Intelligent Automation Solution Read More »
Running a business can sometimes feel like there’s no time to pause, take a breath, and look for opportunities to improve. A quick and easy solution that can provide more room to breathe: automation. A recent study shows that it takes $15-30 for the end-to-end processing of an invoice. The best way to cut down …
In a constantly evolving accounting and bookkeeping industry, strong client relationships are key to the success for most firms. And the best client-advisor relationships happen when bookkeeping becomes seamless: timely access to documents, with insights into your business clients’ finance operations. When this happens, you can provide monthly bookkeeping quickly and efficiently, along with business …
How to Capture the Right Data for Accounting and Bookkeeping Read More »
Have you ever wondered how much time and effort is wasted on business processes that could be easily automated? Or if you are getting the most out of your OCR solutions? Join us to understand what a truly intelligent automation solution can deliver and a sneak peek into our AI-powered platform. You are invited to …
Accurate expense reporting hinges on data clarity at the source – namely, invoices and receipts. However, the traditional way of capturing invoice and receipt data opens the door to both data error and fraud. According to a recent report, 78% of finance professionals believe that manual data entry and processes result in compliance breaches, lost …
How Invoice and Receipt Data Extraction Enables Seamless Accounting Read More »
Small businesses are the lifeblood of the US economy. According to the Small Business Association, small businesses make up 99.9% of businesses and employ nearly half of all workers. At the same time, nearly one in three small business owners are still using their personal bank accounts for their business. Financial institutions are the key to …
How to Support Small Business Customers Better With SKU Level Data Read More »
The true competitive advantage for any organization is access to data, and nowhere is this more true than in the finance department. However, translating data points into action remains less clear for CFOs and VPs of finance looking to solve payment challenges. Cross-border business, an ongoing pandemic, and narrowing margins in an uncertain economy only …
CFO Guide: Data-Driven Approach Towards AP Automation Read More »
Over the decades, business process outsourcing (BPO) has shifted from primarily a cost-cutting measure to a method of supporting in-house staff. And with the ongoing labor shortage, offloading some of the responsibilities through outside expertise just makes sense. Already 57% of businesses outsource different processes to better focus on their core business functions and operations. …
Business Process Outsourcing For AP Data Capture Read More »
The task list for the average AP employee is growing rapidly. In 2021 alone, 77% of AP professionals found themselves tasked with processing invoices while less than one-third dealt with suppliers. This isn’t a surprise. After all, processing a single invoice from start to finish can take over a week. With 82% of invoices coming …
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