Nanonets

Many small businesses, when they launch, tend to overlook complex financial issues, focusing instead on profit and loss, rudimentary balance sheets, and other basics. Yet a more holistic and strategic approach to finance is crucial for evolving a firm into a sustainable, mature entity, especially when aiming for external funding or rapid growth. This article,…

The article addresses the pivotal step in digitization which involves scanning paper documents, including those of many small businesses who still operate with paper records. When such documents need to be edited, the paper presents six methods to do so. The first method is online PDF editors like PDFgear and Smallpdf which convert scanned images into…

Net 30 accounts offer businesses a fresh source of credit with zero interest rates and potential credit enhancement opportunities. They are essentially agreements with certain suppliers/vendors that allow customers to pay invoices within a 30-day window from the invoice date. Net 30 vendors do not charge fees or interest for these accounts, but they can…

AI (Artificial Intelligence) is a pivotal topic in today's digital age, with advances in Large Language Models (LLMs) making advancements in nearly every professional domain. Within the vast sphere of AI potential, accounting has emerged as a clear contender for digital transformation due to the traditional operations' manual nature and repetitive tasks, such as data…

Two-way matching, also known as purchase order matching, is a crucial business finance process that verifies purchase order (PO) details against invoice details before authorizing payment. The goal is to ensure that the products or services ordered were delivered accurately and at the agreed-upon prices, ensuring no overpayments or payments for undelivered goods/services. This process…

Optical Character Recognition (OCR) technology is being increasingly used by businesses to streamline their invoice processing, enhance accuracy, and speed up financial workflows. By leveraging AI to extract data from invoices automatically, it significantly reduces manual data entry requirements, resulting in fewer errors and better resource utilization. OCR has various applications across different sectors - from…

Hospitals are typically burdened with a significant amount of paperwork and have historically relied on manual data entry. This method not only consumes time, but also increases the potential for errors that could critically impact patient care. In response to these challenges, Optical Character Recognition (OCR) software has emerged as a groundbreaking solution that is…

Business expense categories are a systematic classification of costs incurred during the operation of a business, designed to track financial outflows for purposes like tax preparation, budgeting, and financial analysis. This categorization helps businesses manage their finances more efficiently by providing insights into spending patterns and identifying potential tax deductions. It is crucial for businesses…