Let’s be honest, nobody is exempt from making mistakes. How many different variations of “I’m only human” have you heard throughout your life? The hard truth of the matter is that some mistakes have the potential to cost a lot more than others. I think we can all agree that misspelling a few words in an email and manually inputting incorrect information into a high value invoice are vastly different types of mistakes.
There are a variety of human errors that occur within the financial and procurement spaces that can have dramatic effects on a company, organization, and reputation. For example, manually inputting incorrect data into an invoice will not only cause incorrect invoicing totals, but will increase time spent reconciling and can negatively affect your organization’s reputation as well. Other common human errors involved with manual invoicing include accidentally deleting custom formulas in excel sheets, failing to follow documented rules and procedures, improper applications of tax rules, duplicated invoices, not applying outstanding credits, sending invoices to the incorrect person/department and much more!
On the potential fraud and data breach fronts, there have been a rising number of cases where employees are working with corporate and financial data on unsecured wi-fi connections as well as saving corporate financial data to cloud-based systems. Both of these open the door to data breaches and hacking of proprietary information.
Let’s say you are creating an invoice manually and accidentally input a lower value than the actual value a supplier or customer owes, they pay the invoice and then you realize you did not get paid enough. Once you determine it was your fault for manually inputting incorrect information, you have to then go back to them and ask for more! This not only severely damages your relationship but also your reputation as a competent professional.
We all know everyone makes mistakes but there are solutions available to ensure none of the above happens again. In steps NetChain Squared. How can we make this dream a reality? Together. NetChain Squared, intelligently and instantly moves money, data, and information. Our network allows you to instantly and electronically pay invoices, while sending the necessary rich data needed to apply the payment, reducing cost and waste, and improving controls and efficiency, without ever needing to ask for bank account details. Netchain is the first platform, to analyze internal and external economic variables. It will tell you the optimal moment to pay your invoices, creating an unprecedented ability to optimize the commercial impact of your team. We extend our intelligent network so you can receive instant notification when an invoice is raised in your company’s name. Accept, and the invoice is automatically created in your system and sub-ledger. We go beyond payments to the complete procure-to-pay and order-to-cash lifecycle, automating full end-to-end financial operations, and showing the real power of artificial intelligence and machine learning. Our machine learning technology adapts to your organization’s preferences and business rules and is always learning and evolving to provide the most efficient process for your team. Gone are the days of human errors, fraud, and risk. Our system operates on and enforces the company’s business rules. Netchain Squared has the flexibility to allow manual intervention, but the power to only trigger it when you want it.
If you would like to learn more about how NetChain Squared technology can help to all but eliminate manual errors from your AP/AR processes please fill out the brief form below and we will gladly reach out to help you get started!