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Deciding the timing of vendor payments: a strategic approach
Managing vendor payments is a critical task for any company. With numerous invoices to process and a variety of payment terms to consider, businesses must make decisions carefully to maintain healthy cash flows and foster strong vendor relationships. This blog outlines the strategic consideration of early payment discounts and late payment charges and introduces a…
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The sales tax verification: embracing AI for accuracy and efficiency
1. Current verification process of sales taxes in vendor invoices In the traditional approach, accountants manually review invoices from vendors to verify the accuracy of sales taxes charged. This involves checking the item-wise price, quantity, and sales tax against the shipping-to and from addresses postal codes. Accountants must understand the taxability of products, applicable tax…
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The AI advantage in finance function: beyond traditional automation
The shift from traditional workflow automation to AI-enhanced processes in finance represents a leap toward more intelligent, adaptive, and strategic financial management. AI’s ability to learn and improve over time, predict future trends, and provide deep insights into financial data offers CFOs powerful tools to drive efficiency, compliance, and strategic decision-making. While traditional automation streamlines…