Nooxit the automation powerhouse for your finance department.
The software uses machine learning and historic finance process data to
– automate manual data processing
– detect double payments
– detect anomalies
– correct manual errors.
Our software is used by finance departments.
Nooxit integrates with standard finance processes, like the invoice to pay process. The software is plugged to the customer’s ERP system.
Currently the solution implements four features:
1) Reversal avoidance
Nooxit can help to prevent rework and process errors in the posting process. It analyzes every finance posting in real time and alerts accountants about possible errors that lead to reversals and suggest corrections.
2) Anomaly detection
The software can help to prevent financial losses. It detects unusual posting patterns and fraud in real-time. It detects postings with unusual or rare combinations of attribute values for example unusual combinations of general ledger accounts or user accounts, rarely used accounts, unusual booking times etc.
3) Accounting field suggestion
Nooxit can help to increase automation and standardization in the posting process of invoices without a purchase order. From the line item text, the supplier number and the amount the softwares AI derives suggestions for the remaining fields like G/L account, LZB number, cost centre, VAT code etc. These suggestions help to significantly reduce manual data input.
4) Avoid duplicate payments
The software helps to reduce duplicate payments. The software analyses paid invoices and alerts the accountant if a duplicate is detected. This allows them to recover the financial loss.
