Finance teams ensure that the business is paid on time and has sufficient cash flow to sustain its operations

Finance teams ensure that the business is paid on time and has sufficient cash flow to sustain its operations. This typically requires communicating with client and supplier finance teams to ensure that purchase orders are collected and invoices payment terms align with the terms agreed in the contracts.

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Due to the varying nature and format of purchase orders, finance teams typically extract purchase order numbers and relevant information from the POs manually. 

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This is time consuming and can result in manual errors which can lead to incorrect PO references in the invoices. This can in turn lead to payment delays as many businesses operate a no PO no payment policy.

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TextMine helps streamline the extraction of PO numbers, goods and destination descriptions to ensure that invoices can be generated accurately and paid on-time.

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Top use cases in Finance

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Purchase order information extraction. Extract the information you need to send compliant invoices such as purchase order numbers and buyer details. 

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Contract compliance. Quickly cross-reference invoices with contracts to ensure that direct and indirect spend is contracted.

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Trade Finance: pull out key terms from bills of ladings and insurance certificates to swiftly and accurately settle letter of credit payment requests.

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