VISTA InfoSec

MAY 2, 2024

Instead, you pay a predictable monthly fee that adjusts based on your specific needs and growth—a much more budget-friendly approach. Regular audits and updates ensure your systems comply with industry regulations, offering you peace of mind and protecting your critical business information.

Cybersecurity 130

Cybersecurity Legal Compliance Best Practices 130

The Payments Association

OCTOBER 11, 2024

Firms must prepare for these changes by improving their internal processes, conducting audits, and adapting to new compliance requirements to ensure seamless implementation of the FCA’s reforms. What’s next?

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

PYMNTS

OCTOBER 5, 2020

The company aims to eliminate the confusion related to cybersecurity audit and certification processes by assisting companies in scoping correctly-sized audits and dynamically adjusting controls. The new capital will help Strike Graph hire more engineering and cybersecurity positions.

Cybersecurity 56

Cybersecurity Audit Risk Assessment Encryption 56

Neopay

DECEMBER 5, 2024

It also introduces new self-assessment questions and emphasises the importance of senior management accountability. Proliferation Financing (PF) In response to the 2022 changes in the Money Laundering Regulations (MLRs), the Guide now explicitly addresses the need for firms to conduct PF risk assessments.

Financial Crimes 52

Financial Crimes Crime Money Laundering Risk Assessment 52

Nanonets

FEBRUARY 9, 2024

It also applies to accounting firms, audit agencies, and any third party that a publicly traded company uses in its accounting management process. The act requires companies to develop, publish, audit, and actively use their ICFR. An assessment of how adequate internal controls were for the preceding period.

Audit 52

Audit Risk Assessment Assessments Procedures 52

The Fintech Times

AUGUST 28, 2024

Adjusting to MiCA The MiCA regulation aims to foster the use of innovative technologies by setting a regulatory framework that covers crypto-assets (including stablecoins ), crypto-assets issuers and crypto-asset service providers to protect the rights of holders in the EU.

Stablecoins 80

Stablecoins Multi-Currency Risk Mitigation Risk Assessment 80

FICO

MARCH 24, 2021

Here are some quick tips to keep you focused on your priorities: Review Risk Assessments and adjust internal controls as needed. Conducting internal monitoring and auditing. Maintain a strong Tone at the Top (“Culture of Compliance”). Set clear and realistic priorities. Exercise caution in dealings with third parties.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

Neopay

NOVEMBER 25, 2024

Annual safeguarding audits conducted by an external auditor, with findings submitted to the FCA. Firms must prepare to: Upgrade systems and processes : Enhanced record-keeping and reconciliation will require operational adjustments. Firms will need to ensure they are audit-ready throughout the year.

Consumer Protection 52

Consumer Protection Consumer Audit Compliance 52

The Finance Weekly

DECEMBER 15, 2024

Step 1: Conduct a Marketing Audit Why Start with an Audit? A marketing audit provides a snapshot of your current position and helps identify areas that need improvement. Key Activities in a Marketing Audit SWOT Analysis: Assess your internal strengths and weaknesses, as well as external opportunities and threats.

Process 52

Process Audit Adjustments Best Practices 52

PYMNTS

NOVEMBER 26, 2018

In addition to assessing how many members of the C-Suite have accounting experience, the researchers looked at other data points, including executive pay, complexity of company finances, financial performance and more. Newton of Florida State University examined data from 3,252 public companies over a 10-year period.

Compromise 51

Compromise Accounts Audit Risk 51

FloQast

APRIL 8, 2024

This can impact the company’s stock price and ability to secure financing and increase external audit costs. Conduct regular risk assessments. Regularly assess the risk of material misstatement in financial reporting and adjust controls accordingly. Regular internal audits. Documentation and evidence.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

Clearly Payments

JANUARY 8, 2024

Identifying and Assessing Risks Understanding the lay of the land is the first step in effective risk management. Conducting a thorough risk assessment tailored to the specific nature of the business is essential. This assessment serves as the groundwork for developing strategies to mitigate these identified risks.

Risk Management 68

Risk Management Risk PCI DSS Process 68

Nanonets

APRIL 17, 2024

Journal entries facilitate adjustments to the company's books to reflect transactions that have been recorded by the bank but not yet by the company, or vice versa. Clear and reconciled financial data enable management to assess the company's performance, manage cash flow effectively, and plan for the future.

Reconciliation 52

Reconciliation Adjustments Audit Checks 52

Neopay

JUNE 27, 2024

It is crucial to conduct a thorough assessment of your financial position and ensure that you meet the minimum capital requirements. Risk management framework: Develop a robust risk management framework that identifies, assesses and mitigates key risks associated with your business operations.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Nanonets

APRIL 24, 2024

Correct or adjust accounting records accordingly. Adjustment Recording :  Adjustments in the accounting system are made to reconcile accounts, such as accounting for bank fees, interest earned, or rectifying errors. Audit Trails : Comprehensive audit trails to track changes and maintain a transparent reconciliation process.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Payments Automation 52

Nanonets

MAY 21, 2024

Adjust Ledger Balances: Make necessary adjustments to the accounts receivable ledger to correct any errors or discrepancies. Document Reconciliation: Maintain detailed records of the reconciliation process, including any adjustments made and the reasons for those adjustments.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

The Fintech Times

MAY 16, 2024

According to a new report by the National Audit Office (NAO), the number of telephone calls received by HM Revenue & Customs (HMRC) from customers was down from previous years. HMRC must allow more time for these services to bed in and understand the difference they make before adjusting staffing levels.”

Correspondent 59

Correspondent Audit Small Business Assessments 59

Nanonets

JANUARY 23, 2024

The details contained in the FNOL for insurance claims assist the insurance provider in handling the claim, determining insurance coverage, assessing the extent of damage or loss, and settling the claim on the basis of the terms and conditions of the insurance policy. This accurate data is crucial for claims assessment and analytics.

Automation 52

Automation Settlement Assessments Fraud Detection 52

Nanonets

MAY 21, 2024

Make Adjustments: Record missing transactions and correct errors for accurate balances. Document Process: Maintain detailed records of steps, findings, and adjustments. Proper documentation provides a clear audit trail and facilitates transparency and accountability.

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 52

Stax

FEBRUARY 5, 2024

Common in transportation and logistics, fuel surcharges adjust for fluctuations in fuel prices. Healthcare providers, for instance, may factor in compliance costs spent on cybersecurity measures, staff training, regular audits, and legal consultations to ensure adherence to health information privacy regulations. Fuel surcharge.

Credit Cards 88

Credit Cards Legal On-Demand Regulatory Compliance 88

PYMNTS

SEPTEMBER 29, 2017

In a survey released earlier this year by the American Bankers Association (ABA), analysts found that banks are struggling with the regulations that impact their field — and are adjusting their risk management strategies accordingly. Sixty percent said that internal regulatory examinations include an assessment of risk management practices.

Treasury 56

Treasury Addressing Treasury Management FinTech 56

FloQast

JUNE 24, 2024

McKinsey’s research estimates that approximately 50% of work can be automated, leading to: Reduced errors Increased efficiency Enhanced compliance More time for accountants to focus on other high-level tasks Technology like FloQast can reduce the time to close by 30% , the reconciliation time by 38%, and the time for the audit to process by 23%.

Accounts 52

Accounts Reconciliation Procedures Automation 52

Stax

OCTOBER 3, 2024

Here’s a step-by-step guide to help businesses choose and implement a CRM solution: Identify business needs Assess and outline the specific needs, objectives, and challenges that the CRM system will address. Monitor the system’s performance, and gather feedback from users to make necessary adjustments.

CRM 88

CRM Small Business Automation Compliance 88

Nanonets

SEPTEMBER 25, 2024

  Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Maintain an efficient audit trail for future retrieval. Adjustments Once the accounting team identifies and explains discrepancies, they make the necessary adjustments. 💡 Best practices:  1.

AI 52

AI Process Best Practices Reconciliation 52

Nanonets

SEPTEMBER 27, 2024

In the insurance industry, STP translates to automating various processes such as financial credibility assessment, KYC/Identity verification, underwriting, and claims processing. to assessment, verification, and settlement. This can cause issues with audit and credibility certifications.

Process 52

Process Underwriting Automation Database 52

Nanonets

JULY 21, 2023

This could involve making adjustments to the general ledger, correcting errors, or seeking clarification from external parties. Make the necessary adjustments and ensure that all transactions are accurately recorded in the appropriate accounts. Once the cause of the discrepancy is identified, take the necessary steps to resolve it.

Reconciliation 52

Reconciliation Automation Audit Accounts 52

Nanonets

FEBRUARY 6, 2024

Its primary aim is to accurately account for all transactions and adjust accounts according to intercompany accounting rules. This process is critical for audit, taxation, and legal compliance. Forex Adjustment: Set a currency adjustment rate and convert all transactions into one currency.

Reconciliation 52

Reconciliation Adjustments Automation Transactions 52

Nanonets

MAY 22, 2024

Getting Started with Procurement Transformation Assessment Start by evaluating your current procurement processes to identify inefficiencies, bottlenecks, and areas for improvement. This can be done through detailed audits, process mapping, and feedback from procurement staff and stakeholders.

Process 52

Process P2P Automation Adjustments 52

Nanonets

MAY 11, 2023

Manual Invoice Processing Conventional processing of invoice involves the following basic steps: Assessment of the invoice received from the vendor:  An invoice is first received from a vendor for a product or service that has been ordered usually through a purchase order (PO). Looking to automate your manual AP Processes?

Process 52

Process Automation Audit Checks 52

FICO

JUNE 16, 2022

Taking the insights and converting them into meaningful, appropriate actions means adjusting effective debt collections strategies, recovery treatments, policies, processes and the all-important key performance indicators (KPIs). Adjusted charge-off policies to prevent the future loss of good customers.

Adjustments 52

Adjustments Assessments Returns APACS 52

EBizCharge

MAY 20, 2024

Whether you’re tracking investment performance or assessing a business’s health, YTD figures act as a snapshot of progress and financial dynamics. Accountants use this data to prepare interim financial reports, conduct audits, and facilitate the accurate projection of year-end financial outcomes. What does a high YTD mean?

Payroll 52

Payroll Returns Finance Accounts 52

Nanonets

DECEMBER 25, 2023

Enterprise Plan: Built for large organizations, this plan offers advanced features such as SAML SSO, user audit logs, and a dedicated success manager, along with enhanced security and control. Enterprise Plan: Everything in Team, plus SAML SSO, user audit logs, dedicated success manager, and tailored onboarding.

API 52

API Audit Automation Database 52

Nanonets

SEPTEMBER 21, 2023

The essential steps of the accounting cycle include analyzing and recording transactions, posting to the general ledger, preparing a trial balance, making adjusting entries, preparing financial statements, making closing entries, and sometimes making reversing entries.

Accounts 40

Accounts Adjustments Transactions Process 40

EBizCharge

JULY 8, 2024

By comparing income statements from different reporting periods, businesses can track their financial trajectories and adjust their business strategies accordingly. This could mean adjusting pricing strategies, cutting unnecessary costs, or boosting investment in profitable areas.

Adjustments 52

Adjustments Accounts On-Demand Finance 52

EBizCharge

JULY 17, 2024

They are assessed regularly within financial statements to help evaluate a company’s efficiency and financial health. Effective financial management involves monitoring and adjusting these expenses to align with revenue and cost objectives. Organizations aim to keep tight control over both to maintain profitability.

Product 52

Product Adjustments Assessments Legal 52

EBizCharge

MAY 14, 2024

With automation, businesses can easily adjust billing structures without requiring manual intervention or adjustments to their billing systems. Follow these steps to position your business for a seamless transition: Assess your business’s needs To start, identify the specific billing needs of your business.

Automation 52

Automation Payment APIs and Integration Best Practices Online and Mobile Banking 52

Nanonets

AUGUST 31, 2023

This can help managers make quick decisions and adjustments to improve service levels. Automation can also help maintain a clear audit trail, thus ensuring transparency and compliance. Assess the feasibility Not all tasks can be automated, or the cost of automation may not justify the benefits.

Automation 52

Automation CRM Compliance Process 52