Clearly Payments

JANUARY 8, 2024

By identifying potential vulnerabilities, merchants can take targeted actions to mitigate risks before they escalate. Chargeback Management Best Practices Chargebacks pose a significant challenge for merchants, impacting both financial stability and reputation. Read this article on what is a good chargeback rate.

Risk Management 68

Risk Management Risk PCI DSS Process 68

Nanonets

FEBRUARY 21, 2024

Businesses are encouraged to familiarize themselves with the procedural steps of cash reconciliation, adopt best practices to enhance accuracy, and consider the benefits of automating the process to mitigate risks associated with manual reconciliation.

Reconciliation 52

Reconciliation Best Practices Automation Point-of-Sale (POS) 52

Nanonets

JUNE 21, 2023

This article will provide a comprehensive guide to reconciling payments, its importance, challenges faced, best practices, and the role of automation in enhancing the process. Fraud detection and risk mitigation Reconciling payments plays a vital role in detecting fraudulent activities and mitigating associated risks.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

EBizCharge

APRIL 26, 2024

Accounting teams are tasked with identifying discrepancies, communicating with clients to rectify payment issues, and adjusting cash flow forecasts accordingly. Resolution: For valid disputes, negotiate a mutually acceptable resolution, such as a payment plan or an adjustment to future payment terms.

Disputes 52

Disputes Best Practices Procedures SWIFT 52

Stax

FEBRUARY 28, 2024

For best practices, integrate it with your other systems, offer flexible plans for optimized cash flow, and ensure data security compliance to industry standards. The exact process varies depending on the software you use, but Stax Bill features a user-friendly interface for such adjustments. Real-time insights.

Payment APIs and Integration 88

Payment APIs and Integration Automation PCI DSS Fraud Prevention 88

EBizCharge

JUNE 4, 2024

Regular audits and updates are crucial to maintaining a secure payment environment, as well as educating your team about the best practices for handling sensitive data. The system’s efficiency mitigates late and missed payments, contributing to a steady and predictable cash flow.

Credit Cards 52

Credit Cards Process Payment Gateways Best Practices 52

Nanonets

MAY 21, 2024

By systematically reviewing and verifying accounts receivable balances, businesses can maintain financial transparency, mitigate risks, and optimise their financial performance. Adjust Ledger Balances: Make necessary adjustments to the accounts receivable ledger to correct any errors or discrepancies.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

Innovative Payments Association

MAY 20, 2024

Practice – Run tabletop exercises so that people are ready when and if something happens. Build Resiliency – Learn from your plan and practices and make adjustments. In some cases, they can help companies mitigate attacks and recover stolen funds. It can help identify and catch criminals.

Cybersecurity 52

Cybersecurity FBI Law Enforcement Crime 52

FloQast

APRIL 8, 2024

In this article, we define what a SOX material weakness is and provide actionable strategies and best practices to avoid it. Regularly assess the risk of material misstatement in financial reporting and adjust controls accordingly. What Is a Material Weakness? Conduct regular risk assessments. Foster a culture of compliance.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

Stax

JUNE 20, 2024

Robust security protocols and adherence to regulatory frameworks instill trust in customers, mitigating risks of data breaches and regulatory non-compliance. Regular reviews provide opportunities for you to make adjustments based on performance data.

ISVS 88

ISVS Payment APIs and Integration Compliance API 88

PYMNTS

APRIL 11, 2017

The data about suppliers and supply chains now at companies’ fingertips can help mitigate those risks and boost profits, said Jaggaer’s Zia Zahiri, chief technology officer (CTO), and Raj Aggarwal, product marketing manager for eProcurement and accounts payable. That should be happening for the enterprise,” the CTO added.

Mitigation 47

Mitigation Risk Best Practices On-Demand 47

Nanonets

APRIL 24, 2024

Through this meticulous process, businesses can mitigate the risk of errors, fraud, and legal complications, thus safeguarding their financial health and compliance.   Compliance : Assess compliance with regulatory requirements and accounting standards, ensuring adherence to relevant laws, regulations, and industry best practices.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

Nanonets

MAY 7, 2024

Through this guide, we will define what expense reconciliation is, explore its significance to companies, the formal methods of going about it, as well as the challenges and best practices involved. Without sufficient resources and support, organisations may struggle to implement best practices and adopt automation solutions.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

EBizCharge

JULY 22, 2024

Precise and practical strategies provide a roadmap to navigate various financial circumstances and ever-changing markets. Some of these strategies include setting clear and attainable goals, applying accurate forecasting for better budget management, and risk assessments and mitigation.

Risk Assessment 52

Risk Assessment Assessments Risk Finance 52

The Payments Association

OCTOBER 11, 2024

Savoie emphasises that the increased monitoring, reconciliation, and reporting requirements will be a significant administrative burden for firms, necessitating major operational adjustments. Firms should follow best practices, such as enhanced due diligence, to mitigate risks associated with third-party providers.”

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

EBizCharge

OCTOBER 17, 2023

These fees are intended to cover ACH return processing costs and encourage adherence to best practices to ensure more accurate and valid payments. Account balance adjustment: Finally, the originator’s account will be adjusted to reflect the return of the failed payment. What is an ACH reversal?

ACH 52

ACH Returns RDFI ODFI 52

Seon

APRIL 11, 2024

Both departments are crucial in identifying and mitigating fraud and reducing risk, including financial, operational, legal and reputational hazards. Such cross-functional insights facilitate a more proactive and predictive approach to identifying and mitigating financial crime, ensuring that organizations stay one step ahead.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

EBizCharge

AUGUST 20, 2024

Regular updates and a dedicated team also work to anticipate and mitigate potential security threats, providing peace of mind for businesses and their customers. This data-driven approach leads to a deeper understanding of market trends and customer needs, allowing for proactive adjustments to strategies and offerings.

B2B 52

B2B B2C Best Practices On-Demand 52

Nanonets

SEPTEMBER 22, 2023

Implementing best practices, such as prioritizing invoices and establishing internal controls, can improve the accounts payable process. Implementing best practices is also crucial for optimizing accounts payable processes. This helps in maintaining accurate financial records and mitigating potential risks.

Accounts 40

Accounts Master Account Best Practices Reconciliation 40

Nanonets

MAY 6, 2024

This process includes verifying transactions against payroll registers and tax reports, ensuring that tax withholdings match figures reported to tax authorities, accounting for accruals and adjustments related to payroll expenses, and verifying the accurate calculation and recording of employee benefits and deductions.

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Neopay

JUNE 27, 2024

Risk management framework: Develop a robust risk management framework that identifies, assesses and mitigates key risks associated with your business operations. Provide a clear overview of your risk appetite and mitigation strategies to demonstrate a proactive approach to risk management.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Nanonets

JULY 24, 2023

Step 4: Confirm Once you have identified the transactions that need to be adjusted, it's crucial to record them appropriately. This involves reviewing the reconciled data and ensuring that the adjusted figures align with the overall financial picture, demonstrating consistency between the internal ledger and the bank statement.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

Nanonets

APRIL 1, 2024

Proper management involves regular reconciliation , communication with payees, and adherence to best practices to mitigate risks. Through these reconciliation processes, businesses can uphold financial transparency, mitigate risks, and maintain credibility in their financial operations. What is Bank Reconciliation?

Reconciliation 52

Reconciliation Checks Automation Process 52

Nanonets

JUNE 23, 2023

At the end of each accounting cycle, the accounting or finance team of a company reviews its accounts and adjusts balances. This may involve adjusting journal entries, contacting relevant parties for clarification, or updating records to reflect accurate balances. Document the steps taken, findings, and any adjustments made.

Reconciliation 52

Reconciliation Audit Financial Analysis Adjustments 52

Core

OCTOBER 16, 2023

By exploring best practices and strategic approaches, government agencies and municipalities can unlock the full potential of their revenue reports. Varying report standards, complex financial data, and the sheer volume of information can make it challenging to grasp the insights available within a revenue report with ease. Here’s how.

Governance 52

Governance Government Procedures Mitigation 52

EBizCharge

APRIL 23, 2024

Assessing the clients’ credit history and setting fair terms can mitigate the risk of overdue payments and financial strain. In addition to implementing these strategies to negotiate the best terms, your company can apply a few more techniques to enhance its overall payment collection process.

Payments 52

Payments Best Practices Settlement Assessments 52

Seon

JUNE 15, 2023

According to the FBI’s Internet Crime Complaint Center’s (IC3) Internet Crime Report 2022, the IC3 received 21,832 BEC complaints with adjusted losses of over $2.7 This means many instances of BEC can be prevented by mitigating human error through staff training. billion in 2022.

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

EBizCharge

JULY 15, 2024

This article will explore the key differences between these billing practices, the pros and cons of arrears billing, and best practices. This system allows for precise compensation calculations, including overtime and other adjustments. Billing in arrears vs. in advance: What’s the difference?

Disputes 52

Disputes Payer Legal Service Provider 52

EBizCharge

JUNE 26, 2024

It includes the COGM of the items sold, adjusted for changes in inventory levels. Weighted average cost (WAC): The WAC method mitigates price fluctuations by calculating the average cost of all goods available for sale during an accounting period and assigning this cost to the COGS and the ending inventory.

Accounts 52

Accounts Product Best Practices Process 52

EBizCharge

MAY 15, 2024

A healthy inventory turnover ratio indicates that a company is efficiently balancing inventory supply with consumer demand, mitigating holding costs and reducing the risk of dead stock or obsolete inventory. Diversify your product offering to mitigate dependency on weak-performing stock. How does the inventory turnover ratio work?

On-Demand 52

On-Demand Assessments Adjustments AI 52

PYMNTS

JUNE 15, 2017

For quite some time, organizations have shared best practices from a fraud perspective, but I think that has been more informal,” he said, “in terms of industry relationships and associations.” From an external perspective, he continued, the sharing of data is “interesting and challenging.

Push-to-Card 46

Push-to-Card Cross-Border Best Practices Privacy 46

The Finance Weekly

DECEMBER 9, 2021

Executing this task at the highest standard possible requires an understanding of the specific objectives of scenario planning, the different approaches to it, and knowing the best practices and most common mistakes. This post will flesh out all these aspects of scenario planning. What is Scenario Planning & Its Purpose?

Risk Management 52

Risk Management Risk Finance Mitigation 52

Nanonets

NOVEMBER 14, 2023

Equally important is risk management, which includes assessing and mitigating risks associated with supply chain disruptions, price volatility, and supplier reliability. This involves analyzing procurement data to assess performance against set objectives, identifying areas for improvement, and making necessary adjustments.

Assessments 52

Assessments Risk Risk Management Mitigation 52

Nanonets

MAY 6, 2024

  Automation tools mitigate the risks associated with manual reconciliation processes by automating repetitive tasks and providing robust error-checking mechanisms. Familiarize users with the BlackLine platform, its features, and best practices for efficient reconciliation management.

Reconciliation 52

Reconciliation Accounts Audit Automation 52

The Finance Weekly

OCTOBER 13, 2021

Here are the best practices for getting started, from consolidating multiple companies' financials onto a single ledger to deciding which company's enterprise resource planning (ERP) system to stick with (or, in some cases, an even more difficult task—deciding to start from scratch and implement an entirely new ERP system): 1.

Risk Management 52

Risk Management Automation Risk Close Processes 52

Nanonets

MARCH 4, 2024

Updating and Evolving Policies: Bi-annual reviews to adjust limits and categories as per market rates and company growth. The management team, acknowledging the practical challenge, decides to adjust the policy. Other Best Practices To optimize your expense reimbursement process, consider these essential practices: 1.

Process 52

Process Compliance Automation Audit 52

Nanonets

SEPTEMBER 22, 2023

To mitigate this risk, businesses can implement  effective accounts receivable  processes that include clear credit policies, prompt and accurate invoice issuance, efficient payment collection strategies, and accurate maintenance of AR reports. Accurate AR reports also play a vital role in effective decision-making.

Accounts 40

Accounts Disputes Automation Risk 40