Neopay

DECEMBER 5, 2024

Policy and Procedure Updates : We can assist in revising your policies and procedures to align with the updated expectations, including the addition of PF risk assessments and stronger sanctions monitoring protocols. We ensure your approach to financial crime risks is in line with both FCA expectations and best practices.

Financial Crimes 52

Financial Crimes Crime Money Laundering Risk Assessment 52

Nanonets

SEPTEMBER 25, 2024

We'll also guide you through setting up an efficient bank statement processing system and share best practices to transform this data flood into a strategic asset. 💡 Best practices:  1.   💡 Best practices:  1. 💡 Best practices:  1.

AI 52

AI Process Best Practices Reconciliation 52

The Finance Weekly

MAY 20, 2024

Nevertheless, banks still manage most business accounts, and the same reconciliation procedures can be applied to these other cash positions. Adjust the Bank Balance After identifying these unmatched transactions, estimate how the bank account balance will change as these transactions are processed by the bank.

Reconciliation 52

Reconciliation Adjustments Best Practices Wire Transfer 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

Fintech News

JULY 4, 2024

AI can streamline regulatory processes, enhancing the efficiency of know-your-customer (KYC) and anti-money laundering (AML) procedures. For instance, AI-driven pricing algorithms used by firms could lead to faster and more uniform price adjustments in response to economic shocks.

Central Bank 96

Central Bank AI Correspondent Bank Correspondent 96

The Fintech Times

MAY 30, 2024

Implement robust AML and KYC procedures This is essential, as these measures help prevent illicit activities such as money laundering and terrorist financing. This complicates the task of compliance, as companies must adapt their procedures and exercise flexibility to account for various local demands.

Compliance 64

Compliance Security Legal Blockchain 64

EBizCharge

JUNE 27, 2024

Now that you know how to calculate days sales outstanding and valuable tools to use, you can familiarize yourself with some best practices. Here are a few best practices to keep in mind when calculating DSO: Regularly monitoring: Calculate DSO regularly, such as monthly, to track trends and address issues promptly.

Best Practices 52

Best Practices Adjustments Assessments Automation 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. This includes identifying key controls, establishing clear lines of authority and responsibility, and ensuring that policies and procedures are well-documented and communicated. Regular internal audits.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

Nanonets

APRIL 24, 2024

This audit aims to verify the accuracy and completeness of the bank reconciliation procedures and ensure that they are conducted in accordance with established accounting standards and regulatory requirements. They assess the adequacy and accuracy of documentation to support the integrity of financial records.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

Clearly Payments

JANUARY 8, 2024

Chargeback Management Best Practices Chargebacks pose a significant challenge for merchants, impacting both financial stability and reputation. Implementing effective chargeback management practices is essential to minimize their occurrence and address disputes promptly. Read this article on what is a good chargeback rate.

Risk Management 68

Risk Management Risk PCI DSS Process 68

EBizCharge

JULY 12, 2024

This policy outlines acceptable expenses, the procedures for submitting expenses for reimbursement, and the roles and responsibilities of staff and management in the expense reporting process. Enforcing explicit procedures for approval and reimbursement creates a standard for audits. What is an expense policy?

Compliance 52

Compliance Best Practices Procedures Process 52

Seon

JUNE 24, 2024

It prevents issues such as payment fraud, account fraud (and misuse), loan fraud, and conducting business with high-risk individuals , as well as a stipulated practice for anti-money laundering (AML) compliance. Employee training on identity risk management best practices strengthens organizational defenses.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

Neopay

JUNE 27, 2024

Compliance policies and procedures: Develop comprehensive compliance policies and procedures that address key regulatory requirements, such as anti-money laundering (AML) and Know Your Customer (KYC) obligations (see below). Staff training: Provide regular training to your staff on AML obligations, red flags, and reporting procedures.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

PYMNTS

OCTOBER 2, 2019

The tool is designed to bring more automation to the medical appointment process, and to craft personalized healthcare payment plans for patients before they undergo procedures or access services. The future of healthcare is bringing in that expertise and those best practices,” he said.

Procedures 51

Procedures Best Practices Automation Consumer 51

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. Perform Reconciliation Controls: Implement reconciliation controls and procedures to prevent future discrepancies and errors.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

EBizCharge

MAY 14, 2024

Improved accuracy Automated billing software is programmed to follow predefined rules and procedures consistently, minimizing the risk of human error inherent in manual billing processes. With automation, businesses can easily adjust billing structures without requiring manual intervention or adjustments to their billing systems.

Automation 52

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

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

EBizCharge

OCTOBER 17, 2023

Fortunately, the National Automated Clearing House Association (NACHA) , the governing body over the ACH Network, has processes, procedures, and safeguards to protect consumers and merchants from transaction errors. Account balance adjustment: Finally, the originator’s account will be adjusted to reflect the return of the failed payment.

ACH 52

ACH Returns RDFI ODFI 52

EBizCharge

JULY 2, 2024

Ease of use is another factor; simple payment procedures require less effort from customers, enhancing their overall experience with the brand. Best practices for collecting customer payments Businesses should adopt best practices that streamline the payment process and address customer preferences to collect customer payments effectively.

Contactless Payments 52

Contactless Payments Payments Disputes Online and Mobile Banking 52

Nanonets

FEBRUARY 9, 2024

Remember that internal controls are procedures and processes management emplace to ensure accounting integrity and financial transparency. In this case, the referee (actual control measures and checks) uses the playbook (company procedures built on accepted accounting principles) to manage the game (financial reporting).

Audit 52

Audit Risk Assessment Assessments Procedures 52

PYMNTS

OCTOBER 2, 2019

The tool is designed to bring more automation to the medical appointment process, and to craft personalized healthcare payment plans for patients before they undergo procedures or access services. The future of healthcare is bringing in that expertise and those best practices,” he said.

Procedures 40

Procedures Best Practices Automation Consumer 40

Nanonets

MAY 6, 2024

Familiarize users with the BlackLine platform, its features, and best practices for efficient reconciliation management. Monitor performance, gather feedback, and make necessary adjustments before rolling out the solution organization-wide.   BlackLine may present challenges for some organizations.

Reconciliation 52

Reconciliation Accounts Audit Automation 52

PYMNTS

APRIL 9, 2018

Part of this trend is due to the fact that, just as cybersecurity technologies are evolving every day, cyberattackers’ tactics are similarly changing to adjust to more sophisticated defenses. Despite the billions of dollars that businesses spend to safeguard their systems, data breaches continue to occur.

Data Breach 49

Data Breach Breach Cybersecurity Phishing 49

Nanonets

FEBRUARY 6, 2024

The external transactions go through the routine account reconciliation procedure, where the general ledger is matched with documents like bank statements. Its primary aim is to accurately account for all transactions and adjust accounts according to intercompany accounting rules. Best Practices in Intercompany Reconciliation 1.

Reconciliation 52

Reconciliation Adjustments Automation Transactions 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

First, it’s essential to use a standardized follow-up procedure. 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. They can be in the form of an email or phone call.

Payments 52

Payments Best Practices Settlement Assessments 52

PYMNTS

JULY 16, 2019

According to Business Insider reports Monday, WhatsApp pushed back against Symantec’s suggestion that it adjust its file validation and storage procedures. WhatsApp follows current best practices provided by operating systems for media storage and looks forward to providing updates in line with Android’s ongoing development.

Security 40

Security Payment APIs and Integration Small Business Email Compromise 40

Nanonets

DECEMBER 22, 2023

This also helps provide a forcing function to iteratively review standardized documentation like employee handbooks and standard operating procedures (SOP), ultimately improving your operational processes. Document and lifecycle management systems and review tools to ensure you’re not stockpiling state, out-of-date, and unused files.

Best Practices 52

Best Practices Security Risk Compliance 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

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

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

FloQast

NOVEMBER 11, 2024

Recommendations: Institute a hard Close once you finalize the close process to ensure nobody can make unauthorized adjustments to your final numbers. Identify bottlenecks and streamline procedures to accelerate the Close without sacrificing accuracy. Recommendations: Set clear timelines and goals for the close management process.

Reconciliation 52

Reconciliation Close Processes Accounts Transactions 52

Nanonets

JUNE 25, 2024

This guide will walk you through the process of invoice coding, how to automate it, and the best practices. Train your AP team thoroughly, emphasizing exception handling and correction procedures. Remember, automation is an evolving process – be prepared to make adjustments as your business needs change.

Automation 52

Automation Payment APIs and Integration Rules Process 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 23, 2023

By implementing these best practices, businesses can unlock their full potential in financial management. By regularly comparing actual results against predetermined benchmarks, businesses can identify areas of improvement, implement necessary adjustments, and ensure that they are on track to achieve their financial objectives.

Accounts 52

Accounts Compliance Regulations Audit 52

Nanonets

SEPTEMBER 22, 2023

To optimize the accounts receivable cycle and ensure efficient payment collection, businesses should implement best practices for issuing invoices. Effective  accounts receivable procedures  ensure a smooth payment collection process, reducing outstanding balances and accelerating the overall accounts receivable cycle.

Accounts 40

Accounts Disputes Automation Risk 40

Clearly Payments

JANUARY 4, 2024

This guide aims to provide merchants with an overview of cryptocurrency payments, highlighting the advantages, challenges, and best practices for integrating crypto payment methods into their business operations. This section covers some of the best practices for merchants in the realm of cryptocurrency.

Cryptocurrency 83

Cryptocurrency Stablecoins Cross-Border Payments Digital Currency 83