PYMNTS

APRIL 21, 2020

The coronavirus pandemic has some organizations playing payment rails musical chairs in their accounts payable (AP) departments as they adjust payment strategies (and methods) to suit their needs in a volatile, remote working environment. percent year-over-year increase in transaction volume for the first quarter of 2020. ”

NACHA 82

NACHA Correspondent Bank Real Time Payments Push-to-Card 82

Nanonets

JUNE 21, 2023

Reconciling payments involves verifying whether the payments received in the company's bank account match the corresponding invoices or payment records in the company's financial system. It ensures that all customer payments are correctly recorded and matched with the corresponding invoices or sales transactions.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

EBizCharge

JUNE 19, 2024

check, wire transfer, credit card) Invoice number(s) and date(s) that the payment corresponds to Customer account number or reference Any additional notes or messages regarding the payment These details are imperative as they help AR teams update accounting records and manage receivable processes.

Payer 52

Payer Reconciliation Correspondent Disputes 52

Seon

MARCH 20, 2024

However, this expansion brings a corresponding need to evolve fraud prevention strategies to keep pace with advancing threats. Fraud’s Path to Escalation The digital age has ushered in a seismic shift in fraud, marked by increased costs and volume of fraudulent activities. for financial service firms and banks.

Fraud Prevention 98

Fraud Prevention Assessments Phishing Mitigation 98

Nanonets

MAY 6, 2024

    General Ledger Reconciliation is the process of comparing and aligning the entries in the general ledger with the corresponding transactions documented in these external sources.   Adjustments may be made to the general ledger to rectify errors or reconcile differences between the records.

Reconciliation 52

Reconciliation Payroll Automation Transactions 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. It involves comparing and verifying the balances reported in an organization's general ledger with the corresponding amounts in subsidiary ledgers or supporting documentation.

Reconciliation 52

Reconciliation Audit Financial Analysis Adjustments 52

FloQast

NOVEMBER 6, 2023

Volume vs. price variances. Break down revenue variances into volume (quantity sold) and price (average selling price) components to pinpoint drivers of change. Recognizing a negative variance early allows businesses to adjust and reallocate resources efficiently before it impacts long-term cash flow or profitability.

Accounts 52

Accounts Adjustments Best Practices Volume 52

The Fintech Times

FEBRUARY 21, 2024

“This creates the opportunity for correspondent banks to route and settle payments via a real-time payment infrastructure rather than the Real Time Gross Settlement rail, the only option previously. “In 2024, cross-border payments volumes will continue to grow rapidly. The advantage is lower fees and 24×7 availability.

Cross-Border Payments 78

Cross-Border Payments Cross-Border ISO 20022 SWIFT 78

Nanonets

APRIL 29, 2024

Matching of Transactions : Once intercompany transactions are identified, the next step is to match corresponding transactions recorded by each entity. Resolving these discrepancies requires investigation and communication between the entities involved to determine the correct treatment and adjustments needed.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

Nanonets

JUNE 22, 2023

Cross-reference this information with the corresponding purchase orders and contracts to ensure consistency. Update general ledger and accounting records : Make the necessary adjustments in your general ledger and accounting records to reflect the reconciled invoice data accurately.

Reconciliation 52

Reconciliation Audit Automation Correspondent 52

PYMNTS

JULY 10, 2020

Quick-service restaurants (QSRs) and others in the food service space are rapidly adjusting their operations during the pandemic, with many implementing new technologies online and in-store to ensure customers can seamlessly and safely place orders. How The Rise In Digital Food Ordering Volumes Has Attracted Cybercrime Schemes.

Point-of-Sale (POS) 64

Point-of-Sale (POS) Scams Correspondent Volume 64

Nanonets

APRIL 4, 2023

Put simply, mailroom automation is the process of automating incoming mail (both physical and digital) and other correspondence by transforming it into structured business data that is then sent to the relevant individuals or fed into processes and systems within your organization. What is mailroom automation? Implement the new system.

Automation 52

Automation Correspondent Process AI 52

Nanonets

APRIL 3, 2024

Whether managing increased transaction volumes, reconciling accounts, or preparing financial reports, virtual bookkeepers can adapt to meet the evolving needs of growing businesses. Scalable and capable of handling large volumes of documents and data, thereby catering to businesses of all sizes. Looking to automate bookkeeping?

Automation 96

Automation Payment APIs and Integration Reconciliation Financial Analysis 96

Nanonets

APRIL 12, 2024

Accountants compare the entries in the general ledger with the corresponding figures in subsidiary ledgers, journals, and other internal records. This reconciliation process helps management understand the reasons for deviations from planned targets and adjust future plans accordingly. What Is Bank Reconciliation?

Reconciliation 52

Reconciliation Payroll Automation Checks 52

Nanonets

APRIL 1, 2024

For instance, payments may erroneously appear as settled in records while the corresponding cash remains undebited, necessitating reconciliation adjustments. Scalability: Whether handling a small number or a large volume of outstanding checks, reconciliation software is scalable to accommodate businesses of all sizes.

Reconciliation 52

Reconciliation Checks Automation Process 52

Nanonets

MAY 7, 2024

This method is painstaking and involves matching each expense entry with the corresponding documentation—bills, invoices, purchase orders, cheques, bank statements and the likes—to identify discrepancies and errors. This process helps identify discrepancies such as missing transactions, bank errors, or unauthorised withdrawals.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

EBizCharge

MAY 13, 2024

Limited scalability: When a business grows, transaction volumes typically increase. Invoices get settled quicker, so accounting teams can accurately manage a higher volume of transactions for more efficient operations. Promoting scalability: As business operations grow, so does the volume of transactions that must be managed.

Automation 52

Automation Disputes Payments Process 52

Nanonets

MARCH 30, 2023

IDP also allows handling large volumes of unstructured data, making it an efficient solution for automating data-intensive tasks such as invoice processing, contract management, and compliance reporting. As the volume, complexity, and speed of incoming data continue to increase, manual processing becomes increasingly inefficient and costly.

Process 52

Process Automation Compliance Volume 52

Nanonets

FEBRUARY 28, 2024

GL Coding General Ledger Codes, or GL Codes, are unique alphanumeric strings that classify and record financial transactions within a company’s general ledger into corresponding GL account. Each GL account is associated with corresponding GL code. 💡 Consider a small café that buys a new espresso machine for $1,000.

Automation 52

Automation Payment APIs and Integration Accounts Transactions 52

Nanonets

JUNE 15, 2023

Yet, despite this evolution, the management of documents can still pose significant challenges to businesses due to the volume, variety, and complexity of information they contain. PO Verification : The AP clerk checked the PO number on the invoice, then manually searched for the corresponding PO in a filing cabinet or electronic system.

Automation 52

Automation Payment APIs and Integration Audit Process 52

Nanonets

APRIL 6, 2023

This step may involve resizing, cropping, or adjusting the contrast and brightness of the images. The algorithms use deep learning and neural networks to learn patterns and features in the images that correspond to specific types of objects. This can save a significant amount of time and effort, especially in high-volume settings.

Automation 52

Automation Process AI Law Enforcement 52

Nanonets

SEPTEMBER 23, 2023

This allows for accurate analysis, better decision-making, and the ability to adjust strategies and operations as needed. As your business grows, you'll want accounting software that can accommodate increased transaction volumes and handle additional users without compromising performance.

Small Business 52

Small Business Accounts Compliance Automation 52

PYMNTS

OCTOBER 29, 2018

Or turn into new opportunities as others take stock and adjust those plans. But those expectations are being dashed over concerns of lower-than-predicted unit sales, since many consumers may have just purchased a pricey iPhone 8 or iPhone X a year ago – and over lower sales volumes, given the lower price point.

Online and Mobile Banking 78

Online and Mobile Banking Payments PayPal Payment APIs and Integration 78

Nanonets

JUNE 18, 2024

Each balance should match its corresponding entry in the general ledger for any source. Steps in the Account Reconciliation Process The reconciliation process ensures each entry of the general ledger matches the corresponding external documentation. Retain all supporting documentation.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

SEPTEMBER 21, 2023

Credit and  debit invoices  are used to adjust an existing invoice.  Invoices serve as vital evidence of the goods or services received and the corresponding payment obligations.   Recurring invoices  are generated for regular ongoing services, such as monthly subscriptions or memberships.

Audit 40

Audit Legal Accounts Transactions 40

Nanonets

APRIL 14, 2023

Additionally, document processing can be used for legal discovery, where large volumes of documents can be processed to identify relevant evidence. In addition, Nanonets is a scalable solution that can handle large volumes of documents and data, making it suitable for businesses of all sizes.

Process 98

Process Automation Database Legal 98

Nanonets

SEPTEMBER 12, 2023

Business expansions meant Happy Jewelers had an increase in the volume of invoices. Scaling up with business growth As Happy Jewelers expanded their business to new locations like Chicago and New York, they faced the challenge of managing an increased volume of invoices from multiple sources. " ~ AP Team at Happy Jewelers.

Automation 52

Automation Process Audit Compliance 52

Nanonets

AUGUST 1, 2023

Document workflow automation is useful in almost all realms of business because all activities of any company require large volumes of paperwork. Data Validation and Verification: The extracted data is validated against predefined rules and matched with corresponding purchase orders and receipts to ensure accuracy and consistency.

Automation 40

Automation Payment APIs and Integration Audit Rules 40

PYMNTS

APRIL 20, 2016

Noting that the time period tends to represent a lower volume order compared to others (such as the holiday season), Park attributes the peak in fraudulent activity on MacSales.com to the fact that “the percentage of good orders to bad orders is going to be a little bit more off than it would be during our busy season.”. Fighting Back – Hard.

EMV 42

EMV Adjustments Procedures Credit Cards 42

Nanonets

APRIL 16, 2023

Easy handling of multiple POs to multiple invoices:  Automation is particularly useful when the volume of POs and invoices is high, and manual effort would take days, if not months to manage and categorize them. Payables also updates the amount billed on the PO distribution(s).

Automation 52

Automation AI Duplicate Accounts 52

Nanonets

JANUARY 17, 2024

Ensuring that the chosen expense management solution can scale to accommodate increased transaction volumes, additional employees, and expanding operations is essential for long-term success. Updating and Evolving Policies: Bi-annual reviews to adjust limits and categories as per market rates and company growth.

Payment APIs and Integration 52

Payment APIs and Integration Compliance Automation Audit 52

Nanonets

JULY 31, 2023

Our choice is the RecursiveCharacterTextSplitter since it's designed to maintain the integrity of paragraphs by adjusting the length of the chunks to avoid unnecessary splits wherever possible. Each of these invoices must be processed and matched against corresponding purchase orders and receipts.

API 98

API Automation Database Returns 98

Nanonets

SEPTEMBER 17, 2024

This is usually done to train more capable VLMs for other tasks Variations of above mentioned applications can be used in medical, industrial, educational, finance, e-commerce and many other domains where there are large volumes of images and texts to work with. JINA CLIP puts a twist on CLIP architecture by jointly optimizing CLIP Loss (i.e.,

Best Practices 59

Best Practices Adjustments Assessments Research 59

CB Insights

OCTOBER 10, 2017

How recurring micro-transactions let Acorns do 17x the trading volume of Fidelity. Daily bill payments from Check’s mobile app reached over $1M in daily volume in just one year. Mobile bill pay usage volume spiked, hitting well over $1M a day by the time Check was acquired by Intuit in June 2014. account aggregator.

Finance 78

Finance Online and Mobile Banking Product Checks 78