Remove Adjustments Remove Duplicate Remove Mitigation
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HIPAA Disaster Recovery Planning

VISTA InfoSec

Financial Stability : Mitigates the financial impact of disasters, including costs from data breaches or loss of revenue. Set up backup and recovery procedures: Develop protocols for duplicating and restoring ePHI data during data loss events. Regular testing and adjustments are essential due to changes in ePHI applications.

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Guide to Vendor Account Reconciliation Process

Nanonets

Fraud Detection and Prevention: Through vendor reconciliation, businesses can detect discrepancies that may indicate fraudulent activities such as overbilling, duplicate invoices, or fictitious vendors. Any discrepancies, such as duplicate payments or missing entries, must be identified.

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How To Do Accounts Receivable Reconciliation

Nanonets

By systematically reviewing and verifying accounts receivable balances, businesses can maintain financial transparency, mitigate risks, and optimise their financial performance. Common discrepancies may include unapplied payments, duplicate entries, or incorrect customer balances.

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ACH Reversals vs. ACH Returns: What’s the Difference?

EBizCharge

Account balance adjustment: Finally, the originator’s account will be adjusted to reflect the return of the failed payment. Incorrect payment amount: A reversed ACH can correct transactions where the amount transferred doesn’t align with the agreed-upon terms, providing a mechanism to adjust the financial value accurately.

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Why Payments Is The Least Painful Part Of Employee Expenses

PYMNTS

But as service providers find opportunity in mitigating friction associated with employee purchases, Hoag noted that the true opportunity lies not in the payment itself. Teams often don’t understand they’re paying for overlapping services, duplicate vendors and zombie subscriptions that fall below the radar.”.

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7 Best Practices for effective Account Reconciliations

Nanonets

Effective Account Reconciliation promotes compliance with regulatory requirements and accounting standards, mitigating the risk of penalties and legal consequences. Make Adjustments: Record missing transactions and correct errors for accurate balances. Document Process: Maintain detailed records of steps, findings, and adjustments.

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What is spend management?

Nanonets

By implementing effective spend management practices, organizations can identify cost-saving opportunities, streamline procurement processes, ensure compliance with regulations and policies, and mitigate financial risks. In this step, organizations validate and clean the data, removing any discrepancies, duplicates, or errors.