Nanonets

JUNE 18, 2024

Introduction to Account Reconciliation Account reconciliation is the critical process of comparing your general ledger with internal and external sources. Account Reconciliation can be a fairly manual task, especially right before the monthly close. Why is Account Reconciliation so Important?

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Reconciliation Accounts Automation Credit Cards 52

Nanonets

MAY 21, 2024

Accounts receivable reconciliation is a crucial process within accounting and financial management practices undertaken regularly by a business. What is Accounts Receivable Reconciliation? This involves cross-referencing various sources of information, such as invoices, sales receipts, customer payments, and ageing reports.

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Reconciliation Accounts Adjustments Correspondent 52

Nanonets

APRIL 29, 2024

The Top Credit Card Reconciliation Softwares in 2024 Credit card reconciliation is a crucial aspect of financial management for businesses of all sizes. What is Credit Card Reconciliation? This may include invoices, receipts, purchase orders, or other documentation related to the transactions.

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Reconciliation Credit Cards Correspondent PCI DSS 52

Nanonets

JUNE 26, 2024

What Is a Bank Reconciliation Statement? A bank reconciliation statement is a financial document that compares a company's bank account balance to the transactions recorded on its general ledger, often called the "cash books." How to perform a Bank Reconciliation? These will be added to the accounting records.

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Reconciliation Adjustments Audit Checks 52

Nanonets

MAY 6, 2024

General Ledger Reconciliation The General Ledger (GL) is a silent custodian of a company's financial narrative.     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.  

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Reconciliation Payroll Automation Transactions 52

Nanonets

JUNE 24, 2024

What is Credit Card Reconciliation? Credit card reconciliation is the process of ensuring that the credit card transactions match the internal general ledger. Merchant service reconciliation: This is pertinent to the income side of the reconciliation, where customers pay for the business via credit card.

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Reconciliation Credit Cards Correspondent Issuers 52

Nanonets

MAY 6, 2024

Spreadsheets like Excel have long been a staple for account reconciliation , but their limitations are becoming increasingly evident. This results in scattered files, versioning issues, the need to track down stakeholders for missing information, the generation of duplicate datasets, and more.

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Reconciliation Accounts Audit Automation 52

Nanonets

APRIL 2, 2024

Importance of bank reconciliation in internal control In the world of finance and accounting, accuracy is key. Bank reconciliation is a fundamental process that ensures the alignment of internal records with external bank statements. What Is a Bank Reconciliation? There are various approaches to conducting bank reconciliation.

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Reconciliation Automation Adjustments Regulatory Compliance 52

Nanonets

APRIL 15, 2024

What is a Bank Reconciliation Statement Bank reconciliation is the process that ensures that a company's recorded cash balances align with the funds in their bank accounts. In effect, the reconciliation statement is a document that presents the comparison between the internal financial records of a company (e.g.

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Reconciliation Adjustments Checks Correspondent 52

Nanonets

FEBRUARY 6, 2024

Intercompany reconciliation is specific to companies with multiple subsidiaries under the same parent group. This article provides the most comprehensive guide to intercompany reconciliation and how automation can help you save time & cost! Reconciliation helps remove duplicate entries and rectify errors.

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Reconciliation Adjustments Automation Transactions 52

Nanonets

JANUARY 14, 2024

Bank reconciliation is the process of matching the company’s cash ledger with the bank statements. These discrepancies must be accounted for in a bank reconciliation statement to represent the current financial position accurately. What Is a Bank Reconciliation Statement? The bank lost or misplaced your check for $2000.

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Reconciliation Adjustments Checks Duplicate 52

Nanonets

JANUARY 8, 2024

Bank Reconciliation is the process of matching the company's cash books to the bank statement. Reconciliation includes matching the company’s balance sheet, income statement, bank statements, and expenses. Bank reconciliation is crucial for identifying and minimizing such losses.In How to do Bank Reconciliation?

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Nanonets

JUNE 21, 2023

Efficient reconciliation of payments is a vital aspect of financial management for businesses of all sizes. Manual payment reconciliation processes can be time-consuming, error-prone, and inefficient. Manual payment reconciliation processes can be time-consuming, error-prone, and inefficient. What is payment reconciliation?

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Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

SEPTEMBER 25, 2024

In this article, we’ll explore applications of AI and automation for bank statement processing.   Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Reconciliation This step involves matching the extracted data with the company’s internal records.

Process 52

Process AI Best Practices Reconciliation 52

Nanonets

JANUARY 8, 2024

Bank Reconciliation is the process of matching the company's cash books to the bank statement. Reconciliation includes matching the company’s balance sheet, income statement, bank statements, and expenses. Bank reconciliation is crucial for identifying and minimizing such losses.In How to do Bank Reconciliation?

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Reconciliation Process Adjustments Checks 52

Nanonets

JULY 21, 2023

To ensure the integrity of financial data, accountants and bookkeepers rely on the general ledger account reconciliation process. This process involves comparing general ledger accounts with supporting documents using reconciliation software to identify discrepancies and take corrective measures. What is reconciliation software?

Reconciliation 52

Reconciliation Payment APIs and Integration Automation Audit 52

Nanonets

OCTOBER 9, 2024

  Read more: How to use AI in bank statement processing How does the bank statement verification process work? Artificial Intelligence (AI) and Machine Learning (ML) : AI-powered tools can detect patterns, spot discrepancies, and flag suspicious transactions that might indicate tampering.

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PYMNTS

MARCH 31, 2020

Tipalti CEO and Co-Founder Chen Amit said in the release, “The importance of AI in business finance is only going to increase, and we will be adding new capabilities to Tipalti PI over time to support the needs of our customers. ” Tipalti Pi is created to help during the payable process such as by optimizing payables workflow.

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Accounts AI Duplicate Payment Reconciliation 53

PYMNTS

NOVEMBER 11, 2020

Into that void steps artificial intelligence (AI)-powered liquidity management systems. percent of finance leaders are evaluating or investing in AP and AR automations, with 67 percent focusing specifically on AI- and ML-powered systems,” per the new Playbook. A recent survey found that 74.2 Platforms Streamlining Mass Payables.

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Automation Void Treasury Duplicate 87

PYMNTS

JUNE 22, 2017

We think roughly 30 percent of duplicate payments are the result of some sort of vendor master issue, either as a duplicate vendor or some other error associated with vendor master,” the executive explained. Even automating the data matching or reconciliation process can miss errors, Thompson noted.

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Duplicate AI Audit Automation 48

Nanonets

APRIL 16, 2023

Looking for an AI based AP Automation solution? Verify bank accounts Automate approvals Instant vendor notifications Check against blacklists OCR and Machine Learning AI & OCR Technology in AP Automation At the start of the invoice management cycle, documents must be scanned so the data can be captured and entered into the system.

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Automation AI Accounts Reconciliation 52

Nanonets

APRIL 12, 2024

We will detail the steps for some of the basic operations of managing invoices in Sage Intacct, briefly touch upon advanced features, and discuss the role of improving efficiency with automation and AI. This ensures accurate accounting and simplifies reconciliation. It also enables bills, reconciliation, and other relevant tasks.

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Nanonets

APRIL 3, 2024

Bank Reconciliation: They reconcile bank statements with the company's financial records to ensure consistency and identify discrepancies. It leverages cloud-based accounting software and automation to streamline tasks such as data entry, reconciliation, and reporting without needing a physical presence in the client's office.

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Automation Payment APIs and Integration Reconciliation Financial Analysis 74

Nanonets

MARCH 20, 2023

AI-enabled accounts payable software like Nanonets can extract accounts payable data from various sources and convert them into structured digital information that can be further processed or fed into ERPs or databases. Many AP software, however comprehensive, require that the data be available in recognizable digital formats.

Accounts 52

Accounts Payment APIs and Integration Multi-Currency Automation 52

PYMNTS

DECEMBER 31, 2019

Such legacy payment methods are usually tied to paper-based invoices and manual tracking and reconciliation procedures, which impede payments from being processed in a timely manner. The negative impact that these increasingly outdated methods have on both senders and receivers has mostly been ignored, however.

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Process Innovation Same Day ACH B2B 61

Nanonets

OCTOBER 18, 2024

  From AI-driven platforms to full-service automation, these top AP automation vendors help organizations future-proof processes and free up valuable resources. AP Solution Market Segment Value Proposition G2 Rating* Nanonets Midmarket + Enterprise AI-powered invoice OCR automation with customizable workflows 4.8/5

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Payment APIs and Integration Automation AI Multi-Currency 52

Nanonets

MAY 20, 2024

Cleansing data:  Preliminary analysis is used to identify and address data quality issues such as missing data, duplicate records, data with questionable provenance, and records that contain errors. Say goodbye to data entry errors, duplicates, and inconsistencies that can skew your analysis and lead to bad decisions.

Automation 59

Automation Payment APIs and Integration CRM AI 59

Nanonets

AUGUST 1, 2023

Notably, artificial intelligence (AI) has emerged as a key disruptor, holding immense potential to reshape accounting and assurance professions. AI also plays a crucial role in detecting fraudulent activities, scrutinizing transactions, and alerting auditors to potential irregularities. How is AI used in audit?

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Nanonets

APRIL 10, 2024

It also enables bills, reconciliation, and other relevant tasks. Here's what it can accomplish Upload an invoice, and Sage can capture data from the invoice It also flags any duplicate invoices Third-party AP Automation Integrations: Sage Intacct boasts of a wide range of integration and technology partners, some in their Marketplace.

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Automation Accounts Audit AI 52

FloQast

JANUARY 22, 2025

Lack of integration results in: Data silos Greater risk of errors Duplicated efforts and thus more work for accounting departments Simply put, disjointed point solutions not only hinder efficiency but also erode trust in the systems meant to support accounting teams, leaving them overburdened and unable to perform at their best.

Accounts 52

Accounts AI Automation Audit 52

Nanonets

SEPTEMBER 29, 2023

These discrepancies can lead to confusion and hinder accurate payment reconciliation. Error Prone Manual Entry: Manually entering payment data into your accounting system increases the risk of errors, which can lead to incorrect payment records and reconciliation discrepancies. You can read our blog to find the best OCR for your needs!

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PYMNTS

AUGUST 8, 2018

The funds will be used to focus on growing its employee base and investing in outreach so it can grow its solution, which uses artificial intelligence and machine learning to tackle problems like data entry and duplicate invoices. This technology, though, can manage other key issues with invoice processing, including fraud and duplicates.

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Payment Savvy

MAY 12, 2023

Common Issues with Manual Payment Processing Manual payment processing can be time-consuming and prone to errors, resulting in duplicate payments, overpayments, and late payments. Common issues with manual payment processing include: Duplicate payments. Choose the right payment automation solution.

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Automation ACH Payments Duplicate 52

Nanonets

NOVEMBER 30, 2023

  AI-driven optical character recognition (OCR) accurately digitizes and captures vendor invoice data, including line items. AP automation systems flag exceptions and duplicate invoices to avoid payment errors.  Invoices can be uploaded by suppliers through the vendor portal or received by email or other available methods.  

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Best Practices Accounts Automation Electronic Funds Transfer (EFT) 52

Nanonets

DECEMBER 25, 2023

Efficient Reconciliation : Easily reconcile Stripe transactions in QuickBooks. Duplication of Entries : If the integration isn't set up correctly, you might end up with duplicate entries. AI-Powered Cash Flow Prediction Firstly, let's talk about AI-powered cash flow prediction.

Finance 52

Finance Payment APIs and Integration Best Practices Automation 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. However, as the company grew, the CFO, Alex Morgan, noticed several issues: Duplicate Claims:  Employees occasionally submitted the same expense twice due to lack of proper tracking. Read the article below.

Process 52

Process Compliance Automation Audit 52

Nanonets

MAY 30, 2023

Looking to automate the mundane & mechanical Payment Reconciliation process? Try Nanonets ™ AI-based OCR solution to automate Payment Reconciliation in your organization! Looking to automate the mundane & mechanical Payment Reconciliation process? They are used in the US for bulk payments such as salaries.

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Payment APIs and Integration Credit Cards Payment Reconciliation Online and Mobile Banking 52