The Payments Association

MARCH 25, 2025

Key questions to consider include: Who assesses the impact and scope of the requirements? Without clear answers, duplicated work can lead to mistakes, disputes, and unnecessary delays. The real cost here isnt just fines or audits; its the time multiple employees spend trying to make sense of unclear or inconsistent interpretations.

Compliance 88

Compliance Payment Networks Issuers Best Practices 88

PYMNTS

JUNE 22, 2017

Finding where those errors are via manual auditing can be a headache, too. 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.

Duplicate 48

Duplicate AI Audit Automation 48

PYMNTS

FEBRUARY 20, 2020

They don’t have the manpower to audit expenses, which can get out of whack, for one reason or another.” In the software arena, duplicate subscriptions and opaque pricing models are costing businesses thousands of dollars. “Businesses are overpaying for a lot of duplicate software,” he said.

Commercial Card 56

Commercial Card Duplicate Underwriting Transactions 56

FloQast

OCTOBER 27, 2023

The risk assessment should also identify the potential consequences of each risk and the controls in place to mitigate those risks. Plus, it captures audit evidence at the source, eliminating duplicate audit activities and complexity. You can get a demo and see how to stay audit-ready, reduce risk, and save time.

Compliance 52

Compliance Best Practices Mitigation Procedures 52

Nanonets

SEPTEMBER 25, 2024

  Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Maintain an efficient audit trail for future retrieval. Set up rule-based workflows to identify and remove any duplicate entries and human review for complex or ambiguous transactions.

Process 52

Process AI Best Practices Reconciliation 52

Nanonets

MAY 31, 2023

Deviations should be assessed to see if they fall within tolerance limits to proceed with invoice processing or revert the invoice to the vendor for corrections. Protection against duplicate and fraudulent invoices - Automating invoice matching entails consistent validation between invoices and supporting documents.

Automation 52

Automation Audit Process Checks 52

FloQast

JANUARY 22, 2024

For example, grocery technology company Instacart moved from using Google Sheet checklists for month-end Close to an automated system that provided a complete audit trail of changes. The traditional method also has a lot of paper documentation to use as an audit trail. And the audit trail is also attached and quickly recovered.

Automation 52

Automation Reconciliation Audit Accounts 52

Nanonets

APRIL 24, 2023

This facilitates verification of customer profiles, streamlining the onboarding process, approving loans and mortgages, assessing borrower risk, etc. Bank extraction software can be used to extract this information and use it for loan approvals and risk assessments.

Assessments 52

Assessments Automation Fraud Detection Risk Assessment 52

Nanonets

MAY 21, 2024

Bank Errors : Banks can make errors in processing transactions, such as posting incorrect amounts or duplicating entries. Documentation and Record-Keeping: Maintain thorough documentation of the reconciliation process, including supporting documents, audit trails, and explanations for any adjustments made.

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 52

Nanonets

MAY 21, 2024

Common discrepancies may include unapplied payments, duplicate entries, or incorrect customer balances. Documentation is essential for audit purposes and ensuring transparency in financial reporting. Investigate Discrepancies: Identify and resolve unapplied payments, duplicates, or errors.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

Nanonets

MAY 11, 2023

Manual Invoice Processing Conventional processing of invoice involves the following basic steps: Assessment of the invoice received from the vendor:  An invoice is first received from a vendor for a product or service that has been ordered usually through a purchase order (PO). Looking to automate your manual AP Processes?

Process 52

Process Automation Audit Checks 52

Nanonets

JULY 25, 2023

The goal of financial analysis is twofold: to make internal assessments for managerial decision-making and to make external assessments to determine the firm's value or context. Ratio Analysis: Ratio analysis involves calculating and interpreting various financial ratios to assess a company's financial health and performance.

Financial Analysis 52

Financial Analysis Payment APIs and Integration Assessments Automation 52

Nanonets

NOVEMBER 14, 2023

Reduced Errors: Manual data entry is error-prone, leading to inaccuracies in reports due to incomplete data, missing/correct material, and duplicates. Auditing & Tax Compliance: Facilitates VAT compliance audits, utilizing deep learning algorithms for automated document checks.

Automation 52

Automation Facilitators Audit Compliance 52

Nanonets

AUGUST 21, 2023

Duplicate payments, incorrect amounts, and missed deadlines are just a few examples of the inaccuracies that can occur with manual processing.  Enhanced compliance Creating audit trails and maintaining detailed payment records can be challenging with manual processes.

B2B 52

B2B Automation Payment APIs and Integration Payments 52

Nanonets

MAY 15, 2023

Periodic assessment of its use, features, and RoI is essential to optimize its SaaS portfolio. The following steps can help establish an effective SaaS spend management strategy: Maintaining an inventory of all SaaS applications in use across the company is essential to prevent duplication and unwanted purchases.

Duplicate 52

Duplicate Automation AI On-Demand 52

Nanonets

MAY 7, 2024

By comparing these records, businesses can identify any discrepancies, such as missing or duplicate transactions, incorrect or false amounts, or any unauthorised expenses and transactions. Credit card reconciliation helps identify discrepancies such as fraudulent transactions, duplicate charges, or unauthorised expenses.

Reconciliation 52

Reconciliation Best Practices Credit Cards Compliance 52

EBizCharge

MAY 14, 2024

Integration with other systems By integrating billing with other systems, businesses can eliminate manual data entry and duplication of efforts, reducing the risk of errors and improving data accuracy. Make the necessary preparations Before setting up automated billing, it’s crucial to prepare the groundwork.

Automation 52

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

Nanonets

SEPTEMBER 21, 2023

In addition to aiding in financial transactions, invoices are an integral part of  accounting internal controls  and  audits. Invoices play a crucial role in maintaining accurate accounting records, internal controls, and facilitating  audits.

Audit 40

Audit Legal Accounts Transactions 40

Nanonets

JUNE 29, 2023

Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic. Fraud detection and duplicate payment alerts. Limited Accounting Controls: Divvy lacks an audit trail, which is a standard feature in accounting software, potentially limiting transparency and accountability.

Payment APIs and Integration 52

Payment APIs and Integration Online and Mobile Banking Automation Push-to-Card 52

Nanonets

SEPTEMBER 23, 2023

  Centralized  procurement also promotes standardization and consistency in purchasing processes, ensuring  compliance  and reducing duplication of effort. This ensures timely  execution  of contract audits, identification of cost-saving opportunities, and avoidance of complications.

Gateways 52

Gateways RFP Value Added Service Compliance 52

Nanonets

FEBRUARY 1, 2024

Assess Current AP Processes : Conduct a thorough review of your existing AP processes. Day 1: Assess your Needs We will evaluate your current AP process, pinpoint how Nanonets can make the biggest impact, ensuring our solution aligns with your goals. Can AP Automation Software Prevent Invoice Fraud and Duplicate Payments?

Automation 64

Automation Accounts Process Multi-Currency 64

Nanonets

FEBRUARY 6, 2024

Reconciliation helps remove duplicate entries and rectify errors. This process is critical for audit, taxation, and legal compliance. In these situations, we can conduct a materiality assessment. After this, you can perform intercompany eliminations and remove the duplications. Standardize tools & processes.

Reconciliation 52

Reconciliation Adjustments Automation Transactions 52

Nanonets

APRIL 14, 2023

Expense management software is used to register, track, reimburse, and audit employee expenses, making it easier for companies to manage their finances on a micro-level. It provides financial controls such as approval workflows, duplicate alerts, and fraud detection to ensure that there are no wrong spends.

Automation 52

Automation Process Credit Cards Compliance 52

Nanonets

FEBRUARY 26, 2024

Improved Accuracy : AP automation minimizes human errors such as duplicate payments and incorrect data entry, thereby enhancing the accuracy of financial records and reporting. Day 1: Assess your Needs We will evaluate your current AP process, pinpoint how Nanonets can make the biggest impact, ensuring our solution aligns with your goals.

Automation 52

Automation Accounts Payment APIs and Integration Process 52

Nanonets

SEPTEMBER 22, 2023

By tracking trade payables separately, the business can assess its inventory-related expenses, negotiate favorable credit terms, and maintain a healthy supply chain. Without proper monitoring, duplicate or fraudulent invoices may go unnoticed, leading to unauthorized payments and financial losses for the company.

Automation 40

Automation Accounts Risk Process 40

VISTA InfoSec

APRIL 1, 2025

This includes audit trails that record who made changes and when. Audit Trails: Maintaining a secure, time-stamped record of all changes. Electronic Signatures: Ensuring signatures are unique to each user and cannot be easily duplicated. Record Retention: Ensuring records are maintained for the required duration.

Legal 130

Legal Compliance Regulations Third Party Vendors 130

EBizCharge

MARCH 21, 2025

Auditing: Reviews financial records for accuracy and compliance. Accountants are needed for strategic decision-making and assessing potential risks. By analyzing patterns and anomalies, AI can detect suspicious behavior, such as duplicate payments or unauthorized account access. Tax prep: Ensures compliance with tax laws.

AI 52

AI Accounts Fraud Detection Audit 52