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.

Duplicate 48

Duplicate AI Audit Automation 48

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

FloQast

JANUARY 22, 2024

From financial statement analysis to bank reconciliations, the range of functions you can automate is diverse. Financial statement analysis is where you find crucial insights regarding key financial markers, assess trends, and compare company metrics with industry averages. What Financial Reporting Functions Can You Automate?

Automation 52

Automation Reconciliation Audit Accounts 52

Nanonets

AUGUST 1, 2023

AI integration also significantly benefits risk assessment, allowing auditors to perform sophisticated analyses of a client's data, guiding them towards areas that demand closer scrutiny. Risk Assessment: AI assists auditors in assessing risks by analyzing historical data, industry trends, and financial ratios.

Audit 52

Audit Risk Assessment AI Assessments 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.

Payments 52

Payments Reconciliation Automation ACH 52

Nanonets

SEPTEMBER 1, 2023

As transactions are irrevocable, the need for vendor confirmation is eliminated, simplifying and hastening the reconciliation process within your system. As we explore this, it becomes evident that assessing what key performance indicators (KPIs) would be affected is essential.

FedNow 52

FedNow Wire Transfer Federal Reserve ACH 52

EBizCharge

MAY 14, 2024

Reporting and reconciliation: The software also provides a suite of reporting tools that help businesses track and analyze billing and payment patterns for better financial insights. Payment processing: Once a customer makes a payment – through credit cards, online portals, or bank transfers – the system processes and records the payments.

Automation 52

Automation Payment APIs and Integration Best Practices Online and Mobile Banking 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

APRIL 12, 2023

Conduct a Baseline Assessment Define tail spend and understand the current system used for it. The assessment will develop a baseline to build benchmark KPIs. To further improve the accuracy of its data, Nanonets includes a range of approval workflows, duplicate alerts, and fraud detection tools.

Assessments 52

Assessments Compliance Process Automation 52

Nanonets

JUNE 29, 2023

By automating critical tasks such as data extraction, validation, reconciliation, and compliance monitoring, Flow enables businesses to focus on strategic decision-making and enhance overall financial performance. Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic.

Payment APIs and Integration 52

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

Nanonets

AUGUST 1, 2023

Risk Assessment: Audit automation helps auditors assess risks more effectively by identifying potential red flags and areas of concern within the data. It enables a more comprehensive and targeted risk assessment process. Complex approval workflows, duplicate alerts, and fraud detection.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

EBizCharge

MAY 20, 2024

The EBizCharge for NetSuite payment integration delivers real-time payment processing, automatic reconciliation, customizable reporting, recurring billing capabilities, and fraud prevention, enabling businesses to manage their finances more efficiently and improve the overall customer experience.

Process 52

Process PCI DSS Processors Payment APIs and Integration 52

Nanonets

AUGUST 21, 2023

Payment reconciliation Once the payments have been executed, the automation software will then reconcile them. GL codes are automatically applied, enabling seamless integration with your accounting system and making the reconciliation process faster and more efficient.

B2B 52

B2B Automation Payment APIs and Integration Payments 52

PYMNTS

FEBRUARY 12, 2018

If the score meets the threshold – say, 98 percent – that has been set by the bank, then the bank pushes the $98 to Bob the builder immediately, since the risk assessment model says that P&G is more than 98 percent likely to approve it once it moves through the system two to three months hence.

Instant Payments 43

Instant Payments Push-to-Card Payments Credit Cards 43

Nanonets

AUGUST 8, 2023

Back-Office processes: You can utilize Robotic Process Automation (RPA) to automate repetitive tasks in back-office processes, such as data validation, data reconciliation, and invoice processing. Functionality: Assess the software’s functionality and ensure it aligns with your needs.

Automation 52

Automation Payroll Bots Payment APIs and Integration 52

Nanonets

FEBRUARY 1, 2024

Reconciliation: Labor-intensive process of matching bank transactions with ledger entries. Mastering Finances with Automatic Reconciliation Finally, let’s talk about closing the books. Assess Current AP Processes : Conduct a thorough review of your existing AP processes. What once took days can now be done in minutes.

Automation 64

Automation Accounts Process Multi-Currency 64

Nanonets

FEBRUARY 26, 2024

Reconciliation: Labor-intensive process of matching bank transactions with ledger entries. Improved Accuracy : AP automation minimizes human errors such as duplicate payments and incorrect data entry, thereby enhancing the accuracy of financial records and reporting. Automate Reconciliation Processes: Action Steps: 1.

Automation 52

Automation Accounts Payment APIs and Integration Process 52

Nanonets

JULY 26, 2023

These technologies can cross-check data against predefined rules, perform data reconciliations, and flag any inconsistencies or discrepancies, minimizing the risk of errors and improving data quality. This streamlines the data flow, reduces the chances of data duplication or errors during integration, and enhances overall data integrity.

Automation 52

Automation AI Financial Analysis Volume 52

Nanonets

APRIL 14, 2023

Invoice to pay: This subprocess involves accurately assessing and paying invoices, which can involve critical steps such as matching invoices to contracts, orders, and accepted or rejected deliverables, and obtaining approvals. Automating this process can provide important efficiencies for a business's accounts payable team.

Automation 52

Automation Process Credit Cards Compliance 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

Nanonets

SEPTEMBER 21, 2023

Auditors rely on invoices to examine the financial statements of a company and assess its compliance with accounting standards. By reviewing invoices, auditors can verify the completeness and accuracy of recorded expenses, validate the existence of transactions, and assess the effectiveness of the internal control system.

Audit 40

Audit Legal Accounts Transactions 40

EBizCharge

MARCH 21, 2025

Accountants are needed for strategic decision-making and assessing potential risks. This includes data entry, invoice processing, bank reconciliations, and payroll management, which can be completed seamlessly with AI-driven software. However, human judgement is still a crucial element of accounting.

AI 52

AI Accounts Fraud Detection Audit 52