EBizCharge

JUNE 4, 2024

Regular audits and updates are crucial to maintaining a secure payment environment, as well as educating your team about the best practices for handling sensitive data. The payment is applied to the corresponding invoice to clear the outstanding balance. The transaction is verified to ensure accuracy and completeness.

Credit Cards 52

Credit Cards Process Payment Gateways Best Practices 52

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.   What are some best practices for general ledger reconciliation?   What is the General Ledger?

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Exact Payments

JANUARY 4, 2024

Remember that failing to meet these standards can result in significant consequences, such as fines, loss of business, and ongoing audits to demonstrate compliance. Maintaining a secure network demands anti-virus mechanisms that consistently remain active, use up-to-date signatures, and generate auditable logs.

PCI DSS 52

PCI DSS Compliance Audit Encryption 52

Nanonets

MAY 21, 2024

Review Sales Transactions: Compare the sales transactions recorded in the accounts receivable ledger with the corresponding sales invoices or sales orders. Ensure that each payment is correctly applied to the corresponding customer account and invoice. This eliminates the need for manual data entry, saving time and reducing errors.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

Nanonets

SEPTEMBER 22, 2023

Implementing best practices, such as prioritizing invoices and establishing internal controls, can improve the accounts payable process. This report provides a detailed overview of the current financial position by listing all accounts payable transactions and their corresponding balances.

Accounts 40

Accounts Master Account Best Practices Reconciliation 40

Nanonets

NOVEMBER 15, 2023

Additionally, the invoices must be matched with the corresponding purchase orders and goods receipts to avoid duplicate invoices, fraud, and errors. Paperless systems can also automatically record each payment and its corresponding invoice and vendor details. You can schedule payments according to your cash flow and vendor terms.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

JULY 21, 2023

Step 2: Identify Reconciliation Items Review each account in the general ledger and identify the corresponding items that need to be reconciled. This documentation serves as a reference for future audits, reviews, and internal control purposes. This promotes consistency and accuracy in the reconciliation process.

Reconciliation 52

Reconciliation Automation Audit Accounts 52

Nanonets

MAY 8, 2024

Stripe Reconciliation refers to the use of Stripe for the systematic process of matching and verifying transactions processed through the Stripe payment gateway with corresponding entries in your accounting records. Thorough Documentation : Complete records of the reconciliation process provide comprehensive insights and facilitate audits.

Reconciliation 52

Reconciliation Settlement Alternative Payment Methods Automation 52

FloQast

NOVEMBER 21, 2023

In accountancy contexts, CPD may include activities and subjects such as accounting best practices, emerging fintech, economics, business management, and communications. Employees should ensure that their CPD Is relevant to their professional needs in order to help them progress in their careers.

Professional Development 52

Professional Development Rules Assessments Accounts 52

Nanonets

JULY 21, 2023

In this guide, we’ll discuss the basics of business process automation, the best practices, and how to choose the right business process automation tool for your company. Audit trail: Automation without transparency can lead to chaos. Optimize your business processes with Nanonets BPA.

Automation 52

Automation Process Audit Payroll 52

Nanonets

JULY 12, 2024

Generate audit trails automatically for regulatory compliance. The algorithm creates a character map based on strokes and recognizes corresponding letters to extract the text. It works by reading each pixel of an image with text and comparing it to corresponding letters.

Process 52

Process Best Practices Automation AI 52

Nanonets

JANUARY 17, 2024

Now, you might be thinking, "We've got this covered with our trusty spreadsheets and quarterly audits." Maintaining a thorough and easily accessible audit trail is essential for compliance and transparency. Audits aren't just about compliance; they are about ensuring the integrity of financial reporting.

Payment APIs and Integration 52

Payment APIs and Integration Compliance Automation Audit 52

Nanonets

JULY 24, 2023

For publicly traded companies, account reconciliation is not just a good practice—it is a legal requirement. Inaccurate reconciliations can result in penalties during audits, posing a risk to compliance and financial stability. Locate the sources where these transactions are recorded and gather them together in one place.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

Nanonets

FEBRUARY 14, 2024

Reduce Risk of Fraud and Achieve Audit-Readiness : The granularity provided by GL codes offers an invaluable layer of security for businesses. They can provide expert guidance on setting up your GL code system, ensuring it aligns with industry standards, regulatory requirements, and best practices.

Transactions 52

Transactions Audit Accounts Automation 52

Nanonets

MARCH 4, 2024

An OCR integration was added to the expense management software resulting in 90% reduction in corresponding manual work along with data extraction accuracy exceeding 99%. Digital Record Keeping: With OCR, digital copies of receipts can be stored efficiently, making it easier to retrieve documents for audits or compliance checks.

Process 52

Process Compliance Automation Audit 52

Nanonets

AUGUST 8, 2024

We'll also walk you through the critical steps in the annotation process and share expert tips and best practices to help you avoid common pitfalls. Semantic annotation: Linking words or phrases to their corresponding meanings or concepts. What is data annotation?

AI 52

AI Automation Process Best Practices 52

Nanonets

FEBRUARY 13, 2024

Best Practices Customizing to Business Needs: Adapt your expense policy to fit your organization's unique requirements. An OCR integration was added to the expense management software resulting in 90% reduction in corresponding manual work along with data extraction accuracy exceeding 99%.

Compliance 52

Compliance Non-Bank Automation Duplicate 52

EBizCharge

NOVEMBER 11, 2024

This article will explore the various types of reconciliation, detailing their unique features and applications while also offering best practices to enhance accuracy and efficiency in your financial processes. Now that you know the main types of reconciliation, you can look to best practices to conduct effective reconciliation.

Reconciliation 52

Reconciliation Best Practices Non-Bank Audit 52