FloQast

JANUARY 10, 2024

As the company prepared for its initial public offering in 2021, Ryan Harmer , Vice President of Accounting and Corporate Controller, recognized the need for a significant transformation in their month-end Close processes. Post-IPO, Bryan Kant joined as Director of Internal Audit, emphasizing the importance of strong internal controls.

Accounts 92

Accounts Reconciliation Compliance Close Processes 92

Nanonets

JUNE 13, 2024

Timely completion of the financial close process helps stakeholders in decision making and reporting. Maintaining an accurate audit trail is crucial for your company to avoid potential penalties which auditors may flag. It can help businesses save time and money, reduce errors, and improve compliance.

Reconciliation 52

Reconciliation Automation Accounts Close Processes 52

Nanonets

JUNE 23, 2023

This process is known as the financial close. Balance sheet reconciliation is a crucial step in the financial close process, serving as a vital control mechanism for organizations. Document the Reconciliation Maintain clear and comprehensive documentation of the reconciliation process.

Reconciliation 52

Reconciliation Audit Financial Analysis Adjustments 52

FloQast

JULY 9, 2024

I would recommend FloQast to anyone who is looking to streamline and optimize their close process!” FloQast has always strived to make the implementation process as seamless as possible. One-stop shop for all support results in easier audits. Implementation was also a breeze.

Continuity 85

Continuity Reconciliation Finance Accounts 85

FloQast

DECEMBER 18, 2023

I would recommend FloQast to anyone who is looking to streamline and optimize their close process!” FloQast has always strived to make the implementation process as seamless as possible. One-stop shop for all support results in easier audits. Implementation was also a breeze.

Reconciliation 59

Reconciliation Close Processes Accounts Process 59

FloQast

APRIL 4, 2024

I would recommend FloQast to anyone who is looking to streamline and optimize their close process!” FloQast has always strived to make the implementation process as seamless as possible. One-stop shop for all support results in easier audits. Implementation was also a breeze.

Reconciliation 66

Reconciliation Finance Accounts Small Business 66

Nanonets

FEBRUARY 14, 2024

The result is a faster, more efficient close process that also saves up your time which can be better spent elsewhere. Reduce Risk of Fraud and Achieve Audit-Readiness : The granularity provided by GL codes offers an invaluable layer of security for businesses.

Transactions 52

Transactions Audit Accounts Automation 52

FloQast

JUNE 12, 2024

Curis , a biopharmaceutical innovator based in Lexington, Massachusetts, faced challenges with their traditional, paper-heavy month-end Close process and compliance program. These inefficiencies not only led to wasted time and resources but also resulted in significant audit fees. That saved us $110,000 in outside audit fees.”

Compliance 93

Compliance Close Processes Audit Automation 93

FloQast

DECEMBER 13, 2023

It was known as the Corporate and Auditing Accountability, Responsibility, and Transparency Act. It prohibits auditors from providing certain consulting services to their audit clients and requires a rotation of the lead audit partner every five years.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 52

The Finance Weekly

NOVEMBER 3, 2021

A quality account reconciliation process involves an audit trail, workflow automation and supporting information to ensure that all accounts balance out, as well as making the process transparent and clearly justified for everyone involved. Adopting Superior Methods in 2021.

Reconciliation 52

Reconciliation Automation Accounts Finance 52

Nanonets

APRIL 19, 2023

End-to-end AP solutions may offer a host of benefits beyond the AP manager's work, including improved vendor relationships, simplified audits, and optimized cash flow. Consider the size of your business, the complexity of your financial transactions, and the specific accounting tasks you need the software to perform.

Accounts 52

Accounts Payment APIs and Integration Automation Process 52

Nanonets

MAY 6, 2024

Founded in 2001, BlackLine offers a comprehensive suite of solutions that empower organizations to automate traditionally manual and spreadsheet-intensive tasks, enhance accuracy, improve visibility, and optimize efficiency throughout the financial close process.  

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Nanonets

JULY 24, 2023

Inaccurate reconciliations can result in penalties during audits, posing a risk to compliance and financial stability. For publicly traded companies, account reconciliation is not just a good practice—it is a legal requirement.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

FloQast

MAY 7, 2024

The Year End Close: Why Does It Matter? The Year-End closing process is the regulatory requirement that companies verify the accuracy of their annual finances. FloQast organises not only my close workflow but that of my entire team. It makes it easy for me to see exactly where everyone is in the close process.

Reconciliation 52

Reconciliation Audit Automation Accounts 52

FloQast

FEBRUARY 19, 2024

In the wake of its IPO, Zoom faced the challenge of restructuring its month-end Close process to accommodate its expanding operations and to ensure compliance with regulatory standards. Key Takeaways: Streamlined month-end close process, reducing timeline from 8 days to 5 days. That’s where FloQast came in.

Posting 97

Posting Close Processes Compliance Facilitators 97

Nanonets

FEBRUARY 28, 2024

Ready for an Audit: If one is audited by the IRS (Internal Revenue Service), it will be simple to formulate the audit since your monetary records are all in one spot. Compliance and Reporting Audit Trails : Records of changes to data for transparency and compliance. This enables you to balance the books.

Automation 52

Automation Payment APIs and Integration Accounts Transactions 52

FloQast

MARCH 22, 2024

Outdated manual month-end close processes are a pain point for companies of every size – taking up as much as 40% of finance departments’ monthly working time and attention – an effort that could be better spent adding value to the business in other ways. Enable third-party access and functionality to streamline audits.

Close Processes 52

Close Processes Compliance Audit Automation 52

Nanonets

MAY 7, 2023

Nanonets is an AI-based accounting automation software that leverages powerful OCR software, no-code workflows, and out-of-the-box integrations to simplify your accounting processes. How to automate Reconciliation processes with Reconciliation Software? What is Accounts Reconciliation, and how to automate it?

Reconciliation 52

Reconciliation Credit Cards Automation Accounts 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

SEPTEMBER 22, 2023

By automating invoice processing, you can ensure that all invoices are processed in accordance with your organization's policies and procedures. Automated approval workflows provide a clear audit trail, enabling you to easily demonstrate compliance with financial regulations and internal controls.

Accounts 40

Accounts Best Practices Automation Compliance 40

Nanonets

FEBRUARY 8, 2024

Tipalti’s payment reconciliation features can speed up the close process by 25% because it verifies that transaction amounts match across your ERPs, accounting systems, and any other business platforms. Since everything is in one place, annual audits are no longer a massive undertaking.

Finance 52

Finance Automation Multi-Currency Accounts 52

Nanonets

JULY 21, 2023

The advent of automated reconciliation software has revolutionized this process, serving as a transformative solution. In addition to accelerating the reconciliation process, reconciliation software also enables an audit trail, significantly improving transparency and accountability. What is reconciliation software?

Reconciliation 52

Reconciliation Payment APIs and Integration Automation Audit 52

Nanonets

APRIL 17, 2023

As businesses grow, this automation can also aid in scaling AP processes without requiring additional hires. AP automation also reduces the risk of fraud and errors, leading to smoother audits and accurate financial records. Looking to automate your manual AP Processes? This can be used for tracking and reporting purposes.

Automation 52

Automation Payment APIs and Integration Accounts Audit 52

PYMNTS

JANUARY 26, 2018

“Managing the month-end close is a process of continual improvement,” he said. It’s best practice to review the just-completed close and look for opportunities to be better next time.”. The core of the close process remains the same: corroborate the numbers in the general ledger,” explained Feinstein.

Close Processes 47

Close Processes Innovation FinTech Reconciliation 47

Nanonets

JUNE 18, 2024

Automated Accounts Reconciliation software like Nanonets can cohesively consolidate all data sources on one platform, automate the matching logic across external data sources and general ledgers, effectively provide an audit trail, and keep the process transparent for the accounting team personnel involved.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

JUNE 24, 2024

Credit card reconciliation is essential as it helps businesses prevent fraud, maintain financial integrity, optimize spending, and keep the company's books audit-friendly during the financial close process , typically occurring at the end of each month. How to do Credit Card Reconciliation?

Reconciliation 52

Reconciliation Credit Cards Correspondent Automation 52

The Finance Weekly

APRIL 28, 2024

Key Features It has automated consolidation features which accelerate the close process by automating all the manual data collection. With pre-built compliance safeguarding and meeting accounting standards including audit trials and access controls.

Payment APIs and Integration 52

Payment APIs and Integration CRM Automation Multi-Currency 52

Nanonets

MAY 10, 2023

Be audit-ready: 3 way matching neccesitates a proper system of storing and organising legitimate business documents. This organised data can be conveniently accessed during audits and internal checks - reducing time spent in such exercises. Since only legitimate payments are allowed, this leads to large savings and optimal cashflow.

Accounts 52

Accounts Automation Duplicate Process 52

Nanonets

APRIL 5, 2024

This makes it easier to onboard new vendors and ensures that your team can process invoices efficiently, no matter how they're structured. Easy customization Streamline your financial close process with Nanonets' built-in reconciliation and verification tools.

Automation 52

Automation Multi-Currency Compliance Process 52

Nanonets

MARCH 20, 2023

The Accounts Payable process encompasses almost all payments (except payroll) made by a business for goods and services.  The  The AP maintains records of all financial aspects of purchases made by the company, which is crucial for auditing and tax purposes.

Process 52

Process Accounts Automation Checks 52

Nanonets

NOVEMBER 27, 2023

This is commonly used in currency transactions; netting invoices that share currencies can simplify both the audit trail and payment process. Simplified Reconciliation The month-end close process is hard enough for finance and accounting teams.

Payment Amount 52

Payment Amount Venmo Settlement Process 52

Nanonets

FEBRUARY 26, 2024

Compliance and Fraud Prevention : With built-in compliance checks and audit trails, AP automation tools help businesses adhere to regulatory requirements and reduce the risk of fraud. Companies gain a clearer view of their liabilities and can more effectively manage their working capital.

Automation 52

Automation Accounts Payment APIs and Integration Process 52