The Fintech Times

FEBRUARY 14, 2024

Easier monitoring: Automated systems maintain an audit trail for all transactions, facilitating process monitoring and compliance with audits. Duplicate and fraudulent invoice detection : AI engines can identify potential duplicate invoices or invoices with unusual amounts and flag them for review.

Automation 103

Automation Process Duplicate Compliance 103

PYMNTS

AUGUST 19, 2019

Firms auditing expenses through manual processes and outdated technologies risk missing the chance to flag erroneous or fraudulent submissions from vendors and employees. Deploying technology — especially artificial intelligence (AI) — can streamline the auditing process and boost cost savings significantly.

Audit 56

Audit AI Regulatory Compliance Duplicate 56

FloQast

JANUARY 17, 2024

The consultation set out proposals for a range of legislative and governance reforms to be implemented in the Code in 2024, including the introduction of a new regulatory body, known as the Audit, Reporting, and Governance Authority (ARGA), which would replace the FRC. What is the UK’s Corporate Governance Code?

Governance 81

Governance Government AAP Audit 81

Nanonets

APRIL 3, 2024

Fraud Detection and Prevention: Through vendor reconciliation, businesses can detect discrepancies that may indicate fraudulent activities such as overbilling, duplicate invoices, or fictitious vendors. Any discrepancies, such as duplicate payments or missing entries, must be identified.

Reconciliation 52

Reconciliation Process Accounts Duplicate 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.

AI 52

AI Process Best Practices Reconciliation 52

Nanonets

MARCH 4, 2024

An optimized reimbursement process also enables companies to leverage tax deductions and credits accurately, ensuring financial health and compliance. Duplicate Claims Employees submitting the same expense for reimbursement more than once. Acknowledging and rewarding compliance through internal newsletters and meetings.

Process 52

Process Compliance Automation Audit 52

Nanonets

JUNE 19, 2024

By doing so, they can maintain good vendor relationships, detect fraud, and support audit trails.   Errors in logging payments correctly, duplicates, or missing entries may lead to incorrect reporting. Elimination of Duplicate Payments The risk of duplicate payments is a constant concern in manual reconciliation.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

Nanonets

JUNE 22, 2023

By matching invoices with accounting entries in the general ledger, businesses can identify and rectify duplicate entries, errors, or extra payouts, keeping their books in proper balance. Compliance and audit readiness Reconciled invoices provide a solid foundation for compliance with regulatory requirements and internal audits.

Reconciliation 52

Reconciliation Audit Automation Correspondent 52

PYMNTS

MARCH 28, 2019

Automated expense report auditing company AppZen is introducing a new spend auditing platform to analyze supplier invoices using artificial intelligence (AI). “The major takeaway from this data is not that employees in certain industries commit more fraud,” AppZen noted at the time. ”

AI 46

AI Audit Agreements Duplicate 46

Nanonets

MAY 29, 2024

These PO systems are effective in automating purchases reducing errors controlling expenses saving time improving spending/ budget planning improving supplier relations ensuring compliance with documentation for audits How does a PO system work? This reduces the risk of errors, such as duplicate orders or incorrect quantities.

Small Business 52

Small Business Audit Automation Disputes 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. This process is essential for maintaining financial accuracy, compliance with regulations, and preventing fraud or errors.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

Nanonets

APRIL 12, 2023

The primary objective of spend management is to maximize the value of every dollar spent while minimizing risks and ensuring compliance with regulations and policies. In this step, organizations validate and clean the data, removing any discrepancies, duplicates, or errors. Why is spend management important?

Compliance 52

Compliance Automation Duplicate Process 52

Nanonets

FEBRUARY 13, 2024

Let’s get started and discover how to keep your company’s spending streamlined, ensure team compliance, and maybe even snag some savings along the way. Promoting Compliance Culture: Cultivate a company culture that values adherence to the expense policy. Recognizing compliance efforts can also encourage adherence.

Compliance 52

Compliance Non-Bank Automation Duplicate 52

Nanonets

JUNE 12, 2024

It ensures that all procurement activities are carried out systematically and in compliance with the business' specific policies around procurement. Record Keeping: Maintaining accurate records of all purchases and documenting every process in the procurement cycle is very important for reconciliation, auditing and fraud detection.

Best Practices 52

Best Practices Automation Small Business Process 52

Nanonets

APRIL 29, 2024

This documentation serves as an audit trail and supports accurate financial reporting. Fortunately, there exist softwares and solutions that help companies efficiently perform intercompany reconciliation while maintaining transparency and compliance through their financial reporting processes.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

Nanonets

APRIL 29, 2024

Credit card reconciliation is essential for businesses to maintain financial integrity, compliance with regulations, and effective management of expenses. It simplifies the task of matching credit card transactions with corresponding entries in the company's accounting records, helping to ensure accuracy, efficiency, and compliance.

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 52

Nanonets

JUNE 21, 2023

This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records. It ensures accuracy, financial integrity, fraud detection, compliance, efficient cash flow management, and informed decision-making. Why is payment reconciliation crucial for businesses?

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

PYMNTS

NOVEMBER 10, 2017

Especially for businesses that rely on manual expense reports, management and auditing processes, an employee that fudges a dollar amount here and there, or a worker who accidentally submits an expense report twice, mean companies can easily fall victim to fraud, both intentional and unintentional.

Duplicate 44

Duplicate Audit Email Compromise Compliance 44

Nanonets

NOVEMBER 30, 2023

  For accounts payable internal controls best practices, strong internal controls should use technology-based systems to detect and flag possible errors, including duplicate invoices, and prevent potential fraud. An AP automation solution provides an audit trail and digitizes transactions.

Best Practices 52

Best Practices Accounts Automation Electronic Funds Transfer (EFT) 52

Nanonets

MAY 21, 2024

Effective Account Reconciliation promotes compliance with regulatory requirements and accounting standards, mitigating the risk of penalties and legal consequences. Bank Errors : Banks can make errors in processing transactions, such as posting incorrect amounts or duplicating entries.

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 52

Nanonets

AUGUST 21, 2023

And the benefits are not limited to cost savings, accuracy, and efficiency — B2B payment automation can also improve supplier relationships, ensure compliance, avoid fines and penalties, and provide critical insights into cash flow and financial health.   With the right B2B payment automation software, it's not.

Automation 52

Automation B2B Payment APIs and Integration Payments 52

Nanonets

NOVEMBER 15, 2023

It minimizes human error and bolsters compliance. Additionally, the invoices must be matched with the corresponding purchase orders and goods receipts to avoid duplicate invoices, fraud, and errors. Automate reporting and audit trails With paper-based systems, these tasks often require more time and effort.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

APRIL 10, 2024

Recordkeeping:  Invoices and payment records are meticulously filed for future reference and audit purposes. Improved Compliance:  Ensures a streamlined and auditable AP process. Payment Processing:  Once approved, payments are manually initiated through checks or ACH transfers.

Automation 52

Automation Accounts AI Audit 52

Nanonets

JUNE 19, 2024

This reduces the risk of errors, such as duplicate orders or incorrect quantities. Compliance and Audit Trail : Small businesses are often subject to audits and regulatory requirements. This transparency can be crucial during audits, providing clear evidence of financial transactions.

Small Business 52

Small Business Automation Audit P2P 52

Nanonets

FEBRUARY 27, 2024

Tax Preparation and Compliance: Come tax season, the ability to quickly access and organize receipts is invaluable. This not only saves time but also ensures compliance with tax regulations, a critical aspect for any business aiming to avoid penalties. The Compliance Cruise Control:  Continuous, automated audits make life easier.

Automation 52

Automation Database Audit Use Case 52

Nanonets

JUNE 17, 2023

This helps address the discrepancy or identify its causes, enabling financial integrity for the business and increased compliance with regulations. These errors might include duplicate entries in a subsidiary journal or misclassifying an asset as an expense.

Reconciliation 52

Reconciliation Accounts Adjustments Credit Cards 52

Nanonets

APRIL 15, 2024

Demonstrates commitment to financial integrity and regulatory compliance : Regular and accurate bank reconciliation reflects a company's dedication to maintaining high standards of financial transparency and compliance with regulatory requirements.

Reconciliation 52

Reconciliation Adjustments Correspondent Checks 52

Nanonets

MAY 6, 2024

Payroll Reconciliation : Payroll reconciliation involves comparing payroll transactions recorded in the general ledger with various payroll-related documents and reports to ensure accuracy and compliance. This increased visibility enables proactive management of exceptions and ensures compliance with regulatory requirements.

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

NOVEMBER 14, 2023

This transparency allows for better tracking, auditing, and financial planning. Fraud Prevention and Compliance: Automated systems are equipped to identify discrepancies like duplicate invoices or unusual payment patterns, enhancing fraud prevention.

Accounts 52

Accounts Automation Compliance Fraud Prevention 52

Nanonets

APRIL 16, 2023

Source: esker The introduction of intelligent automation into the accounts payable process minimizes the risk of manual intervention, accelerates operations, and helps maintain compliance. The brand processes over 2 million images every month with GDPR compliance and on-premise hosting. Looking for an AI based AP Automation solution?

Automation 52

Automation AI Accounts Reconciliation 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. Invoices also serve as crucial documents for tax documentation.

Audit 40

Audit Legal Accounts Transactions 40

Nanonets

JULY 24, 2023

Inaccurate reconciliations can result in penalties during audits, posing a risk to compliance and financial stability. Therefore, meticulous management and serious consideration of account reconciliation are crucial for reducing compliance risk and safeguarding financial well-being. How to reconcile financial statements?

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

Nanonets

MARCH 14, 2024

Compliance: It ensures compliance with internal procurement policies and external regulations, minimizing financial risks and audit issues. Manual consolidation is prone to errors, leading to issues like overpayment, incorrect payments, and invoice duplication, ultimately causing productivity and trust losses.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

FloQast

NOVEMBER 28, 2023

Recently, FloQast published an e-book on how technology can improve audit efficiency based on Ashley’s first-hand experience. Specifically, this can cover: Posting revenue to appropriate income accounts upon shipment ( 606 compliance! Most audit firms are now working with various analytical or data evaluation tools.

Audit 52

Audit Process Technology Reconciliation 52

Nanonets

DECEMBER 25, 2023

Simplified Tax Compliance : Keep your financial data organized and easily accessible, simplifying the process of tax filing and ensuring compliance. Duplication of Entries : If the integration isn't set up correctly, you might end up with duplicate entries.

Finance 52

Finance Payment APIs and Integration Best Practices 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 96

Compliance Close Processes Audit Automation 96

Nanonets

SEPTEMBER 22, 2023

Checking for duplicate payments is another essential practice that helps prevent unnecessary expenditure and minimizes errors. Establish internal controls to ensure compliance and prevent fraud. Check for duplicate payments to minimize errors and unnecessary costs. Prioritize invoices to avoid late fees and maintain good credit.

Accounts 40

Accounts Master Account Best Practices Reconciliation 40