The Finance Weekly

MARCH 28, 2022

Continue reading to learn what ESG reporting is, what's new with ESG reporting standards, why Finance teams should care, and the five benefits of aligning ESG and financial reporting. The data presented is difficult to audit, and it is not in accordance with the financial statements.

Finance 130

Finance Audit On-Demand Government 130

Nanonets

AUGUST 1, 2023

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Computer-Assisted Audit Tools and Techniques (CAATTs) have been available to auditors since the early 1990s. The situation has changed now.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

PYMNTS

JANUARY 18, 2019

There continues to be different permutations of the BEC popping up, according to the site — where, for example, there have been attempts through the last several weeks to induce gift card purchases, requested by those fraudsters posing as CEOs. They may also see a higher “monetary payoff,” Hassold stated.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

The Payments Association

MARCH 25, 2025

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. How is this information communicated to affected teams?

Compliance 88

Compliance Payment Networks Issuers Best Practices 88

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

NOVEMBER 16, 2023

  Accounts payable internal controls have been carefully developed, widely implemented, and continuously refined to protect businesses from payment risks no matter where in the AP process they originate. Once the funds clear, the process will be complete, and business can continue as usual. 

Accounts 52

Accounts Best Practices Duplicate Checks 52

PYMNTS

FEBRUARY 20, 2020

However, according to Eric Glyman, CEO and Co-founder of corporate card company Ramp , commercial card products continue to encourage businesses to spend more, not less — and they are often unable to address the particular spend management challenges of fast-growing businesses. ” The Biggest Culprits Of Waste.

Commercial Card 56

Commercial Card Duplicate Underwriting Transactions 56

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

SEPTEMBER 25, 2024

  Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Maintain an efficient audit trail for future retrieval. Monitor extraction accuracy and implement feedback loops to improve the process continuously. Ensure all statements are properly scanned and readable.

Process 52

Process AI Best Practices Reconciliation 52

PYMNTS

SEPTEMBER 24, 2018

The late payments spotlight shines again on the United Kingdom, where the struggles continues for smaller firms to manage cash flow as larger firms hold back payments – or do not pay at all. As a result, an audit committee has said several risks have arisen, including bankruptcy for some firms that rely on trust payments.

Duplicate 48

Duplicate Payments Governance Government 48

Nanonets

JUNE 21, 2023

This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records. By comparing payment data from different sources, businesses can identify discrepancies, such as missing or unmatched payments, duplicate entries, or recording errors.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

MAY 6, 2024

This results in scattered files, versioning issues, the need to track down stakeholders for missing information, the generation of duplicate datasets, and more. This transparency enhances accountability, facilitates management oversight, and supports continuous improvement initiatives.  

Reconciliation 52

Reconciliation Accounts Audit Automation 52

FloQast

OCTOBER 27, 2023

Continuously improve the compliance program : Compliance is an ongoing process. The Accounting Department should continuously review and improve its compliance program to ensure it effectively mitigates compliance risks. Plus, it captures audit evidence at the source, eliminating duplicate audit activities and complexity.

Compliance 52

Compliance Best Practices Mitigation Procedures 52

Nanonets

MARCH 4, 2024

fostering a culture that values transparency, accountability, and continuous improvement. Duplicate Claims Employees submitting the same expense for reimbursement more than once. Here's how it transformed their process: Duplicate Claims Prevention:  The software now automatically flags duplicate entries.

Process 52

Process Compliance Automation Audit 52

Fintech Review

NOVEMBER 19, 2023

However, new technologies continuously change the environment and how we play the SEO game. Transprency : A public ledger lists every transaction for anyone to audit. Avoiding duplicate material : Search engines penalize websites with duplicate material. Blockchain is one such emerging technology in the online world.

Blockchain 52

Blockchain Technology Microtransactions Duplicate 52

FloQast

JANUARY 22, 2025

Lack of integration results in: Data silos Greater risk of errors Duplicated efforts and thus more work for accounting departments Simply put, disjointed point solutions not only hinder efficiency but also erode trust in the systems meant to support accounting teams, leaving them overburdened and unable to perform at their best.

Accounts 52

Accounts AI Automation Audit 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

APRIL 16, 2023

Errors at the start of the invoice processing workflow can snowball into serious outcomes such as over-payment, incorrect payments, invoice duplication, etc. A 2020 survey by Levvel Research showed that manual data entry and inefficiency continue to be the pain points in the accounts payable process.

Automation 52

Automation AI Duplicate Accounts 52

PYMNTS

DECEMBER 3, 2018

and Australia found businesses that continue to rely on physical, paper receipts are twice as likely to be impacted by expense fraud than companies that have adopted digital, automated tools. In separate research released in June by Chrome River , a survey of business travelers across the U.S.,

Automation 57

Automation AI Duplicate Treasury Management 57

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. Automate reporting and audit trails With paper-based systems, these tasks often require more time and effort. AP clerks would often have to follow up repeatedly to ensure timely approvals.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

MAY 15, 2023

reduction in IT maintenance costs, companies continue to worry about and be bogged down by rising SaaS subscription costs. A recent survey revealed that 57% of IT teams are under pressure to reduce their SaaS spending, and this trend is expected to continue. Mismanagement of licenses is a common reason for SaaS spending wastage.

Duplicate 52

Duplicate Automation AI On-Demand 52

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

APRIL 2, 2024

Updating Internal Records and Bank Statement: Ensuring internal records align with the reconciled figures, facilitating accurate financial reporting, audit compliance, cash flow management, and fraud detection.   This can include anything from missing or duplicate transactions to unauthorized charges or fraudulent activity.

Reconciliation 52

Reconciliation Automation Adjustments Regulatory Compliance 52

Nanonets

MARCH 20, 2023

Features : Easy customization Intelligent data capture Advanced workflow with graphical interface Audit trail Email alerts Integration and functionality of key modules such as Epicor CPQ, Quick Ship, Epicor ECM, Advanced MES, and Epicor ECC.

Accounts 52

Accounts Payment APIs and Integration Multi-Currency Automation 52

Nanonets

OCTOBER 1, 2024

The invoice is then filed for future reference or audits, completing the validation process. This leads to an overpayment, which is only discovered during the next audit cycle. Such disconnected systems increase the risk of errors and make it difficult to maintain a comprehensive audit trail. check, ACH, wire transfer) selected.

Best Practices 40

Best Practices Automation Multi-Currency Process 40

Nanonets

FEBRUARY 27, 2024

Streamlined Audit Trail: The precision of the date extraction and GL coding , and the subsequent automated data export to QuickBooks creates a clear, detailed audit trail. The Compliance Cruise Control:  Continuous, automated audits make life easier.

Automation 52

Automation Database Audit Use Case 52

Nanonets

APRIL 16, 2023

Introduction As we continue to move into a paperless society , business accounting is on a transformative journey. It should help a business create an ongoing audit trail that can be managed and accessed at any time. AP automation software creates an indestructible audit trail of the entire accounting process.

Automation 52

Automation AI Accounts Reconciliation 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

PYMNTS

MAY 12, 2016

” While corporate payment processes must continue to adopt automated technologies, Esker concluded that AP professionals need to start looking at mobile devices to meet their toughest challenges. Beyond exceptions, a lack of visibility means friction in addressing supplier inquiries, auditing and budgeting. Reducing Cycle Times.

Automation 40

Automation Addressing Accounts Duplicate 40

Nanonets

DECEMBER 25, 2023

Duplication of Entries : If the integration isn't set up correctly, you might end up with duplicate entries. Tips for Overcoming Challenges: Regular Audits : Regularly audit your financial data to ensure accuracy and consistency. Regularly review your records to catch and address these discrepancies early.

Finance 52

Finance Payment APIs and Integration Best Practices Automation 52

Nanonets

MAY 11, 2023

The invoice and payment details are archived in the GL for future audits. Missed invoices lead to delayed payments and associated penalties, strained vendor relationships, delays in operation, and audit issues. Thus, continuing to hold on to what presumably works for a small setup hinders expansion and potential to scale.

Process 52

Process Automation Audit Checks 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

SEPTEMBER 22, 2023

Checking for duplicate payments is another essential practice that helps prevent unnecessary expenditure and minimizes errors. Check for duplicate payments to minimize errors and unnecessary costs. Regularly checking for duplicate payments can also save costs and mitigate financial losses.

Accounts 40

Accounts Master Account Best Practices Reconciliation 40

Nanonets

NOVEMBER 14, 2023

Benefits of AP Automation By adopting modern AP automation tools, organizations position themselves to keep pace with digitization and continually improve their functioning over time, regardless of where they currently are in their digitization and AP journey. This transparency allows for better tracking, auditing, and financial planning.

Accounts 52

Accounts Automation Compliance Fraud Prevention 52

Nanonets

MAY 10, 2023

After approving the newly automated workflow's deployment with your team, you start the continual task of monitoring and periodically improving the workflow to maintain its precision, effectiveness, and productivity. It lessens duplication and reduces quality-control mistakes. Implement, monitor, and improve.

Automation 98

Automation Rules Procedures Process 98

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

NOVEMBER 27, 2023

These transactions – both incoming and outgoing payments – determine whether or not a business will continue to function. This is commonly used in currency transactions; netting invoices that share currencies can simplify both the audit trail and payment process.

Payment Amount 52

Payment Amount Venmo Settlement Process 52