The Fintech Times

MAY 16, 2024

According to a new report by the National Audit Office (NAO), the number of telephone calls received by HM Revenue & Customs (HMRC) from customers was down from previous years. NAO has revealed that in theory, this would be very effective as it would cut costs servicing telephone calls and correspondence.

Correspondent 57

Correspondent Audit Small Business Assessments 57

Nanonets

APRIL 1, 2024

Failure to maintain this discipline can lead to financial pitfalls, including overdrafts, bounced checks, and inaccuracies in financial reporting and auditing practices. This inconsistency complicates financial record-keeping, potentially leading to audit issues and challenges in reconciling finances.

Reconciliation 52

Reconciliation Checks Automation Process 52

Nanonets

APRIL 3, 2024

Vendor reconciliation , a crucial part of this process, involves scrutinizing purchase-related documents to ensure accuracy in all vendor transactions. " Reconciliation in accounting refers to the comparing of details of transactions and financial activities between various documents.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

Nanonets

JUNE 22, 2023

Invoice reconciliation is the process of comparing and matching invoices with relevant supporting documents to ensure the accuracy and integrity of financial transactions. By carefully reviewing and comparing invoices against supporting documents, businesses can identify discrepancies, overcharges, or unauthorized expenses.

Reconciliation 52

Reconciliation Audit Automation Correspondent 52

EBizCharge

JUNE 19, 2024

This simple, yet essential document can decode transactions and play a role in streamlining accounts receivable (AR) operations. Remittance advice refers to a document a customer sends to a business to indicate that an invoice has been paid. What is remittance advice? What are remittance slips, and how are they created?

Payer 52

Payer Reconciliation Correspondent Disputes 52

EBizCharge

MAY 31, 2024

Now, automated cash application software employs artificial intelligence and machine learning to automatically match payments received via various payment methods, like credit cards, wire transfers, and electronic payments, to their corresponding invoices. Why is cash application automation crucial for businesses?

Automation 52

Automation Remittance Data Correspondent Wire Transfer 52

Nanonets

APRIL 4, 2023

Put simply, mailroom automation is the process of automating incoming mail (both physical and digital) and other correspondence by transforming it into structured business data that is then sent to the relevant individuals or fed into processes and systems within your organization. Agility Agile business is a data-driven business.

Automation 52

Automation Correspondent Process AI 52

Nanonets

MAY 21, 2024

Reconciling accounts receivable involves comparing the balances in the accounts receivable ledger with supporting documentation, such as invoices, receipts, and customer payments. Review Sales Transactions: Compare the sales transactions recorded in the accounts receivable ledger with the corresponding sales invoices or sales orders.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

Nanonets

APRIL 29, 2024

It is the process of comparing and matching credit card transactions with corresponding spends and financial records to ensure accuracy and transparency in financial reporting.  This may include invoices, receipts, purchase orders, or other documentation related to the transactions. What is Credit Card Reconciliation?

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 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? But how do we go about this?

Reconciliation 52

Reconciliation Credit Cards Correspondent Automation 52

Nanonets

MAY 6, 2024

Businesses maintain a multitude of other financial documents, including bank statements, invoices , bills, cash payment receipts, and more. These documents provide supplementary details and serve as external sources of validation for the transactions recorded in the general ledger.   What is the General Ledger?

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

JUNE 21, 2023

The aim is to reconcile the data and ensure that transactions match supporting documents across different sources. Here are the general steps involved: Gather relevant documents Collect all the necessary financial documents that need to be reconciled. What are the steps in the Process of Reconciliation?

Reconciliation 52

Reconciliation Process Adjustments Automation 52

Nanonets

JUNE 21, 2023

It involves cross-checking payment records, such as invoices, receipts, bank statements, and other financial documents, to reconcile any discrepancies between them. Compliance and audit requirements Various industries and regulatory bodies mandate accurate and auditable financial records.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

JULY 21, 2023

It involves comparing and matching the account balances in the general ledger with supporting documentation, such as bank statements, invoices, receipts, and other financial records. These documents will serve as a basis for comparing and reconciling the account balances in the general ledger.

Reconciliation 52

Reconciliation Automation Audit Process 52

Nanonets

APRIL 15, 2024

A Bank Reconciliation Statement is a financial document that ensures that the cash balances recorded in the internal financial records align with the financial records presented in the bank statement. In effect, the reconciliation statement is a document that presents the comparison between the internal financial records of a company (e.g.

Reconciliation 52

Reconciliation Adjustments Checks Correspondent 52

Nanonets

JUNE 28, 2023

The Need of OCR and Document Data Extraction for Salesforce In the age of digital transformation, businesses are inundated with vast amounts of data. Customer interactions, business transactions, and administrative procedures generate massive volumes of documents that require careful management.

CRM 52

CRM Automation Process Fed 52

Nanonets

MARCH 14, 2024

For this, all details of the purchase as mentioned in the invoice are matched with the corresponding purchase order to ensure that the product/services that were ordered were delivered correctly and at the price agreed upon. This verification process is called 2-way matching.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 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

EBizCharge

JUNE 25, 2024

Invoices are documents a seller sends to the buyer detailing the products or services provided and the payment amount due. Your business should also collect any supporting documentation, such as purchase orders, receipts, and delivery notes, to provide a comprehensive basis for cross-referencing and verifying the details of each transaction.

Reconciliation 52

Reconciliation Automation Transactions Correspondent 52

Nanonets

MAY 10, 2023

By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. A 3 way match is an internal control process that cross-references a supplier's invoice against its corresponding purchase order (PO) and good received note (GRN). This is vital for managing spend and cash outflow.

Accounts 52

Accounts Automation Duplicate Process 52

Nanonets

APRIL 29, 2024

Matching of Transactions : Once intercompany transactions are identified, the next step is to match corresponding transactions recorded by each entity. Documentation and Reporting: Throughout the reconciliation process, it is essential to maintain comprehensive documentation of all transactions and reconciliation activities.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

Nanonets

NOVEMBER 15, 2023

It involves the  AP department  leveraging technology to digitize invoices and related documents, automating the approval process, and conducting payments through electronic means. How AI and OCR digitizes AP documents accurately But that's not all.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

MAY 7, 2024

This process typically involves reviewing transactions, invoices, receipts, and other financial documents to verify that they match up with the company's records and budget. Compliance and Regulation : Expense reconciliation is crucial for compliance with financial regulations and standards.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

Nanonets

SEPTEMBER 12, 2023

Cut down on manual data processing 💭 "We would spend 4-5 hours in getting our documents prepared." Enhanced compliance and audit readiness 💭 "We would spend 2-3 hours on the actual payment and maintenance."~ " ~ AP Team at Happy Jewelers. "~ The AP Team at Happy Jewelers.

Automation 52

Automation Process Audit Compliance 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

M2P Fintech

JANUARY 31, 2024

It handles various payments, including local and internal transactions, manages unknown payments, and interfaces with back-office forms, correspondent accounts, and currency exchange modules. Employing workflow technology, LOS controls, and monitors loan processing to reduce delays and inefficiencies associated with paper documents.

Fraud Detection 59

Fraud Detection CRM Regulatory Compliance Compliance 59

Nanonets

SEPTEMBER 21, 2023

Unlike purchase orders and receipts, invoices specifically request payment and serve multiple purposes, including record-keeping, accounting, tax documentation, and legal protection. In addition to aiding in financial transactions, invoices are an integral part of  accounting internal controls  and  audits.

Audit 40

Audit Legal Accounts Transactions 40

Nanonets

MARCH 4, 2024

Regulatory Compliance Risks Inadequate Documentation Failing to meet the detailed documentation requirements set by tax authorities. Receipt and Documentation Requirements : Specify the documentation needed to substantiate expenses. Receipt and Documentation Requirements: All expenses must be accompanied by a receipt.

Process 52

Process Compliance Automation Audit 52

Nanonets

JULY 18, 2023

Bank Reconciliation NetSuite automates bank reconciliation by importing bank statements and automatically matching transactions with corresponding records in the system. Compliance and Audit Trail With automated financial processes, NetSuite maintains a detailed audit trail, recording all actions taken on financial transactions.

Automation 52

Automation Reconciliation Audit Correspondent 52

Nanonets

APRIL 16, 2023

MS-Word documents), data entry files (e.g., MS-Excel files), structured XML documents from Electronic Data Interchange (EDI), PDFs and image files, and sometimes as hard copy documents. The unification of all these documents is time-consuming and error-prone when performed manually. Figure 4: OCR based data retrieval.

Automation 52

Automation AI Duplicate Accounts 52

Nanonets

JULY 24, 2023

This essential practice involves comparing transactions and other financial activities with supporting documentation and resolving any discrepancies that may arise.   The source documents include invoices, receipts, and transaction statements.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 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. For instance, if the bank statement shows a $1,000 deposit on a specific date, it matches the corresponding entry in the accounting records.

AI 52

AI Process Best Practices Reconciliation 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. Here, you'll be able to view, add, edit, or delete accounts and their corresponding GL codes. This is typically found within the settings or system setup menu.

Transactions 52

Transactions Audit Accounts Automation 52

Nanonets

FEBRUARY 28, 2024

This meticulous document serves as the foundation for a company's financial statements, categorizing and recording each transaction. GL Coding General Ledger Codes, or GL Codes, are unique alphanumeric strings that classify and record financial transactions within a company’s general ledger into corresponding GL account.

Automation 52

Automation Payment APIs and Integration Accounts Transactions 52

Nanonets

APRIL 17, 2024

Here are examples of such transactions and the corresponding journal entries: Bank Service Charges : When the bank imposes service charges, typically shown on the last day of the bank statement, but not yet reflected in the company's books, a journal entry is necessary.

Reconciliation 52

Reconciliation Adjustments Audit Checks 52

Nanonets

AUGUST 21, 2023

It extracts vital data like invoice number, date, supplier name, and amount due and matches it with corresponding purchase orders and contracts. Enhanced compliance Creating audit trails and maintaining detailed payment records can be challenging with manual processes. Take Nanonets , for example.

Automation 52

Automation B2B Payment APIs and Integration Payments 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. It helps to document these protocols and ensure adherence across the organizational spectrum.

Reconciliation 52

Reconciliation Settlement Alternative Payment Methods Automation 52