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

FloQast

JUNE 12, 2024

These inefficiencies not only led to wasted time and resources but also resulted in significant audit fees. Curis’s Success with FloQast: A Summary Eliminated $110,000 in external audit fees by combining Close and compliance efforts. Streamlined workflows through automation and centralized documentation.

Compliance 104

Compliance Close Processes Audit Automation 104

Nanonets

JUNE 19, 2024

The process involves matching the amounts that your vendors bill and comparing them to the company's accounts payable documents. By doing so, they can maintain good vendor relationships, detect fraud, and support audit trails.   Document the root cause of errors in resolving discrepancies.

Reconciliation 52

Reconciliation Process Accounts Duplicate 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

MAY 10, 2023

By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. The goal here is to ensure that financial details (order quantity, order amount, total amount, PO number etc.)  match across all 3 documents. This is vital for managing spend and cash outflow.

Accounts 52

Accounts Automation Duplicate Process 52

Nanonets

NOVEMBER 16, 2023

They should align with the goods or services received and must not be duplicates of invoices that were already processed.   Duplicate Invoice or Payment Audit The final is to verify that the payment hasn’t already been sent to a vendor for the line items on the invoice.

Accounts 52

Accounts Best Practices Duplicate Checks 52

Nanonets

MAY 29, 2024

Purchase orders (PO) are legal documents that are drawn to finalize contracts between a buyer and a supplier. Today, This might involve printing the document and getting physical signatures. By documenting every purchase, businesses can easily monitor expenses and identify any unnecessary spending.

Small Business 52

Small Business Audit Automation Disputes 52

Nanonets

OCTOBER 1, 2024

It typically involves checking these fields, matching them against supporting documents like purchase orders, vendor contracts, and receiving reports. Documents essential to the validation process: 1. Invoice : The primary document detailing the amount owed and for what 2. They may be contacted for clarifications, too.

Best Practices 52

Best Practices Automation Multi-Currency Process 52

Nanonets

JUNE 18, 2024

With disconnected data sources and innumerable documentation, accounting teams can face the added task of figuring in interest rates, exchange rates, and timing differences to reconcile balances effectively. Compare Data : Compare the general ledger balances with the supporting documentation to identify discrepancies or differences.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 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

Nanonets

MAY 21, 2024

At the core of accounts management lies account reconciliation, the process of comparing various financial documents to ensure accuracy and accountability.  Document Process: Maintain detailed records of steps, findings, and adjustments. Investigate Discrepancies: Analyze differences, trace transactions and rectify errors.

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 52

Nanonets

JUNE 26, 2024

A bank reconciliation statement is a financial document that compares a company's bank account balance to the transactions recorded on its general ledger, often called the "cash books." Issues like duplicate payments, missed payments, or incorrect transaction amounts can cause these errors.

Reconciliation 52

Reconciliation Adjustments Audit Checks 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. 💡 Best practices:  1.

AI 52

AI Process Best Practices Reconciliation 52

Nanonets

JUNE 12, 2024

Cost Savings: Implemented properly, purchase order management systems ensure that businesses can negotiate better terms with suppliers, avoid duplicate orders, reduce administrative costs, and avail early payment discounts. Need Identification and Requisition Employees should be trained to identify and document procurement needs accurately.

Best Practices 52

Best Practices Automation Small Business Process 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.   BlackLine also provides configurable dashboards and reports that offer insights into reconciliation status, performance metrics, and audit trails.

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Nanonets

NOVEMBER 30, 2023

  Automate digital 2 or 3-way matching of invoices with purchase orders and receiving documents.   Stakeholders using the unified AP automation system gain access to relevant electronic document data, including the vendor invoice, purchase order, contract, and receiving report with a data repository connected to the supplier portal. 

Best Practices 52

Best Practices Accounts Automation Electronic Funds Transfer (EFT) 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. 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.

Process 52

Process Compliance Automation Audit 52

Nanonets

MAY 31, 2023

Referred to as invoice exceptions, a deviation occurs when there is a mismatch between the invoice details and its validating documents such as the PO or the goods/product receipt. Invoice matching ensures that vendor invoices can be verified against supporting documents before releasing payments. What is a Deviation?

Automation 52

Automation Audit Process Duplicate 52

Nanonets

APRIL 2, 2024

One method involves a thorough review of documents and transactions to verify their accuracy and consistency with bank statements.   The bank reconciliation process involves several steps: Gathering Necessary Documents: Collecting bank statements, checkbooks, deposit slips, and invoices, bills, and receipts for comparison.

Reconciliation 52

Reconciliation Automation Regulatory Compliance Compliance 52

Nanonets

APRIL 16, 2023

MS-Word documents), data entry files (e.g., 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. that can lead to loss of productivity and trust. Figure 4: OCR based data retrieval.

Automation 52

Automation AI Duplicate Accounts 52

Nanonets

JUNE 19, 2024

Purchase orders are critical documents that signify the start of the purchase process by a business in order to acquire goods or services. By documenting every purchase, businesses can easily monitor expenses and identify any unnecessary spending. This reduces the risk of errors, such as duplicate orders or incorrect quantities.

Small Business 52

Small Business Automation Audit P2P 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. Credit card reconciliation helps identify discrepancies such as fraudulent transactions, duplicate charges, or unauthorised expenses.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

Nanonets

APRIL 18, 2024

This eliminates the need for duplicate data entry, ensuring accuracy and saving you valuable time. Scheduling of outbound e-document generation —The Electronic Invoicing SuiteApp enables an administrator to deploy a script to generate multiple e-documents simultaneously instead of manually generating e-documents for each transaction.

Automation 52

Automation AI Accounts Process 52

Nanonets

JUNE 17, 2023

Account reconciliation is the process of comparing general ledger accounts (usually from the balance sheet) with supporting documents, such as bank statements, sub-ledgers, and other underlying transaction details. 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

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

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. This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices 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

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. Common discrepancies may include unapplied payments, duplicate entries, or incorrect customer balances.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

Nanonets

JULY 14, 2024

Classify all your invoices into different categories using a document classifier. Automate manual, time-consuming tasks such as GL coding, approvals, vendor notifications, duplicate invoices, and more with no-code workflow automation. It should also allow document data matching (PO matching) using the extracted data.

Automation 52

Automation Process Multi-Currency Online and Mobile Banking 52

Nanonets

APRIL 29, 2024

Documentation and Reporting: Throughout the reconciliation process, it is essential to maintain comprehensive documentation of all transactions and reconciliation activities. This documentation serves as an audit trail and supports accurate financial reporting.

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

APRIL 10, 2024

Recordkeeping:  Invoices and payment records are meticulously filed for future reference and audit purposes. Match invoice information against open Purchase Orders, Delivery Notes, and other AP documents. Real-time syncing:  Import your Sage chart of accounts and create rules to code documents from your Vendors.

Automation 52

Automation Accounts AI Audit 52

Nanonets

DECEMBER 6, 2023

By automating HR tasks such as data entry, document management, and payroll processing, organizations can achieve higher levels of accuracy and consistency. This reduces the risk of non-compliance, avoids penalties, and provides a secure and auditable HR environment.

Automation 52

Automation Process Payroll Compliance 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

JUNE 19, 2023

By automating HR tasks such as data entry, document management, and payroll processing, organizations can achieve higher levels of accuracy and consistency. This reduces the risk of non-compliance, avoids penalties, and provides a secure and auditable HR environment. Automate your resume parsing workflows.

Automation 52

Automation Process Compliance Payroll 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. AI document processing captures and extracts documents from multiple sources.

Reconciliation 52

Reconciliation Credit Cards Correspondent Automation 52

PYMNTS

JUNE 22, 2017

Finding where those errors are via manual auditing can be a headache, too. We think roughly 30 percent of duplicate payments are the result of some sort of vendor master issue, either as a duplicate vendor or some other error associated with vendor master,” the executive explained.

AI 48

AI Duplicate Audit Automation 48