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Firms auditing expenses through manual processes and outdated technologies risk missing the chance to flag erroneous or fraudulent submissions from vendors and employees.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

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

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.

Government 79

Government Governance AAP Audit 79

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

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

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

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).

AI 46

AI Audit Agreements Duplicate 46

PYMNTS

JANUARY 18, 2019

Among the findings in that report: Only 10 percent of employee expenses — the ones being sent along in expense reports — are being audited. The firm said companies that leverage artificial intelligence (AI) when it comes to their expenses are able to audit 100 percent of expenses within a short period of time.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

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

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

PYMNTS

NOVEMBER 1, 2020

And, the release noted, costs can be cut due to automated processing and auditing, which can boost efficiency. In addition, the automated insights can offer proactive insights on out-of-policy or duplicate expenses. The cloud processing for receipt data works to cut down on expensive errors in data transposition, for example.

Duplicate 67

Duplicate Reconciliation Audit Automation 67

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

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. However, as the company grew, the CFO, Alex Morgan, noticed several issues: Duplicate Claims:  Employees occasionally submitted the same expense twice due to lack of proper tracking.

Process 52

Process Compliance Automation Audit 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. 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

FloQast

OCTOBER 27, 2023

Plus, it captures audit evidence at the source, eliminating duplicate audit activities and complexity. You can get a demo and see how to stay audit-ready, reduce risk, and save time. The post What is Compliance Management? appeared first on FloQast.

Compliance 52

Compliance Best Practices Mitigation Procedures 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

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. It’s a very involved process.

Duplicate 44

Duplicate Audit Email Compromise Compliance 44

Nanonets

APRIL 29, 2024

This documentation serves as an audit trail and supports accurate financial reporting. Audit Trail: Comprehensive audit trail functionality provides visibility into all reconciliation activities, from transaction matching to resolution.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

Nanonets

MAY 31, 2023

Protection against duplicate and fraudulent invoices - Automating invoice matching entails consistent validation between invoices and supporting documents. This ensures protection against fraudulent or duplicate invoices and better business control. Good for audits - Invoices with other supporting documents are mandatory for audits.

Automation 52

Automation Audit Process Duplicate 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

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

FloQast

NOVEMBER 28, 2023

Recently, FloQast published an e-book on how technology can improve audit efficiency based on Ashley’s first-hand experience. Most audit firms are now working with various analytical or data evaluation tools. I also recommend starting a new audit folder as soon as you wrap up the prior year’s audit.

Audit 52

Audit Process Technology 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. Streamlined Purchasing: Structures the purchasing process, reducing errors like duplicate orders.

Best Practices 52

Best Practices Automation Small Business Process 52

Nanonets

JUNE 17, 2023

Enhancing Accuracy: By detecting errors such as miscalculations, omissions, duplications, and human errors (such as transposed digits during data entry), account reconciliation improves the accuracy of account balances. 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

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

The Finance Weekly

MARCH 28, 2022

The data presented is difficult to audit, and it is not in accordance with the financial statements. Because as this type of reporting transitions from voluntary to mandatory it will require the same level of governance, control, accuracy, and auditability as financial reporting.

Finance 52

Finance Audit On-Demand Government 52

PYMNTS

FEBRUARY 20, 2020

They don’t have the manpower to audit expenses, which can get out of whack, for one reason or another.” In the software arena, duplicate subscriptions and opaque pricing models are costing businesses thousands of dollars. “Businesses are overpaying for a lot of duplicate software,” he said.

Commercial Card 56

Commercial Card Duplicate Underwriting Transactions 56

PYMNTS

OCTOBER 30, 2019

Deploying technology – especially AI – can streamline the auditing process and boost cost savings significantly. As AppZen noted in a recent report , companies that do not use AI audit only 2 to 10 percent of their expense reports and 5 to 10 percent of their invoices. AI can flag 8.7

Automation 41

Automation AI Audit Duplicate 41

Nanonets

APRIL 29, 2024

Error Detection and Resolution : The software detects discrepancies or inconsistencies between credit card statements and accounting records, such as missing transactions, duplicate entries, or incorrect amounts. It employs encryption, access controls, and audit trails to protect sensitive financial information.

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 52

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

Nanonets

APRIL 12, 2023

In this step, organizations validate and clean the data, removing any discrepancies, duplicates, or errors. Errors in data entry and invoice processing : Manual data entry and invoice processing can result in errors, such as duplicate payments or incorrect information, which can lead to additional costs and delays.

Compliance 52

Compliance Automation Duplicate Process 52

Nanonets

APRIL 15, 2024

Auditing Challenges: Manual reconciliation can pose challenges during audits or financial reviews. Auditors may have difficulty verifying the accuracy and completeness of manual reconciliations, potentially leading to audit findings or discrepancies.

Reconciliation 52

Reconciliation Adjustments Correspondent Checks 52

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

AUGUST 21, 2023

Duplicate payments, incorrect amounts, and missed deadlines are just a few examples of the inaccuracies that can occur with manual processing.  Enhanced compliance Creating audit trails and maintaining detailed payment records can be challenging with manual processes.

Automation 52

Automation B2B Payment APIs and Integration Payments 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 Compliance Credit Cards 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

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