Nanonets

JULY 24, 2023

Finance reconciliation plays a pivotal role in ensuring the reliability and accuracy of a business's financial records. What is finance reconciliation? Gartner defines finance reconciliation as “the process of comparing two sets of financial records to ensure they are in agreement.”

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

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

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 B2B 67

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

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.

Duplicate 48

Duplicate AI Audit Automation 48

EBizCharge

APRIL 22, 2025

Salesforce, a popular customer relationship management (CRM) solution, allows businesses to manage customer data, sales, operations, and finances within a single, cloud-based system, eliminating the need for disconnected systems.

Payment APIs and Integration 52

Payment APIs and Integration Payment Gateways Gateways Payments 52

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. It’s like having a tireless guardian for your finances.

Finance 52

Finance Payment APIs and Integration Best Practices Automation 52

PYMNTS

FEBRUARY 20, 2020

Yet, without the resources to invest in finance teams, many firms simply maintain the status quo of unaudited spend, the end result being a lot of wasted spend. “Businesses are at the point where they’re maximizing their key product offering[s], trying to grow revenue and their finance teams are stretched.

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

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 is a cloud-based financial automation platform designed to streamline and modernize accounting and finance processes.   What is BlackLine?  BlackLine

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Nanonets

MAY 10, 2023

That's why finance teams are increasingly adopting a 3 way match of vendor invoices as an essential step of their accounts payable process. By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. This is vital for managing spend and cash outflow.

Accounts 52

Accounts Automation Duplicate Process 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. The role of an expense policy extends beyond mere rules; it's about setting the tone for how a company handles its finances. Fraudulent Claims Intentional Misreporting Submission of non-business-related expenses as business expenses.

Process 52

Process Compliance Automation Audit 52

Nanonets

APRIL 29, 2024

  These transactions can include the transfer of goods, services, or funds between affiliated companies for various purposes, such as inventory management, shared services, or financing activities. This documentation serves as an audit trail and supports accurate financial reporting.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

Nanonets

MAY 29, 2024

By integrating with other business systems such as inventory and finance, a PO system ensures accuracy, reduces manual errors, and enhances efficiency. Purchase Order Approval : The PO is sent to the finance department for approval. This reduces the risk of errors, such as duplicate orders or incorrect quantities.

Small Business 52

Small Business Audit Automation Disputes 52

PYMNTS

SEPTEMBER 24, 2018

He noted that 63 percent of organizations report duplicate invoices, and that in addition to inefficiencies tied to paper-based processes, as many as 15 employees are “tied up” by dealing with invoices. Brown also noted that smaller suppliers do not have access to supply chain finance (SCF). In separate findings, in the U.K.

Duplicate 48

Duplicate Payments Governance Government 48

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 Electronic Funds Transfer (EFT) Automation 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

PYMNTS

OCTOBER 30, 2019

According to research by spend management firm Oversight Systems, more than 60 percent of finance professionals reported that their companies struggled to identify wasteful spending. Deploying technology – especially AI – can streamline the auditing process and boost cost savings significantly. AI can flag 8.7

Automation 41

Automation AI Audit Duplicate 41

Nanonets

APRIL 10, 2024

Finance teams and many others use it to facilitate their operations. In this blog, we will discuss Sage Intacct , specifically for finance teams, and how Account Payable Automation (APA) is the next step to improving the process. Improved Compliance:  Ensures a streamlined and auditable AP process. Schedule a Demo

Automation 52

Automation Accounts Audit AI 52

Nanonets

JUNE 26, 2024

Issues like duplicate payments, missed payments, or incorrect transaction amounts can cause these errors. This helps with cash flow management and better forecasting of the businesses' finances. Nanonets frees up finance professionals to focus on more strategic tasks. This improves compliance and visibility.

Reconciliation 52

Reconciliation Adjustments Audit Checks 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. An invoice is created, matched against POs and delivery receipts based on pre-set rules, and checked to ensure there are no duplicate invoices.

Automation 52

Automation AI Duplicate Accounts 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

FEBRUARY 13, 2024

It comes with clear, concise guidelines that tell your team how to spend company cash without sparking a finance team meltdown. The role of an expense policy extends beyond mere rules; it's about setting the tone for how a company handles its finances. Let's see how to create one.

Compliance 52

Compliance Non-Bank Automation Duplicate 52

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

PYMNTS

DECEMBER 3, 2018

.” “Some of the worst examples are the manual and paper management of expense reports,” he said, adding that technology can automate adherence to company spend policy, detect duplicate expense items and beyond.

Automation 57

Automation AI Duplicate Treasury Management 57

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. The invoice is approved for payment and sent to the finance department which makes the payment.

Best Practices 52

Best Practices Automation Small Business Process 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 2, 2023

Whether it is the employee, the finance team, the CFO, or the accountant, nobody wants to do the hassle. You are not only causing waste of working hours for the employees but also the business to do more mistakes, duplication, and loss of productivity. When it comes to making expense reports and approving them, nobody likes it.

Automation 52

Automation Audit Compromise Process 52

Nanonets

APRIL 2, 2024

Importance of bank reconciliation in internal control In the world of finance and accounting, accuracy is key. Whether you're managing personal finances or running a business, keeping precise records is crucial for financial health. Detection of Discrepancies: Bank reconciliation helps detect discrepancies such as errors or fraud.

Reconciliation 52

Reconciliation Adjustments Automation Regulatory Compliance 52

Nanonets

MAY 7, 2024

Expense reconciliation is a process within finance and accounting that ensures that a company's financial records accurately reflect its spending activities. Credit card reconciliation helps identify discrepancies such as fraudulent transactions, duplicate charges, or unauthorised expenses. What is Expense Reconciliation?

Reconciliation 52

Reconciliation Best Practices Credit Cards Compliance 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

AUGUST 10, 2023

No matter how stellar your business model is or how great your sales numbers are, leaky expense claim processes can be a slow, silent killer for your finances. If you want a quick, impactful boost to your finances, you should focus on this area. This ensures all claims are compliant, reducing the risk of audits and penalties.

Automation 52

Automation Process Compliance IRS 52

Nanonets

JULY 21, 2023

In addition to accelerating the reconciliation process, reconciliation software also enables an audit trail, significantly improving transparency and accountability. Once approved, the reconciled data is securely stored in a centralized database, ensuring an auditable trail.

Reconciliation 52

Reconciliation Payment APIs and Integration Automation Audit 52

Nanonets

JULY 14, 2024

Nanonets is an invoice management system that everyone can use, not just the finance team. Automate manual, time-consuming tasks such as GL coding, approvals, vendor notifications, duplicate invoices, and more with no-code workflow automation. Integrations Any software you use should integrate with your existing business software.

Automation 52

Automation Process Multi-Currency Online and Mobile Banking 52

Nanonets

JANUARY 17, 2024

Now, you might be thinking, "We've got this covered with our trusty spreadsheets and quarterly audits." They move from playing defense with their finances to playing offense. This isn't a trend limited to the finance or tech sectors; it's a cross-industrial movement. I mean, think about it.

Payment APIs and Integration 52

Payment APIs and Integration Compliance Automation Audit 52

Nanonets

FEBRUARY 27, 2024

QuickBooks is an accounting software package designed to help small and medium-sized businesses manage their finances. But behind the scenes, managing finances can be as tricky as perfecting a sourdough starter. The Compliance Cruise Control:  Continuous, automated audits make life easier.

Automation 52

Automation Database Audit Use Case 52

Nanonets

NOVEMBER 27, 2023

Netting in finance can work a few different ways, but no matter the netting process used, the goal is to reduce financial risks for all parties involved. When netting in finance, your accounts payable team can look at all the incoming and outgoing invoices you have with a specific vendor or business. ” you’re not alone.

Payment Amount 52

Payment Amount Venmo Settlement Process 52