Nanonets

JUNE 26, 2024

Bank reconciliation is important for businesses for several reasons: Error Detection: Bank reconciliation helps identify errors in a company's financial records. Issues like duplicate payments, missed payments, or incorrect transaction amounts can cause these errors. This improves compliance and visibility.

Reconciliation 52

Reconciliation Adjustments Audit Checks 52

Nanonets

JULY 14, 2024

Automate manual, time-consuming tasks such as GL coding, approvals, vendor notifications, duplicate invoices, and more with no-code workflow automation. Key Invoice Features: AI-powered invoice capture and data extraction Customizable approval workflows Integration with major accounting software (e.g.,

Automation 52

Automation Process Multi-Currency Online and Mobile Banking 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 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

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

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.   Detection of Discrepancies: Bank reconciliation helps detect discrepancies such as errors or fraud.

Reconciliation 52

Reconciliation Automation Regulatory Compliance Compliance 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

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 6, 2024

GL reconciliation aids in fraud detection by uncovering unauthorized transactions or irregularities that may indicate fraudulent activities. Duplicate Entries : Accidentally recording the same transaction multiple times can inflate balances and create discrepancies during reconciliation.

Reconciliation 52

Reconciliation Payroll Automation Transactions 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 24, 2023

Automate your mortgage processing, underwriting, fraud detection, bank reconciliations or accounting processes with a ready-to-use custom workflow. Government: Government agencies use bank extracts to detect fraud, assess taxes, and comply with regulatory requirements.

Assessments 52

Assessments Automation Fraud Detection Risk Assessment 52

Nanonets

SEPTEMBER 21, 2023

In addition to effective communication and streamlined invoice processing, it is crucial to protect executives from payment issues by implementing strong internal controls and anti-fraud measures. Regular audits should be conducted to detect and prevent any potential  accounts payable fraud , ensuring the integrity of payment processes.

Accounts 40

Accounts Best Practices Automation Reconciliation 40

Nanonets

JULY 24, 2023

Inaccurate reconciliations can result in penalties during audits, posing a risk to compliance and financial stability. Step 5: Find errors Although rare, errors can occur on the bank's side, such as duplicate records, incorrect transaction entries, or miscalculated commissions.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 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

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

FEBRUARY 13, 2024

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. Potential Fraud:  A few instances of suspicious expenses were flagged but couldn't be immediately verified.

Compliance 52

Compliance Non-Bank Automation Duplicate 52

Nanonets

JUNE 29, 2023

Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic. It provides a user-friendly interface, customizable OCR models, and seamless integration options, making it a versatile solution for expense management. Flow demo Top features: All your expense data in one place.

Payment APIs and Integration 52

Payment APIs and Integration Automation Credit Cards Online and Mobile Banking 52

Nanonets

DECEMBER 11, 2023

Using AI, every transaction is kept secure through duplication detection, fraud prevention, and payment tracking features. Key Features Embedded fraud detection capabilities, advanced vendor management, and compliance features are a few user favorites.

Process 52

Process Payment APIs and Integration Automation Multi-Currency 52

CB Insights

MARCH 21, 2018

These include: Fraud detection and risk prevention: By moving insurance claims onto an immutable ledger, blockchain can help eliminate common sources of fraud in the insurance industry. Fraud Detection and Risk Prevention. But an insurance audit trail isn’t just useful for preventing fraud.

Blockchain 78

Blockchain Audit Process Risk 78

Nanonets

JULY 25, 2023

Complete and accurate financial accounting simplifies tax obligations, auditing, and valuation processes. To enhance data accuracy further, Nanonets incorporates a range of approval workflows, duplicate alerts, and fraud detection tools.

Financial Analysis 52

Financial Analysis Payment APIs and Integration Assessments Automation 52

Nanonets

APRIL 14, 2023

Expense management software is used to register, track, reimburse, and audit employee expenses, making it easier for companies to manage their finances on a micro-level. It provides financial controls such as approval workflows, duplicate alerts, and fraud detection to ensure that there are no wrong spends.

Automation 52

Automation Process Credit Cards Compliance 52

Nanonets

AUGUST 8, 2024

Annotation tools must offer enterprise-grade security features, including encryption, access controls, and audit trails. Financial services: The financial industry uses data annotation to enhance fraud detection capabilities. This helps train AI models to detect and prevent financial fraud more effectively.

AI 52

AI Automation Process Best Practices 52

Nanonets

JUNE 29, 2023

Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic. Fraud detection and duplicate payment alerts. Businesses can set up rules and workflows to streamline expense review and automate the auditing process.

Payment APIs and Integration 52

Payment APIs and Integration Online and Mobile Banking Automation Push-to-Card 52