Nanonets

JUNE 19, 2024

What is the Vendor Reconciliation Process in Accounts Payable Vendor reconciliation is a critical practice in accounts payable to ensure the completeness and accuracy of vendor payments. Accounts payable teams must reconcile payments regularly to avoid double-processing them.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

VISTA InfoSec

MARCH 28, 2024

To achieve this, regularly review your data collection forms and processes to identify and eliminate any unnecessary data fields. More importantly, regularly update your software to patch security vulnerabilities and conduct periodic security audits to identify and rectify potential weaknesses in your system.

Data Breach 249

Data Breach Regulatory Compliance Breach Encryption 249

Nanonets

MARCH 4, 2024

Expense reimbursement is a fundamental aspect of business operations, encompassing the process by which employees are paid back for expenses they've incurred on behalf of the company. However, managing this process is fraught with challenges. Duplicate Claims Employees submitting the same expense for reimbursement more than once.

Process 52

Process Compliance Automation Audit 52

PYMNTS

JANUARY 26, 2021

Managing spend for organizations typically comes with a lot of paper, manual processes and headaches. Usually, the auditing workflow involves looking at expense reports filed by employees, with a focus on identifying potentially erroneous or even fraudulent transactions. The Value Of Automated Analytics.

Audit 75

Audit Continuity Automation Risk 75

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Firms auditing expenses through manual processes and outdated technologies risk missing the chance to flag erroneous or fraudulent submissions from vendors and employees.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

Nanonets

MAY 11, 2023

Invoice processing or bill processing is the whole gamut of operations associated with the business-end (pun unintended) of purchasing products/services from a vendor.  Let us see how invoices are processed and how automation helps streamline invoice management to help businesses run more efficiently.

Process 52

Process Automation Audit Checks 52

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 81

Government Governance AAP Audit 81

Nanonets

NOVEMBER 16, 2023

The possibility of errors surrounding payments requires several accounts payable controls to be implemented throughout the accounts payable process.  The business that is owed money will send an invoice, that invoice will be processed by the AP team, and then the AP team will send funds to the invoice owner.

Accounts 52

Accounts Best Practices Duplicate Checks 52

Nanonets

MAY 29, 2024

manual purchase order processing can increase cycle times by up to 50%​ the error rate in manual data entry can be as high as 30%, leading to costly rework and delays. A purchase order (PO) system is a digital platform designed to automate and streamline the purchase process. This is what a PO system does. SAP Ariba, Coupa).

Small Business 52

Small Business Audit Automation Disputes 52

Nanonets

JUNE 22, 2023

Whether you are a small business or a large enterprise, reconciling invoices is an essential process to ensure accuracy, identify discrepancies, and maintain strong financial controls. This process safeguards businesses from overspending and helps maintain financial control. What is invoice reconciliation?

Reconciliation 52

Reconciliation Audit Automation Correspondent 52

Nanonets

NOVEMBER 30, 2023

Companies that establish accounts payable best practices increase the visibility of information, reduce their invoice processing time, save money, strengthen internal controls and cash flow management, reduce fraud and errors, and improve vendor relationships. Use automatic AP invoice approval processes. 

Best Practices 52

Best Practices Accounts Automation Electronic Funds Transfer (EFT) 52

Nanonets

APRIL 10, 2024

Improving the efficiency of the Accounts Payable (AP) process is a strategic initiative for businesses, as the complex and resource-intensive work is unsustainable, challenging to scale, and prone to error. Payment Processing:  Once approved, payments are manually initiated through checks or ACH transfers.

Automation 52

Automation Accounts AI Audit 52

PYMNTS

NOVEMBER 1, 2020

End-of-month expense reports, which the release called "dreaded," can be done away with as paper processes aren't used and reconciliation is always happening as a 24/7 process. And, the release noted, costs can be cut due to automated processing and auditing, which can boost efficiency.

Duplicate 67

Duplicate Reconciliation Audit Automation 67

Nanonets

JUNE 21, 2023

Manual payment reconciliation processes can be time-consuming, error-prone, and inefficient. This article will provide a comprehensive guide to reconciling payments, its importance, challenges faced, best practices, and the role of automation in enhancing the process. What is payment reconciliation?

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

APRIL 29, 2024

  But intercompany reconciliation softwares are an answer to this challenge, streamlining the process and ensuring accuracy in financial reporting. Intercompany reconciliation is the process of balancing and reconciling financial transactions between different entities or subsidiaries within the same organisation.

Reconciliation 52

Reconciliation Audit Automation Transactions 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.      In this article, we shall explore the fundamentals of accounts reconciliation , discussing its importance, processes , and best practices.  

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 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. In order to complete any particular purchasing process, the purchase order associated must be processed and closed. SAP Ariba, Coupa).

Small Business 52

Small Business Automation Audit P2P 52

Nanonets

MAY 31, 2023

One significant activity in Accounts Payable (AP) processes is Invoice Matching. This article provides a detailed insight on invoice matching, the different types, the need for touchless invoice processing or invoice management , and its varied benefits. Looking to automate your manual AP Processes? What is Invoice Matching?

Automation 52

Automation Audit Process Duplicate 52

Nanonets

JUNE 12, 2024

Purchase order management is the process of managing the creation, approval, tracking, and fulfilment of purchase orders in your business. Review: Once a purchase order is issued, consideration needs to be given to how the process is reviewed and approved. This is where Approval processes and hierarchies are usually defined.

Best Practices 52

Best Practices Automation Small Business Process 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). “The major takeaway from this data is not that employees in certain industries commit more fraud,” AppZen noted at the time. ”

AI 46

AI Audit Agreements Duplicate 46

FloQast

NOVEMBER 28, 2023

Since joining the company, Ashley has been instrumental in enhancing processes and formalizing the accounting function, contributing to Lovevery’s ability to scale efficiently. Recently, FloQast published an e-book on how technology can improve audit efficiency based on Ashley’s first-hand experience.

Audit 52

Audit Process Technology Reconciliation 52

FloQast

OCTOBER 27, 2023

Compliance officers may need to limit their advisory role to the initial stages, step aside to let the business conduct the process, and provide oversight and review at the tail end. Increasing speed of business processes : Technology and automation make business processes faster than ever. It’s like grading their own homework.

Compliance 52

Compliance Best Practices Mitigation Procedures 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.    As businesses increasingly rely on credit cards for various expenses, the need for efficient reconciliation processes becomes more important.

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 52

Nanonets

NOVEMBER 15, 2023

Could adopting a paperless accounts payable process be the solution? The term paperless accounts payable refers to a completely digital AP process, eliminating the need for paper invoices. The term paperless accounts payable refers to a completely digital AP process, eliminating the need for paper invoices. Impressive, right?

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

JUNE 17, 2023

Account reconciliation is a critical process in accounting, which ensures that financial records are accurate and consistent. This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process. How Does Account Reconciliation Work?

Reconciliation 52

Reconciliation Accounts Adjustments Credit Cards 52

Nanonets

APRIL 12, 2023

Spend management has become increasingly important for businesses today as it enables them to control costs, improve procurement processes, and optimize profitability. However, managing expenses manually can be a time-consuming and error-prone process. What is spend management? Why is spend management important?

Compliance 52

Compliance Automation Duplicate Process 52

Nanonets

AUGUST 21, 2023

B2B payment automation involves everything from the automation of capturing and processing invoices to making payments to vendors and reconciling those payments in your books. A 2018 report revealed that businesses in North America spend $187 billion annually on Accounts Payable (AP) processing, and labor accounts for over 90% of these costs.

Automation 52

Automation B2B Payment APIs and Integration Payments 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

MAY 7, 2024

Expense reconciliation is the process through which businesses track expenditures, identify anomalies, adhere to regulatory requirements, and maintain financial accuracy and integrity. This process is essential for maintaining financial accuracy, compliance with regulations, and preventing fraud or errors.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

Nanonets

APRIL 15, 2024

What is a Bank Reconciliation Statement Bank reconciliation is the process that ensures that a company's recorded cash balances align with the funds in their bank accounts. This serves as the starting point for the reconciliation process. This reconciled balance serves as the starting point for the next reconciliation process.  

Reconciliation 52

Reconciliation Adjustments Correspondent Checks 52

Nanonets

MARCH 14, 2024

This verification process is called 2-way matching. Recap of the Procurement Process Before understanding 2-way matching, let’s quickly recap how procurement works in a business setting. Now that the invoice have been obtained, the matching process is performed by the accounts payable team at ABC. What is 2-way matching?

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 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 Governance 52

Nanonets

FEBRUARY 27, 2024

Additionally, QuickBooks can be integrated with other software packages, allowing businesses to automate many of their financial processes. By automating this process, the bakery can now redirect precious time towards growth and innovation. Why is it important ? Accuracy: Manual data entry is prone to errors.

Automation 52

Automation Database Audit Use Case 52

Nanonets

SEPTEMBER 22, 2023

Using accounting software can automate the accounts payable process and generate reports automatically. Implementing best practices, such as prioritizing invoices and establishing internal controls, can improve the accounts payable process. Implementing best practices is also crucial for optimizing accounts payable processes.

Accounts 40

Accounts Master Account Best Practices Reconciliation 40

Nanonets

DECEMBER 25, 2023

A Guide to Stripe QuickBooks Integration The integration of payment processing and accounting systems is not just a convenience but a necessity for efficiency and accuracy in financial processes. Two of the most powerful tools in these realms are Stripe for payment processing and QuickBooks for accounting and financial management. 

Finance 52

Finance Payment APIs and Integration Best Practices Automation 52

Nanonets

MAY 6, 2024

    General Ledger Reconciliation is the process of comparing and aligning the entries in the general ledger with the corresponding transactions documented in these external sources.   These documents provide supplementary details and serve as external sources of validation for the transactions recorded in the general ledger. 

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

FEBRUARY 13, 2024

It serves as the framework that outlines what’s reimbursable, what’s not, and how to go about the whole "I spent this, now give me my money back" process. An expense policy does that by defining a clear process and workflow, making the expense management process less of a maze and more of a straight line.

Compliance 52

Compliance Non-Bank Automation Duplicate 52