Nanonets

APRIL 3, 2024

Guide to the Vendor Account Reconciliation Process Running a business involves collaboration with various vendors who provide different kinds of products and services. Vendor reconciliation , a crucial part of this process, involves scrutinizing purchase-related documents to ensure accuracy in all vendor transactions.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

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

Nanonets

SEPTEMBER 25, 2024

For businesses processing thousands of bank statements daily—from insurance companies to financial institutions, bank statement processing presents a challenge and an even bigger opportunity for automation. In this article, we’ll explore applications of AI and automation for bank statement processing.

AI 52

AI Process Best Practices Reconciliation 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

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 278

Data Breach Regulatory Compliance Breach Encryption 278

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

FloQast

JUNE 12, 2024

Curis , a biopharmaceutical innovator based in Lexington, Massachusetts, faced challenges with their traditional, paper-heavy month-end Close process and compliance program. These inefficiencies not only led to wasted time and resources but also resulted in significant audit fees. That saved us $110,000 in outside audit fees.”

Compliance 104

Compliance Close Processes Audit Automation 104

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

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

Nanonets

AUGUST 10, 2023

Streamlining your expense claim process isn't just great for business efficiency and accuracy — it's a game changer for your bottom line. According to this Global Business Travel Association report , processing an expense report for a single-night hotel stay costs an average of $58 and takes 20 minutes!

Automation 52

Automation Process Compliance Audit 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.

Governance 95

Governance Government AAP Audit 95

Nanonets

MARCH 20, 2023

What is the accounts payable process? The accounts payable process of a company is the management of its short-term payment obligations to vendors/suppliers. Accounts payable processing ensures timely payments to suppliers and vendors. Businesses might even occasionally opt for accounts payable outsourcing.

Process 52

Process Accounts Automation Checks 52

Nanonets

DECEMBER 6, 2023

However, the advent of HR process automation has revolutionized the way HR professionals operate. By harnessing the power of technology and intelligent software, HR process automation streamlines workflows, reduces errors, enhances data accuracy, and ultimately improves the overall employee experience. What is HR Automation?

Automation 52

Automation Process Payroll Compliance 52

Nanonets

DECEMBER 11, 2023

Your accounts payable team – whose main function is to ensure funds are disbursed properly to vendors, business partners, and sometimes customers – processes an exorbitant number of invoices every single week. When done manually, processing an invoice can take days.   Top 10 Invoice Processing Solutions in 2024 1.

Process 52

Process Payment APIs and Integration Automation Multi-Currency 52

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

JUNE 18, 2024

Did you know that processing an expense report for an overnight hotel stay can take up to 20 minutes and cost an average of $58 ? Learn to craft an effective expense policy & process to guide employee spending. Read about how to create expense reports in Excel and how to automate the expense reporting process.

Automation 52

Automation Process IRS Compliance 52

Nanonets

JUNE 19, 2023

However, the advent of HR process automation has revolutionized the way HR professionals operate. By harnessing the power of technology and intelligent software, HR process automation streamlines workflows, reduces errors, enhances data accuracy, and ultimately improves the overall employee experience. What is HR Automation?

Automation 52

Automation Process Compliance Payroll 52

Nanonets

OCTOBER 1, 2024

"Let's just ensure that going forward, all the invoices are forwarded to Mr. X for validation before processing." Studies show that 25% of invoice errors slip through accounts payable processes undetected despite internal correction efforts. Documents essential to the validation process: 1.

Best Practices 52

Best Practices Automation Multi-Currency Process 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. Looking to automate your manual 3 way match processes?

Accounts 52

Accounts Automation Duplicate Process 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

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

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

JULY 14, 2024

IInvoice management software is transforming financial processes for businesses in 2024. Many businesses face challenges with invoice processing —from data entry errors to delayed payments. Modern invoice management tools automate much of the process. This automation can significantly reduce processing time and errors.

Automation 52

Automation Process Multi-Currency Online and Mobile Banking 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.   Automation tools mitigate the risks associated with manual reconciliation processes by automating repetitive tasks and providing robust error-checking mechanisms.

Reconciliation 52

Reconciliation Accounts Audit Automation 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

JUNE 26, 2024

They ensure the financial accuracy of the statements and are an essential process for the accounting teams involved in cash flow management. Reconciliations are performed at the end of the month, with businesses with more transactions performing the process more frequently. How to perform a Bank Reconciliation?

Reconciliation 52

Reconciliation Adjustments Audit Checks 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 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

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

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

Nanonets

MAY 31, 2023

In business, mistakes made by manual processes are difficult to control, leaving businesses of all sizes vulnerable to fraud.   Having a smooth and effective accounts payable process is critical in establishing strong vendor management relationships, increasing profits, saving time, optimizing AP days and mitigating fraud.

Automation 52

Automation Accounts Audit 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

JANUARY 22, 2024

Companies that automate their financial statement preparation processes often benefit from improved accuracy, near real-time data, and increased efficiency. Fact: Companies that automate part of their financial statement preparation process reduce time-to-Close by 33% or more. This was something Google Sheets couldn’t do effectively.

Automation 52

Automation Reconciliation Audit Accounts 52