Nanonets

FEBRUARY 21, 2024

Introduction Cash reconciliation remains a critical process in today’s retail environment, despite the shift from traditional cash registers to advanced point-of-sale (POS) systems. What is Cash Reconciliation?

Reconciliation 52

Reconciliation Best Practices Automation Point-of-Sale (POS) 52

Nanonets

MAY 8, 2023

Reconciliation is a mandatory process for businesses of all sizes. Reconciliation helps businesses gain insight into business spending and their categories in real-time. Account reconciliation takes a lot of time and effort. Also, the manual reconciliation method is error-prone. How do reconciliation manually?

Reconciliation 52

Reconciliation Automation Process Adjustments 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. What is Account Reconciliation?

Reconciliation 52

Reconciliation Accounts Adjustments Credit Cards 52

Nanonets

JULY 21, 2023

Ensuring the accuracy and integrity of the general ledger requires regular reconciliation. In this article, we will delve into the concept of general ledger reconciliation, its importance to businesses, and how to achieve it efficiently with the help of automation, particularly tools like Nanonets.

Reconciliation 52

Reconciliation Automation Audit Process 52

Nanonets

AUGUST 1, 2023

In the rapidly evolving world of auditing, innovative technologies have revolutionized traditional practices. Auditors are now increasingly embracing the agile auditing approach previously used in software development. This strategic allocation of resources optimizes auditing efforts, leading to more focused and effective audits.

Audit 52

Audit Risk Assessment AI Assessments 52

Neopay

MARCH 14, 2024

This includes proposals on firms’ systems and controls and improving FCA oversight through improved reporting and independent audit of firms safeguarding arrangements. Your justification for the frequency of reconciliations, along with other factors, should be included within your risk assessments.

Audit 59

Audit Risk Assessment Reconciliation Due Diligence 59

Fintech Review

JUNE 18, 2024

However, what is often overlooked or regarded with disdain is the amount of compliance and account reconciliations needed in back-office operations. Advanced software and innovative tools make back-office tasks like compliance checks and account reconciliations more efficient and accurate. Avoid costly errors and regularly lapses.

Reconciliation 98

Reconciliation Compliance Regulatory Compliance Best Practices 98

Neopay

AUGUST 5, 2024

Effective safeguarding training covers the policies, procedures, and regulations that must be adhered to in order to minimise risks and maintain compliance with regulatory standards. Detailed records of all safeguarding training should be maintained for audit purposes.

Compliance 52

Compliance Procedures Audit Risk Management 52

FloQast

FEBRUARY 14, 2024

Let’s take a look at how FloQast helped the Director of SOX Compliance and Head of Internal Audit at a.k.a Brands’ accounting procedures. “No more lengthy email chains or manual reconciliations. . “No more lengthy email chains or manual reconciliations. Brands’ accounting operations. .”

Compliance 91

Compliance Reconciliation Close Processes Automation 91

Nanonets

FEBRUARY 9, 2024

Remember that internal controls are procedures and processes management emplace to ensure accounting integrity and financial transparency. In this case, the referee (actual control measures and checks) uses the playbook (company procedures built on accepted accounting principles) to manage the game (financial reporting).

Audit 52

Audit Risk Assessment Assessments Procedures 52

FloQast

MARCH 1, 2024

The Sarbanes-Oxley Act addressed several themes, including increasing oversight of the accounting profession with the Public Company Accounting Oversight Board (PCAOB), establishing new standards to preserve auditor independence, reconfiguring audit committees, and requiring enhanced financial statement disclosures.

Audit 52

Audit Compliance Assessments Procedures 52

Nanonets

SEPTEMBER 21, 2023

To overcome this problem, businesses should prioritize data accuracy and implement robust ERP solutions that automate data entry and reconciliation processes. Regular audits and reconciliations can also help identify any discrepancies and fraudulent transactions.

Accounts 52

Accounts Audit Payroll Compliance 52

FloQast

MARCH 25, 2024

This approach helps improve the accuracy and compliance of financial reports and enhances audit readiness because now there is a clear and auditable trail of activities. Yes, You Can Adopt Modern Solutions With Minimal Disruption Adopting new technology, while beneficial, often comes with its own set of challenges.

Close Processes 103

Close Processes Compliance Automation Risk 103

Neopay

JUNE 27, 2024

Your policy should include a full understanding of the responsibilities you will have, alongside robust reconciliation processes. Key considerations for AML and financial crime compliance include: AML policies and procedures: Develop comprehensive AML policies and procedures that meet the regulatory requirements.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Nanonets

MAY 6, 2024

Spreadsheets like Excel have long been a staple for account reconciliation , but their limitations are becoming increasingly evident.   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

FloQast

JUNE 24, 2024

Are you focusing on workflows that allow for standardized steps and procedures to be followed? If not, it’s time to focus heavily on your workflows and make them effective for your accounting team. Integrating the right technologies into your team’s workflows will free up resources while providing more accurate data and reports.

Accounts 52

Accounts Reconciliation Procedures Automation 52

Global Fintech & Digital Assets

MARCH 5, 2024

Banks are expected to apply the follow guidance in connection with their digital asset custodial services: Governance and risk management : Prior to launching digital asset custodial services, banks are expected to undertake a comprehensive risk assessment and to implement appropriate policies and procedures to mitigate identified risks.

Authorization 59

Authorization Product Due Diligence Procedures 59

Core

MARCH 19, 2024

Manual payment processing typically lacks sufficient controls when it comes to documentation or audit trails, making it challenging to detect fraudulent transactions. Reliance on Manual Processes Many local governments still rely on manual payment processes, which are prone to human error even without intentional manipulation.

Fraud Detection 52

Fraud Detection Government Governance Compliance 52

Nanonets

MAY 8, 2024

Introduction to Stripe Reconciliation Every digital purchase is a complex interplay of entities—Customers, Merchants, Acquirers, and Issuing Banks—that orchestrate the flow of funds.   What is Stripe Reconciliation?     How are transactions processed through Stripe?  Stripe

Reconciliation 52

Reconciliation Settlement Alternative Payment Methods Automation 52

Nanonets

NOVEMBER 27, 2023

  Both serve critical functions, including documentation management, budget control, and audit-proofing your business’ financial functions.  You also need to maintain accurate expense records for your financial management systems in case the IRS comes knocking for an audit.   What is a Purchase Requisition?

Audit 52

Audit Accounts Legal Automation 52

Nanonets

SEPTEMBER 22, 2023

RPA utilizes software bots to perform repetitive tasks such as data entry, reconciliation, compliance checks, financial reporting, and customer service. The bots follow predefined rules and procedures, minimizing the risk of human error. RPA brings significant improvements to the accuracy and compliance of accounting processes.

Automation 40

Automation Accounts Process Reconciliation 40

Nanonets

JUNE 18, 2024

Introduction to Account Reconciliation Account reconciliation is the critical process of comparing your general ledger with internal and external sources. Account Reconciliation can be a fairly manual task, especially right before the monthly close. Why is Account Reconciliation so Important?

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

MARCH 4, 2024

Digital Record Keeping: With OCR, digital copies of receipts can be stored efficiently, making it easier to retrieve documents for audits or compliance checks. Reconciliation Tools Reconciliation is crucial for maintaining accurate financial records and ensuring compliance.

Process 52

Process Compliance Automation Audit 52

Nanonets

JULY 13, 2023

Audit and Record-Keeping Duplicate receipts can create challenges during internal audits or financial reviews. Receipt tracking and reconciliation: Maintain a centralized system for tracking and reconciling receipts. Receipt validation: Implement mechanisms to validate receipts at the point of submission.

Duplicate 52

Duplicate Audit Process Rules 52

Nanonets

AUGUST 21, 2023

Payment reconciliation Once the payments have been executed, the automation software will then reconcile them. GL codes are automatically applied, enabling seamless integration with your accounting system and making the reconciliation process faster and more efficient.

Automation 52

Automation B2B Payment APIs and Integration Payments 52

Nanonets

SEPTEMBER 21, 2023

Moreover, including the purchase order number on the invoice provides a transparent audit trail, allowing for easier tracking and reconciliation of financial records. By implementing this effective tool, businesses can streamline their purchasing procedures, minimize risks, and build stronger relationships with suppliers.

Disputes 52

Disputes Legal Procedures Facilitators 52

Nanonets

NOVEMBER 15, 2023

Staggeringly, 79% of SMEs and 68% of mid-market firms cite manual data input and inefficient procedures as their primary pain point. Automate reporting and audit trails With paper-based systems, these tasks often require more time and effort. Do you find reconciliation difficult? Are there late payments? Increase transparency?

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

FEBRUARY 6, 2024

Intercompany reconciliation is specific to companies with multiple subsidiaries under the same parent group. This article provides the most comprehensive guide to intercompany reconciliation and how automation can help you save time & cost! Reconciliation helps remove duplicate entries and rectify errors.

Reconciliation 52

Reconciliation Adjustments Automation Transactions 52

Nanonets

MAY 8, 2023

If not, it may be time to rework your current accounting policies to implement audit trails. Despite what many business owners believe, audit trails aren’t reserved only for companies that receive an audit. Audit trails can prevent fraud, aid in disaster recovery, and ensure compliance with regulatory agencies.

Audit 52

Audit Procedures Disaster Recovery Reconciliation 52

EBizCharge

MAY 14, 2024

Reporting and reconciliation: The software also provides a suite of reporting tools that help businesses track and analyze billing and payment patterns for better financial insights. Payment processing: Once a customer makes a payment – through credit cards, online portals, or bank transfers – the system processes and records the payments.

Automation 52

Automation Payment APIs and Integration Best Practices Online and Mobile Banking 52

Stax

JULY 25, 2024

Automates stock audits, forecasts low-stock items, and deducts sold items from inventory. It should help your business save time by automating stock audits, forecasting products running low in your inventory, and deducting sold items from your inventory. The POS system should track stock levels across multiple locations in real time.

Small Business 88

Small Business PCI DSS CRM Online and Mobile Banking 88

Nanonets

SEPTEMBER 21, 2023

In addition to aiding in financial transactions, invoices are an integral part of  accounting internal controls  and  audits. Invoices play a crucial role in maintaining accurate accounting records, internal controls, and facilitating  audits.

Audit 40

Audit Legal Accounts Transactions 40

Nanonets

JULY 21, 2023

To ensure the integrity of financial data, accountants and bookkeepers rely on the general ledger account reconciliation process. This process involves comparing general ledger accounts with supporting documents using reconciliation software to identify discrepancies and take corrective measures. What is reconciliation software?

Reconciliation 52

Reconciliation Payment APIs and Integration Automation Audit 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

EBizCharge

MAY 13, 2024

They help ensure adherence to financial regulations and standards by maintaining transparent, accurate records and audit trails. Cash application can be automated by leveraging software solutions that streamline the reconciliation of incoming payments with outstanding invoices.

Automation 52

Automation Disputes Payments Process 52

The Fintech Times

SEPTEMBER 13, 2024

Finally, such systems also provide an audit trail of how policies were implemented, and decisions were made, providing easy access to vital information when undergoing audit by a regulator.” In fact, more than nine in 10 asset managers acknowledge a significant reliance on manual processes for reconciliation procedures.

Compliance 72

Compliance FinTech Reconciliation Audit 72

Nanonets

NOVEMBER 14, 2023

The self-billing procedure ensures the automatic generation of invoices for goods without the need for the supplier to send them separately. This includes maintaining open lines of communication, checking audit trails, and ensuring accuracy in transaction documents. Why Use Self Billing?

Agreements 52

Agreements Compliance Disputes Legal 52