Nanonets

MAY 6, 2024

General Ledger Reconciliation The General Ledger (GL) is a silent custodian of a company's financial narrative.     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.  

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

APRIL 12, 2024

The Importance of Accounts Reconciliation Companies handle a variety of finance-related documents, ranging from bank statements to invoices and payroll records. Amidst this deluge of numbers and figures lies a crucial task: account reconciliation.

Reconciliation 52

Reconciliation Accounts Automation Compliance 52

EBizCharge

JUNE 25, 2024

Invoice reconciliation is vital to any company’s infrastructure since it safeguards cash flow and financial integrity. This article will explore invoice reconciliation to help you better understand how it works, its associated benefits, and strategies for speeding up this process. What is invoice reconciliation?

Reconciliation 52

Reconciliation Automation Transactions Correspondent 52

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. What is Expense Reconciliation? Compliance and Regulation : Expense reconciliation is crucial for compliance with financial regulations and standards.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 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

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

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

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

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

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

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

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

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

The Payments Association

OCTOBER 23, 2024

In addition to updating policies and procedures, many firms may need to make significant operational changes, including to their funds flows. Enhanced reconciliation, audit, and reporting requirements will create additional administrative burdens and could increase the risk of supervisory and enforcement action.

Rules 88

Rules Payments Institute Authorization Reconciliation 88

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

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

The Payments Association

OCTOBER 11, 2024

Firms must prepare for these changes by improving their internal processes, conducting audits, and adapting to new compliance requirements to ensure seamless implementation of the FCA’s reforms. What’s next?

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Fintech Finance

NOVEMBER 18, 2024

Leading audit, tax and consulting firm RSM UK is encouraging payment providers and other interested parties to respond to the FCA consultation which closes on December 17 th. Specifically review procedures for fund identification, recording, reconciliation, and evaluate existing safeguarding methods and third-party arrangements.

Consulting 75

Consulting Payments Regulations Reconciliation 75

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 98

Compliance Reconciliation Close Processes Automation 98

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

The Payments Association

OCTOBER 22, 2024

Interim-state rules The FCA is proposing interim-state rules covering the following areas: Improved books and records More detailed record-keeping and reconciliation requirements for safeguarding, building on existing guidance and similar to existing requirements set out in CASS 7, which contains the client money rules for investment firms.

Consulting 88

Consulting Rules Treasury Due Diligence 88

Nanonets

SEPTEMBER 25, 2024

  Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Maintain an efficient audit trail for future retrieval. Reconciliation This step involves matching the extracted data with the company’s internal records.

AI 52

AI Process Best Practices Reconciliation 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

MAY 13, 2024

The software notifies the accounting team of task completion simultaneously notifying the accountant completing the inventory workflow, and the internal audit team monitoring the effectiveness of the control environment. The manager is able to sign-off and log the count digitally via control software.

Compliance 52

Compliance Audit Automation Accounts 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 105

Close Processes Compliance Automation Risk 105

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

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

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

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

FloQast

DECEMBER 13, 2023

It was known as the Corporate and Auditing Accountability, Responsibility, and Transparency Act. It prohibits auditors from providing certain consulting services to their audit clients and requires a rotation of the lead audit partner every five years.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 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 Due Diligence 52

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

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

SEPTEMBER 21, 2023

Regular audits should be conducted to detect and prevent any potential  accounts payable fraud , ensuring the integrity of payment processes. Conduct regular audits to detect and prevent  accounts payable fraud. Utilize technology tools such as AP automation software to streamline invoice processing and payment workflows.

Accounts 40

Accounts Best Practices Automation Reconciliation 40