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For bank reconciliations, the accounting software will automatically match the corresponding entries (between the bank and the cash ledger), remove duplicate transactions, and identify outstanding transactions. Intercompany activity can be automatically reconciled with differences reported in an exception report.
Additionally, the invoices must be matched with the corresponding purchase orders and goods receipts to avoid duplicate invoices, fraud, and errors. Paperless systems can also automatically record each payment and its corresponding invoice and vendor details. Nanonets delivers high-grade security to keep your sensitive data safe.
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