Nanonets

JUNE 24, 2024

Credit card reconciliation is essential as it helps businesses prevent fraud, maintain financial integrity, optimize spending, and keep the company's books audit-friendly during the financial close process , typically occurring at the end of each month. How to do Credit Card Reconciliation?

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Nanonets

JUNE 18, 2024

Introduction to Account Reconciliation Account reconciliation is the critical process of comparing your general ledger with internal and external sources. Each balance should match its corresponding entry in the general ledger for any source. Accounting firms typically spend 2-3 days on average doing manual reconciliations.

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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. This is vital for managing spend and cash outflow.

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Nanonets

JULY 24, 2023

Step 2: Compare The next step in the account reconciliation process is to compare all transactions recorded in your internal ledger with the corresponding entries in your bank statement or other financial documents. Locate the sources where these transactions are recorded and gather them together in one place.

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FloQast

JANUARY 22, 2024

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. We’re talking about faster processes and workflows instead of lengthy and tiresome manual processes.

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