Nanonets

MARCH 12, 2024

Record-to-Report (R2R) is a critical finance management process in corporate finance, which focuses on collecting, processing, and delivering accurate financial data. Data Processing: Transactions are classified, sorted, and recorded in the appropriate accounts. It serves several purposes - 1.

Process 52

Process Finance Reconciliation Compliance 52

Nanonets

MAY 6, 2024

Finally, the manual nature of these processes contributes to difficulties in retaining financial and accounting talent and attracting new employees, exacerbating staffing concerns within organizations.   Traditional manual reconciliation processes involving spreadsheets are error-prone, time-consuming, and lack comprehensive visibility.

Reconciliation 52

Reconciliation Accounts Audit Automation 52

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

FloQast

APRIL 7, 2024

The challenges of the close typically stem from a reliance on outdated manual processes, including the use of Excel spreadsheets to track and manage critical tasks, the late submission of reports from external providers, and a lack of visibility into the impact of delays on the overall close deadline.

Best Practices 52

Best Practices Reconciliation Close Processes Automation 52

The Finance Weekly

OCTOBER 13, 2021

It's critical that everyone from HR and finance to engineering and sales is involved in the innovation process for your business model transition to be effective. Determine who is the owner of each business procedure. Is it better to onboard end-to-end processes all at once or overtime? Think through the “extended” process.

Risk Management 52

Risk Management Automation Risk Close Processes 52

Nanonets

JUNE 18, 2024

Introduction to Account Reconciliation Account reconciliation is the critical process of comparing your general ledger with internal and external sources. Bank service fees, deposits in transit, outstanding checks, and interest rates must be factored into the reconciliation process.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 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

FloQast

DECEMBER 13, 2023

That means audits today are heavily weighted on understanding financial processes and testing the controls in place to prevent errors from showing up in financial reports. SOX controls , also known as SOX 404 controls, are processes, policies, and procedures aimed to prevent and detect errors in a company’s financial reporting process.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 52