Nanonets

MAY 6, 2024

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

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Nanonets

JUNE 24, 2024

What is Credit Card Reconciliation? Credit card reconciliation is the process of ensuring that the credit card transactions match the internal general ledger. Credit cards have made it easier for businesses to process payments. Why Is Credit Card Reconciliation Important? How to do Credit Card Reconciliation?

Reconciliation 52

Reconciliation Credit Cards Correspondent Automation 52

Nanonets

JUNE 14, 2024

What is Balance Sheet Reconciliation? Balance sheet reconciliation is a critical financial process that aligns the financial statements with external documentation such as bank statements, invoices, and general ledger entries. What is Balance Sheet Reconciliation? What is a Balance Sheet?

Reconciliation 52

Reconciliation Adjustments Automation Accounts 52

Nanonets

JANUARY 31, 2024

Month-end close is a widely accepted accounting standard that is aimed at keeping an accurate set of financial records and detecting errors/fraud. Month-end reconciliation is the most important part of the month-end close process. Here is how you can do monthly reconciliation. The medium monthly close time is 6.4

Reconciliation 52

Reconciliation Best Practices Adjustments Correspondent 52

Nanonets

JULY 24, 2023

Finance reconciliation plays a pivotal role in ensuring the reliability and accuracy of a business's financial records.   Financial reconciliation is a recurring process that encompasses various sources of financial information within a business. What is finance reconciliation?

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

Nanonets

JUNE 23, 2023

Balance sheet reconciliation is a critical process in finance and accounting that ensures the accuracy and integrity of financial statements. While it may seem like a straightforward process, there are common mistakes that can hinder the effectiveness of balance sheet reconciliation. What is Balance Sheet Reconciliation?

Reconciliation 52

Reconciliation Audit Financial Analysis Adjustments 52

FloQast

OCTOBER 30, 2024

FloQast’s Accounting Transformation Platform is designed to tackle the challenges accountants face every day, using advanced AI to streamline and automate processes. FloQast Journal Entry Management simplifies your workflow by automating the process of journal entries, reducing errors, and saving valuable time.

Automation 97

Automation Accounts Process AI 97

FloQast

NOVEMBER 11, 2024

In every accounting department I’ve been a part of, a crucial period rolls around at the end of each month: the month-end Close. The month-end close process is the culmination of a month’s worth of financial transactions, when all hands are on deck to ensure the company’s financial records are accurate and up-to-date.

Reconciliation 52

Reconciliation Close Processes Accounts Transactions 52

Nanonets

MAY 7, 2023

Do you know what credit card reconciliation is? Many people need to learn what credit card reconciliation is and why it's essential. With the rising company transactions comes the credit card reconciliation or reconciliation process. While it sounds simple, many intricacies are involved in the process.

Reconciliation 52

Reconciliation Credit Cards Automation Accounts 52

FloQast

FEBRUARY 14, 2024

In the fast-paced finance and accounting world, keeping up with regulations and ensuring a smooth Close are crucial organizational processes. With its Close operating smoothly, a.k.a Brands , Brandon Peters, optimize processes, streamline compliance efforts, and boost efficiency. Brands’ accounting procedures.

Compliance 104

Compliance Reconciliation Close Processes Automation 104

FloQast

AUGUST 22, 2024

(G&W ) , a major freight railroad operator with 115 railroads globally, was facing challenges in their month-end Close process, complicated by a pending ERP migration. FloQast offered immediate productivity gains, comprehensive ERP migration support, and a smooth implementation process, making it the ideal solution for G&W.

Reconciliation 52

Reconciliation Audit Close Processes Compliance 52

FloQast

MARCH 25, 2024

And solutions that are easy to implement help businesses mitigate the cost of traditional close processes and enhance performance. Automation can reduce the time to close by 26 % or more. This increases the time it takes to close and adds more pressure to workloads during this process. Take SOX as one example.

Close Processes 105

Close Processes Compliance Automation Risk 105

The Finance Weekly

NOVEMBER 3, 2021

Account reconciliation is the matching and validating of balances in the general ledger (GL) to internal and external sources or other independent calculations to accurately close month-ends and year-ends. Defining Account Reconciliation The basic steps involved in reconciliation transactions include the following: 1.

Reconciliation 52

Reconciliation Automation Accounts Finance 52

FloQast

AUGUST 14, 2024

Fanatics , a global leader in sports fan experiences and v-commerce, was grappling with an inefficient month-end Close process. Discovering FloQast marked a turning point for Fanatics, providing the efficiency and control needed to enhance their financial processes.

Reconciliation 52

Reconciliation Close Processes Compliance Audit 52

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

FloQast

JUNE 5, 2024

In late 2021, SumUp , a global payments provider serving millions of businesses worldwide, faced significant challenges with their manual, spreadsheet-based monthly Close process. Streamlined Workflows: FloQast offered pre-built templates and workflows specifically designed for the Close process.

Close Processes 52

Close Processes Addressing Reconciliation Automation 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

FloQast

JUNE 17, 2024

With a diverse portfolio and operations spanning multiple continents, the company faced significant challenges in its month-end Close process. Aspect Energy’s monthly Close times ranged from 15 to 45 days, creating delays in financial reporting and decision-making. Improvements Seen: U.S.

Close Processes 96

Close Processes Best Practices Accounts Process 96

FloQast

JANUARY 10, 2024

Embodying the spirit of “Small teams can do great things,” the team leaned on FloQast, streamlining their financial processes and ultimately setting the stage for a successful IPO. Streamlining the Month-End Close With 8.4 But Cricut’s small, but mighty, accounting team rose to the challenge.

Accounts 104

Accounts Reconciliation Compliance Close Processes 104

Nanonets

APRIL 24, 2023

PDF → Excel Convert PDF bank statements to Excel  Try for Free Loan origination is the process of applying for and obtaining a loan, including all the steps and activities that are involved in evaluating, approving, and disbursing the loan. Stage 6: Closing This is the final step in the loan origination process.

Origination 52

Origination Process Underwriting Automation 52

Nanonets

JUNE 27, 2024

Reconciliation is a crucial accounting process that ensures the accuracy of the financial close process. Bank reconciliation is essential since it helps in the early detection of fraud, prevents financial statement errors during manual data entry, and provides a clearer picture of the company's finances.

Reconciliation 40

Reconciliation Accounts Adjustments Checks 40

FloQast

JULY 9, 2024

We have great visibility into when tasks and reconciliations are occurring, who is doing them, and where the bottlenecks are. The ability for FloQast to systematically ensure that the Excel reconciliations agree to our ERP and remain in balance has been a game changer for reviewers.

Continuity 100

Continuity Reconciliation Accounts Finance 100

FloQast

NOVEMBER 18, 2024

FloQast Journal Entry Management — FloQast Journal Entry Management streamlines the entire journal entry process by automating workflows and integrating seamlessly with various ERPs, providing real-time visibility and control over entries across multiple entities.●

Compliance 66

Compliance Automation AI Product 66

PYMNTS

DECEMBER 16, 2016

Yet, in this most crucial of processes, inefficiencies exist, so much so that timeliness lags. The move to embrace automation, said Krumwiede, represents a “slow evolution,” with inefficiencies still extant as there must be communication between departments and data must be compiled and formatted in the practice of reconciliation.

Automation 74

Automation Process Reconciliation Close Processes 74

FloQast

SEPTEMBER 16, 2024

Faced with decentralized processes, they sought a solution that could unify and streamline their operations. Reduced administrative burdens, leading to streamlined processes. It allowed the continued use of Excel for reconciliations and secure data storage on OneDrive, aligning perfectly with their operational needs.

Compliance 61

Compliance Reconciliation Procedures Professional Development 61

FloQast

MAY 7, 2024

The Year End Close: Why Does It Matter? The Year-End closing process is the regulatory requirement that companies verify the accuracy of their annual finances. While that may mean the process is particularly challenging for certain organisations and their accounting teams, there are plenty of ways to ease the pressure.

Reconciliation 52

Reconciliation Audit Automation Accounts 52

FloQast

DECEMBER 18, 2023

We have great visibility into when tasks and reconciliations are occurring, who is doing them, and where the bottlenecks are. The ability for FloQast to systematically ensure that the Excel reconciliations agree to our ERP and remain in balance has been a game changer for reviewers.

Reconciliation 59

Reconciliation Close Processes Accounts Audit 59

FloQast

APRIL 4, 2024

We have great visibility into when tasks and reconciliations are occurring, who is doing them, and where the bottlenecks are. The ability for FloQast to systematically ensure that the Excel reconciliations agree to our ERP and remain in balance has been a game changer for reviewers.

Reconciliation 78

Reconciliation Accounts Finance Small Business 78

FloQast

MARCH 22, 2024

Outdated manual month-end close processes are a pain point for companies of every size – taking up as much as 40% of finance departments’ monthly working time and attention – an effort that could be better spent adding value to the business in other ways. Why Modernise the Month-End Close?

Close Processes 52

Close Processes Compliance Audit Automation 52

Paystand

MARCH 13, 2024

Month-end close—the two words that strike fear into the hearts of finance teams everywhere. It's the time-consuming, stress-inducing process that every business dreads. Month-end close is the finalization of all financial transactions and reports at the end of each month. Let's start with the basics.

Finance 52

Finance Close Processes Process Transactions 52

FloQast

JANUARY 22, 2024

Companies that automate their financial statement preparation processes often benefit from improved accuracy, near real-time data, and increased efficiency. Fact: Companies that automate part of their financial statement preparation process reduce time-to-Close by 33% or more. What Financial Reporting Functions Can You Automate?

Automation 52

Automation Reconciliation Audit Accounts 52

PYMNTS

JANUARY 26, 2018

Rob Feinstein, vice president of Product at FloQast , told PYMNTS that this excitement over innovative technology is a response to the ebbs and flows of the close management process. Managing the month-end close is a process of continual improvement,” he said. Open Banking initiatives in the EU, U.K.,

Close Processes 47

Close Processes Innovation FinTech Reconciliation 47

PYMNTS

APRIL 5, 2020

Record to Report software provider Trintech has partnered with Sage in order to collaborate on new, speedier financial close processes, a press release states. The new program is available on the Sage Intacct Marketplace and will work to instantaneously grab data from the reconciliation and close phases of a deal.

Reconciliation 64

Reconciliation Close Processes Process Returns 64

Nanonets

APRIL 5, 2024

Tipalti and Airbase are powerful AP automation platforms that can seriously streamline financial processes. This makes it an attractive choice for businesses looking to streamline their spend management processes. It can handle everything from invoice capture and 3-way matching to vendor management and payment processing.

Automation 52

Automation Multi-Currency Compliance Process 52

PYMNTS

OCTOBER 20, 2020

The release says this will allow MineralTree customers to save "substantial" time for finance staff, and cut costs on payment processing while doing away with overcharges and double payments. The process of reconciling and matching invoices, when done manually, can be a time-consuming process for businesses, the release says.

Automation 52

Automation Reconciliation Procedures Close Processes 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.

Reconciliation 52

Reconciliation Payment APIs and Integration Automation Audit 52

PYMNTS

APRIL 22, 2020

In separate news, Trintech , the reporting software provider, has teamed with Sage to work on a new and faster financial close processes. The new offering is available on the Sage Intacct Marketplace and will work immediately to get data from the reconciliation and close parts of a deal.

Accounts 52

Accounts Reconciliation Close Processes Process 52