Nanonets

APRIL 24, 2024

Bank reconciliation typically involves gathering bank statements and transaction records, comparing them with the corresponding entries in the company's accounting records, and investigating any discrepancies. This process ensures the integrity of financial data and confirms that the reported financial position is accurate.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

Nanonets

SEPTEMBER 22, 2023

This report provides a detailed overview of the current financial position by listing all accounts payable transactions and their corresponding balances. AP Trial Balance Reports Lists all accounts payable transactions and their corresponding balances, ensuring accuracy and accountability.

Accounts 40

Accounts Master Account Best Practices Reconciliation 40

Nanonets

FEBRUARY 13, 2024

It comes with clear, concise guidelines that tell your team how to spend company cash without sparking a finance team meltdown. The role of an expense policy extends beyond mere rules; it's about setting the tone for how a company handles its finances. Let's see how to create one.

Compliance 52

Compliance Non-Bank Automation Duplicate 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. The role of an expense policy extends beyond mere rules; it's about setting the tone for how a company handles its finances. Fraudulent Claims Intentional Misreporting Submission of non-business-related expenses as business expenses.

Process 52

Process Compliance Automation Audit 52

Nanonets

JUNE 18, 2024

Each balance should match its corresponding entry in the general ledger for any source. Steps in the Account Reconciliation Process The reconciliation process ensures each entry of the general ledger matches the corresponding external documentation.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

MARCH 14, 2024

For this, all details of the purchase as mentioned in the invoice are matched with the corresponding purchase order to ensure that the product/services that were ordered were delivered correctly and at the price agreed upon. This verification process is called 2-way matching. It learns and gets better, meaning less manual checking is needed.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

APRIL 12, 2024

Match the payment to the corresponding invoice, and the system will automatically update your financial records. It can capture data from the invoice and flag duplicate invoices.  Step into the future of finance with Nanonets. This ensures accurate accounting and simplifies reconciliation.

Automation 52

Automation Accounts AI Reconciliation 52

Nanonets

APRIL 29, 2024

  These transactions can include the transfer of goods, services, or funds between affiliated companies for various purposes, such as inventory management, shared services, or financing activities. These transactions are typically recorded separately by each entity and need to be reconciled to ensure consistency in financial reporting.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

Nanonets

APRIL 15, 2024

Detects errors, omissions, and irregularities : By comparing each transaction in the bank statement with the corresponding entry in the company's records, bank reconciliation can catch discrepancies, errors, and omissions that may have occurred during the recording or transmission of financial data.

Reconciliation 52

Reconciliation Adjustments Checks Correspondent 52

Nanonets

APRIL 16, 2023

Errors at the start of the invoice processing workflow can snowball into serious outcomes such as over-payment, incorrect payments, invoice duplication, etc. An invoice is created, matched against POs and delivery receipts based on pre-set rules, and checked to ensure there are no duplicate invoices.

Automation 52

Automation AI Duplicate Accounts 52

Nanonets

MAY 6, 2024

    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.   These documents provide supplementary details and serve as external sources of validation for the transactions recorded in the general ledger. 

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

APRIL 3, 2024

It's the reality of virtual bookkeeping, transforming how businesses manage their finances in the 21st century. Businesses Requiring Specialized Expertise Certain industries like healthcare, legal services, and finance have unique accounting requirements and regulatory standards. Sounds futuristic? What is Traditional Bookkeeping?

Automation 74

Automation Payment APIs and Integration Reconciliation Financial Analysis 74

Nanonets

APRIL 12, 2024

Accountants compare the entries in the general ledger with the corresponding figures in subsidiary ledgers, journals, and other internal records. Exception Handling : Nanonets can flag discrepancies or anomalies identified during the reconciliation process for further review by finance professionals.

Reconciliation 52

Reconciliation Payroll Automation Checks 52

Nanonets

NOVEMBER 14, 2023

Traditionally tackled through manual processes, digital transformation is now at the forefront of AP, with technologies like AI and ML revolutionizing how businesses manage their finances.  Managers can monitor AP processes more effectively, identify bottlenecks, and make data-driven decisions.

Accounts 52

Accounts Automation Fraud Prevention Compliance 52

Nanonets

MARCH 30, 2023

Greater levels of accuracy Automating payment processing enhances accuracy by validating invoice data against ERP or accounting systems, eliminating manual processes and paper handoffs that cause errors, and flagging duplicate invoices. Some technology providers guarantee accuracy.

Automation 52

Automation Transactions Wire Transfer ACH 52

Nanonets

JULY 14, 2023

Information Extraction - once the Process of OCR is complete it’s important to identify which piece of text corresponds to which extracted field. This number is most of the time going to increase due to the duplication of invoices. Finally, the calculations are done and the payment details are forwarded to the finance division.

Automation 98

Automation Process Payment APIs and Integration Database 98

Nanonets

JUNE 27, 2023

This involves extracting relevant information such as invoice number, vendor details, invoice date, line item details, and corresponding amounts. Reconciliation : Once the invoice is approved, it needs to be reconciled with the corresponding financial records and account balances.

Process 52

Process Automation Electronic Funds Transfer (EFT) Volume 52

Nanonets

NOVEMBER 14, 2023

  Today, the world uses 420 billion kilograms of paper every day , which corresponds to two pieces of paper for everyone on Earth every single hour. Reduced Errors: Manual data entry is error-prone, leading to inaccuracies in reports due to incomplete data, missing/correct material, and duplicates.

Automation 52

Automation Facilitators Audit Compliance 52

Nanonets

JANUARY 17, 2024

They move from playing defense with their finances to playing offense. This allowed their finance team to spot a sudden, unexplained increase in marketing expenses and quickly address the issue, preventing budget overrun. This isn't a trend limited to the finance or tech sectors; it's a cross-industrial movement.

Payment APIs and Integration 52

Payment APIs and Integration Compliance Automation Audit 52

Nanonets

JUNE 29, 2023

Overall, it simplifies the entire expense management cycle, from capturing receipts to generating reports, saving time and effort for finance teams and employees alike. Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic.

Payment APIs and Integration 52

Payment APIs and Integration Automation Credit Cards Online and Mobile Banking 52

Nanonets

AUGUST 21, 2023

It extracts vital data like invoice number, date, supplier name, and amount due and matches it with corresponding purchase orders and contracts. Duplicate payments, incorrect amounts, and missed deadlines are just a few examples of the inaccuracies that can occur with manual processing. 

B2B 52

B2B Automation Payment APIs and Integration Payments 52

Nanonets

MARCH 28, 2024

Automated expense tracking:  Captures and categorizes expenses, eliminating manual data entry and saving time for finance teams. Intelligent receipt matching: Uses advanced algorithms to match receipts to the corresponding transactions automatically.

Payment APIs and Integration 52

Payment APIs and Integration Automation AI Treasury Management 52