Nanonets

APRIL 3, 2024

The vendor reconciliation process is the systematic procedure of verifying and aligning the financial records of a company with those of its vendors. Verification of Payment Records: Payment records, such as checks or electronic confirmations, need to be compared with corresponding vendor invoices and entries in the accounts payable system.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

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

MAY 7, 2024

By comparing these records, businesses can identify any discrepancies, such as missing or duplicate transactions, incorrect or false amounts, or any unauthorised expenses and transactions. Credit card reconciliation helps identify discrepancies such as fraudulent transactions, duplicate charges, or unauthorised expenses.

Reconciliation 52

Reconciliation Best Practices Compliance 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. initiates payment for approved invoices, following their payment procedures.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 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

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. However, as the company grew, the CFO, Alex Morgan, noticed several issues: Duplicate Claims:  Employees occasionally submitted the same expense twice due to lack of proper tracking.

Process 52

Process Compliance Automation Audit 52

Nanonets

NOVEMBER 15, 2023

Staggeringly, 79% of SMEs and 68% of mid-market firms cite manual data input and inefficient procedures as their primary pain point. Additionally, the invoices must be matched with the corresponding purchase orders and goods receipts to avoid duplicate invoices, fraud, and errors.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52