Nanonets

APRIL 29, 2024

It is the process of comparing and matching credit card transactions with corresponding spends and financial records to ensure accuracy and transparency in financial reporting.    As businesses increasingly rely on credit cards for various expenses, the need for efficient reconciliation processes becomes more important.

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Fi911

AUGUST 16, 2024

These codes are valuable in identifying processing errors, merchant-related fraud, and other legitimate reasons for disputes. However, research indicates a rising trend of chargebacks being filed for reasons that do not correspond with the assigned codes.

Disputes 52

Disputes Non-Bank EMV Authorization 52

Nanonets

MAY 21, 2024

Accounts receivable reconciliation is a crucial process within accounting and financial management practices undertaken regularly by a business. This process helps identify discrepancies, resolve outstanding balances, and maintain a clear understanding of the company's financial position.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

Nanonets

MAY 7, 2024

Expense reconciliation is the process through which businesses track expenditures, identify anomalies, adhere to regulatory requirements, and maintain financial accuracy and integrity. This process is essential for maintaining financial accuracy, compliance with regulations, and preventing fraud or errors.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

Nanonets

APRIL 24, 2024

A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies.   This article discusses the significance of bank reconciliation audits and the role of automation in streamlining the process. Looking out for a Reconciliation Software?

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Nanonets

JUNE 21, 2023

Manual payment reconciliation processes can be time-consuming, error-prone, and inefficient. This article will provide a comprehensive guide to reconciling payments, its importance, challenges faced, best practices, and the role of automation in enhancing the process. What is payment reconciliation?

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Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

JUNE 22, 2023

Whether you are a small business or a large enterprise, reconciling invoices is an essential process to ensure accuracy, identify discrepancies, and maintain strong financial controls. This process safeguards businesses from overspending and helps maintain financial control. What is invoice reconciliation?

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Nanonets

JUNE 24, 2024

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. After this bring in the controllers or the designated finance managers who can review and provide the approval for the entire process.

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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. Looking to automate your manual 3 way match processes?

Accounts 52

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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. Retain all supporting documentation.

Reconciliation 52

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Nanonets

SEPTEMBER 22, 2023

Using accounting software can automate the accounts payable process and generate reports automatically. Implementing best practices, such as prioritizing invoices and establishing internal controls, can improve the accounts payable process. Implementing best practices is also crucial for optimizing accounts payable processes.

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Accounts Master Account Best Practices Reconciliation 40

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. Let's quickly understand how this works.

Payment APIs and Integration 52

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Nanonets

APRIL 12, 2024

Sage Intacct makes the entire process simple. It creates professional invoices for your accounts receivables and helps process invoices as part of your accounts payables. This blog will discuss how you can manage invoices in Sage Intacct, empowering you to conquer invoice creation and processing and ensure a smooth financial workflow.

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Automation AI Accounts Reconciliation 52

Nanonets

NOVEMBER 15, 2023

The concept of Purchase Order (PO) Flip has emerged as a transformative solution in financial operations, revolutionizing the way businesses handle their procurement and billing processes. A PO Flip is an automated process that converts a purchase order (PO) into an invoice, which is then transmitted to the purchaser who issued the PO.

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Clearly Payments

JUNE 21, 2024

Winning chargeback disputes is important for merchants because chargebacks take time to deal with and lead to financial losses and increased processing fees. Here’s a guide to help merchants navigate and win chargeback disputes in credit card processing. What is a Chargeback?

Disputes 52

Disputes Address Verification System (AVS) Credit Cards Best Practices 52

Nanonets

APRIL 15, 2024

What is a Bank Reconciliation Statement Bank reconciliation is the process that ensures that a company's recorded cash balances align with the funds in their bank accounts. This serves as the starting point for the reconciliation process. It is important in maintaining financial integrity transparency and health.

Reconciliation 52

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Clearly Payments

JUNE 12, 2024

Furthermore, billing errors and duplicate charges account for a smaller percentage of chargebacks, roughly 5-10%, where customers dispute charges due to incorrect billing amounts or being charged multiple times for a single transaction. Throughout the process, effective communication with the acquirer is crucial.

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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.     What is the General Ledger? This ensures that the accounting equation remains balanced (Assets = Liabilities + Equity).  

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Reconciliation Payroll Automation Transactions 52

Nanonets

APRIL 16, 2023

PO Matching is the process of connecting a purchase order (PO) issued by a client indicating types, quantities, and agreed prices for products/services to the invoice issued by a vendor for it's delivery. The goal of PO matching is to ensure timely vendor payments, correct accounting of costs and easy detection of fraudulent practices.

Automation 52

Automation AI Duplicate Accounts 52

Nanonets

JULY 24, 2023

  Financial reconciliation is a recurring process that encompasses various sources of financial information within a business. Gartner defines finance reconciliation as “the process of comparing two sets of financial records to ensure they are in agreement.” What is finance reconciliation?

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Reconciliation Finance Duplicate Accounts 52

Nanonets

APRIL 12, 2024

The umbrella term “Book Reconciliation” includes the following types of matching processes: General Ledger Reconciliation : The general ledger serves as the foundation for book reconciliation. This process ensures that fixed assets are accurately accounted for and properly valued on the balance sheet.

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Reconciliation Payroll Automation Checks 52

Nanonets

MARCH 30, 2023

Did you know that it takes small-to-midsized companies up to 25 days to complete the processing of a single invoice? By automating the payment process, businesses and individuals can save time and minimize the risk of errors. The drawbacks associated with manual payment processes have led to the need for payment automation.

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Nanonets

NOVEMBER 14, 2023

Accounts Payable (AP) processes are an important function for every business, overseeing the outgoing payments to suppliers and vendors. 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. 

Accounts 52

Accounts Automation Compliance Fraud Prevention 52

Nanonets

NOVEMBER 14, 2023

Document capture is the automated process of converting hard copy documents and capturing unstructured electronic content into actionable information tailored for specific business functions. This involves scanning or document imaging, wherein essential data is collected, categorized, processed, and placed into databases.

Automation 52

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Nanonets

FEBRUARY 13, 2024

It serves as the framework that outlines what’s reimbursable, what’s not, and how to go about the whole "I spent this, now give me my money back" process. An expense policy does that by defining a clear process and workflow, making the expense management process less of a maze and more of a straight line.

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Compliance Non-Bank Automation Duplicate 52

FICO

MARCH 23, 2021

How about using AI Machine Learning or robotic process automation to identify potential problem transactions or errors. For example, highlighting duplicate transactions as they trigger to alerting a customer that their account is at risk of overdrawing based on current funds and projected withdrawals.

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Nanonets

APRIL 29, 2024

  But intercompany reconciliation softwares are an answer to this challenge, streamlining the process and ensuring accuracy in financial reporting. Intercompany reconciliation is the process of balancing and reconciling financial transactions between different entities or subsidiaries within the same organisation.

Reconciliation 52

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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.

Automation 52

Automation Reconciliation Audit Accounts 52

Nanonets

NOVEMBER 15, 2023

Could adopting a paperless accounts payable process be the solution? The term paperless accounts payable refers to a completely digital AP process, eliminating the need for paper invoices. The term paperless accounts payable refers to a completely digital AP process, eliminating the need for paper invoices. Impressive, right?

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

APRIL 3, 2024

Businesses are now embracing the virtual to streamline their financial management processes. Accounts Payable: They manage accounts payable by processing vendor invoices, tracking expenses, and ensuring timely payments to suppliers and creditors. Gone are the days of tedious manual data entry and stacks of paper ledgers.

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Automation Payment APIs and Integration Reconciliation Financial Analysis 96

Nanonets

JANUARY 8, 2024

Bank Reconciliation is the process of matching the company's cash books to the bank statement. However, let's understand the manual bank reconciliation process once: Step 1: Gather documents On the bank side, you need the bank statements, outstanding checks, deposits, and any pending transactions.

Reconciliation 52

Reconciliation Accounts Adjustments Checks 52

Nanonets

AUGUST 21, 2023

B2B payment automation involves everything from the automation of capturing and processing invoices to making payments to vendors and reconciling those payments in your books. A 2018 report revealed that businesses in North America spend $187 billion annually on Accounts Payable (AP) processing, and labor accounts for over 90% of these costs.

Automation 52

Automation B2B Payment APIs and Integration Payments 52

Nanonets

APRIL 4, 2023

Whether a beginner or an experienced user, these methods will help you streamline your data import process and improve your data management efficiency. By importing Excel data into MySQL, businesses can centralize and access it more efficiently, reducing the risk of data duplication and errors. Wait for the import process to complete.

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Nanonets

AUGUST 8, 2024

Data annotation is the process of labeling data available in video, text, or images. We'll also walk you through the critical steps in the annotation process and share expert tips and best practices to help you avoid common pitfalls. Semantic annotation: Linking words or phrases to their corresponding meanings or concepts.

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AI Automation Process Best Practices 52

Nanonets

JANUARY 17, 2024

Expense management , at its core, is the methodical process by which a business tracks, verifies, and processes every financial expense incurred in its operations. They’re using manual processes, and their expense tracking is, frankly, a mess. This encompasses the crucial tasks of recording expenditures.

Payment APIs and Integration 52

Payment APIs and Integration Compliance Automation Audit 52

Nanonets

SEPTEMBER 22, 2023

Automating workflows can expedite  invoice processing  and ensure accurate  payment disbursement. Proper management of trade payables extends beyond just payment processing. By streamlining these processes, businesses can effectively manage their trade payables, reduce errors, and improve efficiency.

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Automation Accounts Risk Process 40

Nanonets

JUNE 29, 2023

The advent of technology has brought forth a range of expense management software solutions that streamline and automate expense reporting processes. Expense management software automates and digitizes the expense reporting process, eliminating the need for manual data entry and paper-based receipts.

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