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. What is Expense Reconciliation? Compliance and Regulation : Expense reconciliation is crucial for compliance with financial regulations and standards.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

Nanonets

APRIL 24, 2024

Audit Bank Reconciliation Guide  Both internal and external accounting audits are essential parts of financial management as well as organizational risk management. A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies. Looking out for a Reconciliation Software?

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Reconciliation Audit Procedures Correspondent 52

Nanonets

JANUARY 31, 2024

Month-end reconciliation is the most important part of the month-end close process. This can be streamlined by preparing a checklist, applying best practices, and automating tasks using reconciliation software. Each transaction in the general ledger is reviewed and matched with a corresponding transaction in the actual bank statement. 

Reconciliation 52

Reconciliation Best Practices Adjustments Correspondent 52

Nanonets

APRIL 17, 2024

Introduction to Bank Reconciliation Journal Entries Bank reconciliation is an important process in accounting that ensures the accuracy and integrity of a company's financial records. Looking out for a Reconciliation Software?

Reconciliation 52

Reconciliation Adjustments Audit Checks 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. In effect, the reconciliation statement is a document that presents the comparison between the internal financial records of a company (e.g.

Reconciliation 52

Reconciliation Adjustments Correspondent Checks 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?

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Reconciliation Audit Financial Analysis Adjustments 52

Nanonets

APRIL 1, 2024

Introduction In both personal and business finance, the management of outstanding checks and thorough bank reconciliation practices are important for maintaining financial hygiene. Looking out for a Reconciliation Software? What is Bank Reconciliation?

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Reconciliation Checks Automation Process 52

Nanonets

JULY 21, 2023

Ensuring the accuracy and integrity of the general ledger requires regular reconciliation. In this article, we will delve into the concept of general ledger reconciliation, its importance to businesses, and how to achieve it efficiently with the help of automation, particularly tools like Nanonets.

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Reconciliation Automation Audit Process 52

Nanonets

JUNE 21, 2023

In the world of finance and accounting, the process of reconciliation plays a vital role in ensuring accurate and transparent financial records. Reconciliation is the act of comparing and matching two sets of data to ensure their consistency and accuracy. What is Reconciliation?

Reconciliation 52

Reconciliation Process Adjustments Automation 52

Nanonets

JUNE 21, 2023

Efficient reconciliation of payments is a vital aspect of financial management for businesses of all sizes. Manual payment reconciliation processes can be time-consuming, error-prone, and inefficient. Manual payment reconciliation processes can be time-consuming, error-prone, and inefficient. What is payment reconciliation?

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

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. For both internal and external sources, each balance has to match the corresponding account in the general ledger.

Reconciliation 52

Reconciliation Automation Accounts Finance 52

Fintech Finance

OCTOBER 22, 2024

The new virtual account, exclusively held by HSBC, provides each business with a dedicated account number, which enables the domestic bank to identify the corresponding merchant for each payment and carry out reconciliation seamlessly, so the merchant can receive their funds much more quickly.

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Cross-Border Accounts Cross-Border Payments Reconciliation 52

EBizCharge

JUNE 19, 2024

Its importance is grounded in several crucial functions: it ensures that payments are accounted for correctly, simplifies the reconciliation process, and helps maintain a precise and updated receivable balance in the company’s ledger. Remittance advice is critical in financial management for any AR team.

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Payer Reconciliation Correspondent Disputes 52

Fintech News

JANUARY 30, 2024

Super apps with embedded finance capabilities have been one of the dominant payments across Asia even before 2024. PvP ensures that the final transfer of a payment in one currency only occurs once the corresponding transfer in another currency is completed. These e-wallets are linked to bank accounts, credit cards, or prepaid balances.

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Payments Trends Digital Currency Cross-Border Payments Instant Payments 115

Nanonets

SEPTEMBER 22, 2023

Types of accounts payable reports include  invoice aging reports ,  AP trial balance reports ,  voucher activity reports , and  reconciliation of accounts reports. This report provides a detailed overview of the current financial position by listing all accounts payable transactions and their corresponding balances.

Accounts 40

Accounts Master Account Best Practices Reconciliation 40

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. Merchant service reconciliation: This is pertinent to the income side of the reconciliation, where customers pay for the business via credit card.

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Reconciliation Credit Cards Correspondent Automation 52

Nanonets

APRIL 3, 2024

It's the reality of virtual bookkeeping, transforming how businesses manage their finances in the 21st century. Bank Reconciliation: They reconcile bank statements with the company's financial records to ensure consistency and identify discrepancies. It focuses on tasks such as data entry, invoicing, and reconciliations.

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Automation Payment APIs and Integration Reconciliation Financial Analysis 96

Nanonets

MAY 8, 2024

Introduction to Stripe Reconciliation Every digital purchase is a complex interplay of entities—Customers, Merchants, Acquirers, and Issuing Banks—that orchestrate the flow of funds.   What is Stripe Reconciliation?     How are transactions processed through Stripe?  Stripe

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Reconciliation Settlement Alternative Payment Methods Automation 52

Nanonets

JULY 18, 2023

We'll also explore how these intelligent automation tools empower finance teams with smart AI, seamless integration, and user-friendly functionalities to revolutionize their AP workflow and drive transformative results. This reduces the time and effort required for manual reconciliation and improves the accuracy of financial records.

Automation 52

Automation Reconciliation Audit Correspondent 52

Nanonets

APRIL 12, 2024

Match the payment to the corresponding invoice, and the system will automatically update your financial records. This ensures accurate accounting and simplifies reconciliation. It also enables bills, reconciliation, and other relevant tasks. Step into the future of finance with Nanonets.

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Automation AI Accounts Reconciliation 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. Each balance should match its corresponding entry in the general ledger for any source. Why is Account Reconciliation so Important?

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

MARCH 4, 2024

The role of an expense policy extends beyond mere rules; it's about setting the tone for how a company handles its finances. The finance team monitors the impact of these changes on the overall expense budget and reports back in the next bi-annual review. The finance team reports this trend to the management.

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Process Compliance Automation Audit 52

The Fintech Times

FEBRUARY 21, 2024

“This creates the opportunity for correspondent banks to route and settle payments via a real-time payment infrastructure rather than the Real Time Gross Settlement rail, the only option previously. “2024 will be the year that decentralised finance (DeFi) solutions arrive in cross-border payments.

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Cross-Border Payments Cross-Border ISO 20022 SWIFT 78

Nanonets

JUNE 27, 2023

The cost of processing an invoice encompasses various factors, including labor, technology, infrastructure, reconciliations, and more. Additionally, manual processing increases the risk of errors, leading to invoice discrepancies, payment disputes, and time-consuming reconciliation processes. What does invoice processing include?

Process 52

Process Automation Electronic Funds Transfer (EFT) Volume 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.  They provide flexibility in payment methods and simplify reconciliation, making the entire AP process efficient and user-friendly.

Accounts 52

Accounts Automation Compliance Fraud Prevention 52

Nanonets

APRIL 14, 2024

Versapay Automated invoice delivery, payment processing, and account reconciliation capabilities take a lot of stress off of AR professionals. With multi-currency support, pre-approval modules, and rapid system reconciliation, Emburse enhances Sage Intacct's effectiveness in expense management.

Payroll 52

Payroll Automation CRM AI 52

Nanonets

FEBRUARY 28, 2024

Whether you're a small business owner, a finance professional, a CFO, or simply curious about the financial operations of a business, this blog series promises to equip you with a thorough understanding of the General Ledger, its significance and it's effective implementation within a business.

Automation 52

Automation Payment APIs and Integration Accounts Transactions 52

PYMNTS

JULY 16, 2019

“Just because they have moved to the cloud and payment products are now more API ready doesn’t mean companies are holistically looking at inbound and outbound payments and developing a full picture of how they should run their finances.”. That’s because of all of the other silos that remain. The Next Steps.

Payment APIs and Integration 60

Payment APIs and Integration B2B API Payments 60

EBizCharge

MAY 13, 2024

The same number of finance team members who managed accounts for a smaller client base may become overwhelmed with this increased workload, potentially leading to delays in payment processing and reduced customer satisfaction. This supports sustainable business growth without sacrificing quality or control over finances.

Automation 52

Automation Disputes Payments Process 52

PYMNTS

SEPTEMBER 17, 2019

State-chartered financial institution Bankers’ Bank , which focused on providing correspondent banking solutions to community banks, recently announced it would become a funding agent for institutions that want to offer real-time payments via The Clearing House ’s RTP service. Community Banks Go Real Time. Marie Aloisi in a statement.

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B2B RTP Bankers' Bank Funding Agent 43

Nanonets

MARCH 4, 2024

This improves the user experience and reduces the workload on finance teams. Data Entry in ERP/accounting software:  Data entry – the bane of the finance team's existence returns again. Slow Reimbursements:  Once approved, employees enter the stage of reimbursement waiting times.

AI 52

AI Payment APIs and Integration Fraud Detection Automation 52

Nanonets

SEPTEMBER 23, 2023

Small business accounting software is an invaluable tool that empowers entrepreneurs to take control of their finances and drive the success of their business. It offers features like online invoicing, bank reconciliation, inventory tracking, and customized financial reporting.

Small Business 52

Small Business Accounts Automation Compliance 52

PYMNTS

APRIL 11, 2016

One of the more loaded revelations from the report: Banks really only have to worry about disruption from blockchain technology in some aspects of the financial system, like trade finance, and less so in other aspects, like cross-border payments. With corporates, when you get down to the real pain point, it’s on the reconciliation side.”.

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Cross-Border Cross-Border Payments Blockchain Correspondent Bank 40

Fintech Finance

JUNE 26, 2024

Often, banks’ technical infrastructures struggle to manage these complexities efficiently, leading to inefficient reconciliations, failed investigations, and customer dissatisfaction. The post SmartStream’s Advanced Payment Control Now Supports Multiple Payment Rails With Enhanced Exceptions Management appeared first on Fintech Finance.

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Cross-Border Payments Reconciliation Cross-Border Instant Payments 98

Nanonets

DECEMBER 11, 2023

For instance, customer order data from forms submitted on a website can automatically pre-populate the corresponding fields in CRMs, inventory management, and accounting systems. For industries grappling with immense data, such as healthcare and finance, it's a game changer. What's more, as these systems learn from each use.

AI 59

AI Payment APIs and Integration Automation Best Practices 59

Nanonets

FEBRUARY 14, 2024

Think of these codes as the secret sauce that helps businesses organize their finances, making sure every dollar spent or earned is tracked accurately. Here, you'll be able to view, add, edit, or delete accounts and their corresponding GL codes. After verifying the details, the finance team approves the GL code assignment.

Transactions 52

Transactions Audit Accounts Automation 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. Payment reconciliation Once the payments have been executed, the automation software will then reconcile them. Your finances and employees will indeed thank you.

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Automation B2B Payment APIs and Integration Payments 52