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?

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

Nanonets

APRIL 29, 2024

The Top Credit Card Reconciliation Softwares in 2024 Credit card reconciliation is a crucial aspect of financial management for businesses of all sizes. What is Credit Card Reconciliation? This may include invoices, receipts, purchase orders, or other documentation related to the transactions.

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 52

Nanonets

MAY 21, 2024

Accounts receivable reconciliation is a crucial process within accounting and financial management practices undertaken regularly by a business. What is Accounts Receivable Reconciliation? This involves cross-referencing various sources of information, such as invoices, sales receipts, customer payments, and ageing reports.

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Reconciliation Accounts Adjustments Correspondent 52

Nanonets

MAY 6, 2024

Spreadsheets like Excel have long been a staple for account reconciliation , but their limitations are becoming increasingly evident. This results in scattered files, versioning issues, the need to track down stakeholders for missing information, the generation of duplicate datasets, and more.   What is BlackLine?  BlackLine

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Nanonets

MAY 6, 2024

General Ledger Reconciliation The General Ledger (GL) is a silent custodian of a company's financial narrative.     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.  

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

APRIL 2, 2024

Importance of bank reconciliation in internal control In the world of finance and accounting, accuracy is key. Whether you're managing personal finances or running a business, keeping precise records is crucial for financial health. What Is a Bank Reconciliation?

Reconciliation 52

Reconciliation Automation Regulatory Compliance Compliance 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. Account Reconciliation can be a fairly manual task, especially right before the monthly close. Why is Account Reconciliation so Important?

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

MAY 21, 2024

Seven Best Practices for Effective Account Reconciliations From Mesopotamia's rudimentary ledgers tracking livestock and crops to the second-century BCE Indian treatise " Arthashastra ", accounting has been a cornerstone of economic management in any civilized society.

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 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. Merchant service reconciliation: This is pertinent to the income side of the reconciliation, where customers pay for the business via credit card.

Reconciliation 52

Reconciliation Credit Cards Correspondent Automation 52

Nanonets

FEBRUARY 6, 2024

Intercompany reconciliation is specific to companies with multiple subsidiaries under the same parent group. This article provides the most comprehensive guide to intercompany reconciliation and how automation can help you save time & cost! Reconciliation helps remove duplicate entries and rectify errors.

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Reconciliation Adjustments Automation Transactions 52

Nanonets

JUNE 26, 2024

What Is a Bank Reconciliation Statement? A bank reconciliation statement is a financial document that compares a company's bank account balance to the transactions recorded on its general ledger, often called the "cash books." How to perform a Bank Reconciliation? These will be added to the accounting records.

Reconciliation 52

Reconciliation Adjustments Audit Checks 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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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 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

PYMNTS

NOVEMBER 1, 2020

End-of-month expense reports, which the release called "dreaded," can be done away with as paper processes aren't used and reconciliation is always happening as a 24/7 process. In addition, the automated insights can offer proactive insights on out-of-policy or duplicate expenses.

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Duplicate Reconciliation Audit Automation 67

Nanonets

DECEMBER 25, 2023

Efficient Reconciliation : Easily reconcile Stripe transactions in QuickBooks. Duplication of Entries : If the integration isn't set up correctly, you might end up with duplicate entries. It's like having a crystal ball for your finances, giving you a clearer view of what’s ahead.

Finance 52

Finance Payment APIs and Integration Best Practices Automation 52

PYMNTS

NOVEMBER 11, 2020

percent of finance leaders are evaluating or investing in AP and AR automations, with 67 percent focusing specifically on AI- and ML-powered systems,” per the new Playbook. businesses in a recent survey reported receiving duplicate invoices, that’s just the tip of the manual and paper iceberg. A recent survey found that 74.2

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Automation Void Treasury Duplicate 87

PYMNTS

MARCH 31, 2020

Tipalti CEO and Co-Founder Chen Amit said in the release, “The importance of AI in business finance is only going to increase, and we will be adding new capabilities to Tipalti PI over time to support the needs of our customers. ” Tipalti Pi is created to help during the payable process such as by optimizing payables workflow.

Accounts 53

Accounts AI Duplicate Payment Reconciliation 53

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.

Automation 74

Automation Payment APIs and Integration Reconciliation Financial Analysis 74

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.

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The Fintech Times

DECEMBER 19, 2024

Fraud is having a huge impact on finances, with fraudulent schemes resulting in global losses of $485billion. Remote work has weakened traditional security, requiring secure systems and innovative solutions like decentralised finance and blockchain for transparent vendor transactions.

Automation 59

Automation AI Fraud Prevention Deepfake 59

PYMNTS

JUNE 22, 2017

We think roughly 30 percent of duplicate payments are the result of some sort of vendor master issue, either as a duplicate vendor or some other error associated with vendor master,” the executive explained. Even automating the data matching or reconciliation process can miss errors, Thompson noted.

AI 48

AI Duplicate Audit Automation 48

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. Reconciliation of Accounts Reports Helps identify and resolve discrepancies between accounts payable records and financial statements. "Accounts

Accounts 40

Accounts Master Account Best Practices Reconciliation 40

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

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PYMNTS

MAY 1, 2018

That’s according to new research from Optal , published earlier this month, which commissioned Davies Hickman to survey more than 100 corporate finance professionals in the U.K. Finance experts in some of the U.K.’s According to Downes, this high failure rate has major implications both within and outside the buying organization.

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B2B SWIFT Payments Faster Payments 47

FloQast

NOVEMBER 28, 2023

You can immediately start saving items you know you’ll need to provide your audit team the following year as they come up (charitable donation receipts, that one tricky reconciliation) rather than searching through old e-mails when the request finally does come. Reconciliations were saved in file storage, and that was pretty much it.

Audit 52

Audit Process Technology Reconciliation 52

Nanonets

APRIL 12, 2024

This ensures accurate accounting and simplifies reconciliation. It also enables bills, reconciliation, and other relevant tasks. It can capture data from the invoice and flag duplicate invoices.  Step into the future of finance with Nanonets. Reporting and Analysis:  Sage Intacct offers robust reporting tools.

Automation 52

Automation AI Accounts Reconciliation 52

Nanonets

MARCH 20, 2023

Some common features of AP software include: customizable AP workflows invoice categorization and batch processing of invoices automated approval processes 2, 3, or 4 way matching seamless expense claims custom user permissions providing AP metrics such as AP days , average invoice processing time etc. Looking to automate your manual AP Processes?

Accounts 52

Accounts Payment APIs and Integration Multi-Currency Automation 52

Nanonets

APRIL 10, 2024

Finance teams and many others use it to facilitate their operations. In this blog, we will discuss Sage Intacct , specifically for finance teams, and how Account Payable Automation (APA) is the next step to improving the process. It also enables bills, reconciliation, and other relevant tasks. Schedule a Demo

Automation 52

Automation Accounts AI Audit 52

Payment Savvy

MAY 12, 2023

Payment automation can provide real-time access to financial data, which can help businesses track and manage their finances more effectively. Common Issues with Manual Payment Processing Manual payment processing can be time-consuming and prone to errors, resulting in duplicate payments, overpayments, and late payments.

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Automation ACH Payments Duplicate 52

Nanonets

NOVEMBER 27, 2023

Netting in finance can work a few different ways, but no matter the netting process used, the goal is to reduce financial risks for all parties involved. When netting in finance, your accounts payable team can look at all the incoming and outgoing invoices you have with a specific vendor or business. ” you’re not alone.

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Nanonets

NOVEMBER 30, 2023

  For accounts payable internal controls best practices, strong internal controls should use technology-based systems to detect and flag possible errors, including duplicate invoices, and prevent potential fraud. AP automation systems flag exceptions and duplicate invoices to avoid payment errors. 

Best Practices 52

Best Practices Accounts Automation Electronic Funds Transfer (EFT) 52

Nanonets

APRIL 24, 2023

Automate your mortgage processing, underwriting, fraud detection, bank reconciliations or accounting processes with a ready-to-use custom workflow. The bank extract data can be used for a variety of purposes, such as financial analysis, reconciliation, and strategic planning.

Assessments 52

Assessments Automation Fraud Detection Risk Assessment 52

Nanonets

MAY 20, 2024

Cleansing data:  Preliminary analysis is used to identify and address data quality issues such as missing data, duplicate records, data with questionable provenance, and records that contain errors. Say goodbye to data entry errors, duplicates, and inconsistencies that can skew your analysis and lead to bad decisions.

Automation 59

Automation Payment APIs and Integration CRM AI 59

Nanonets

FEBRUARY 19, 2024

The Advantage of Duplicate/Triplicate Copies : Using a multi-copy receipt book means more than just giving customers their copy. The original receipt, typically white, goes to the customer, while the yellow one, a direct duplicate, is for the business's records. Satisfied, she signs at the bottom of the receipt. Grand Total: $44.28

Duplicate 52

Duplicate Automation Checks Transactions 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

JUNE 12, 2024

Cost Savings: Implemented properly, purchase order management systems ensure that businesses can negotiate better terms with suppliers, avoid duplicate orders, reduce administrative costs, and avail early payment discounts. The invoice is approved for payment and sent to the finance department which makes the payment.

Best Practices 52

Best Practices Automation Small Business Process 52