Nanonets

NOVEMBER 16, 2023

Although referred to as supplier payments or vendor payments, the complete vendor payments process is much more than simply sending a check in the mail or submitting a wire transfer through your business bank account. Is there an easier way to write and send the checks or wire transfers?

Process 52

Process Technology Wire Transfer Payments 52

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

FEBRUARY 7, 2024

SharePoint Connector SharePoint Connector integrated with MS Dynamics 365 Business Central reduces task duplication.  Get creative with how to make BC accounts payable more functional with extensions.  Get started with Nanonets Flow. 

Automation 52

Automation Accounts Duplicate Process 52

Nanonets

APRIL 12, 2024

On dealing promptly with discrepancies such as duplicate invoices, incorrect pricing, and late payments, the company maintains strong vendor relationships, avoids late fees, and ensures compliance with payment terms. Transactions that involve credit card and cash, for example, would not be reflected in bank statements but must be considered.

Reconciliation 52

Reconciliation Payroll Automation Checks 52

Nanonets

JUNE 27, 2024

The purpose of bank reconciliation is to: Identify accounting errors such as duplicate payments, lost checks, and other human-made mistakes during data entry. Cash-In Transit : The cash might not immediately reflect in the bank account when funds are transferred via credit card payments or wire transfers.

Reconciliation 40

Reconciliation Accounts Adjustments Checks 40

Nanonets

NOVEMBER 27, 2023

   If, after netting payments, you are the organization with an outstanding balance, your AP team will send a wire transfer or physical check for the total balance. It’s important that the invoice approval process does not get overlooked because you could end up overpaying if a duplicate invoice is sent by accident.

Payment Amount 52

Payment Amount Venmo Settlement Process 52

Nanonets

JUNE 26, 2024

Issues like duplicate payments, missed payments, or incorrect transaction amounts can cause these errors. " Cash-In Transit" : The cash might not immediately reflect in the bank account when funds are transferred via credit card payments or wire transfers. We need to make the proper adjustments here as well. "

Reconciliation 52

Reconciliation Adjustments Audit Checks 52

Nanonets

MAY 11, 2023

The payment is processed as checks, wire transfers or other methods, as per pre-determined terms & conditions. Fraud vulnerability:  Some frauds that occur in the invoice process include third-party frauds, labor mischarging, duplicate payments and other internal errors. All of these affect the bottomline.

Process 52

Process Automation Audit Checks 52

Nanonets

OCTOBER 1, 2024

check, ACH, wire transfer) selected. These can include checks for missing fields, mismatched amounts, duplicate invoices, incorrect tax calculations, and invalid vendor information. Configure settings to catch potential duplicate invoices and prevent double payments.

Best Practices 40

Best Practices Automation Multi-Currency Process 40

Nanonets

SEPTEMBER 29, 2023

Schedule a demo with Flow by Nanonets today: Accelerated Payment Execution: Once a bill is approved, automated solutions like Flow by Nanonets can seamlessly trigger payment execution through preferred methods such as ACH, wire transfer, or online payment platforms.

Payments 52

Payments Reconciliation Automation ACH 52

Nanonets

DECEMBER 11, 2023

Using AI, every transaction is kept secure through duplication detection, fraud prevention, and payment tracking features. Key Features Melio supports check payments as well as ACH, wire transfers, and other fund disbursement methods. You can set up monthly payments ahead of time and coordinate direct deposit with your vendors.

Process 52

Process Payment APIs and Integration Automation Multi-Currency 52

Nanonets

NOVEMBER 15, 2023

Additionally, the invoices must be matched with the corresponding purchase orders and goods receipts to avoid duplicate invoices, fraud, and errors. You can choose the payment method that works for you — ACH, credit card, wire transfer, or even virtual cards.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

SEPTEMBER 29, 2023

This can delay the invoice payment process and can even give rise to malicious AP practices like duplicate payments.  A typical example of invoice exception is when there are routing errors with invoice processing or there’s a pending approval.   Formula = Rate of exception of invoices/ No.

Accounts 52

Accounts Automation Process Wire Transfer 52

Clearly Payments

JANUARY 8, 2025

Key drivers of crypto adoption include: Lower Transaction Fees : International transfers in cryptocurrencies can be cheaper than wire transfers or credit card cross-border fees. Financial Inclusion : Cryptocurrencies offer an alternative financial system for the unbanked population, particularly in developing countries.

Credit Cards 105

Credit Cards Cryptocurrency Cross-Border Volume 105