Nanonets

APRIL 19, 2024

Petty Cash Reconciliation: What is It, Best Practices, and Automation Petty cash, also referred to as a small cash fund, is a fixed amount of money reserved for minor expenses in a business.   Looking out for a Reconciliation Software? What are the Steps Involved in Petty Cash Reconciliation?

Best Practices 52

Best Practices Reconciliation Automation Procedures 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

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

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

EBizCharge

JUNE 25, 2024

Invoice reconciliation is vital to any company’s infrastructure since it safeguards cash flow and financial integrity. This article will explore invoice reconciliation to help you better understand how it works, its associated benefits, and strategies for speeding up this process. What is invoice reconciliation?

Reconciliation 52

Reconciliation Automation Transactions Correspondent 52

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. Stripe is a PSP that offers a suite of services to streamline payment processing and enhance the online shopping experience.

Reconciliation 52

Reconciliation Settlement Alternative Payment Methods Automation 52

Nanonets

FEBRUARY 21, 2024

Introduction Cash reconciliation remains a critical process in today’s retail environment, despite the shift from traditional cash registers to advanced point-of-sale (POS) systems. Although the process is foundational for maintaining operational integrity, it can be intricate and susceptible to human mistakes.

Reconciliation 52

Reconciliation Best Practices Automation Point-of-Sale (POS) 52

Nanonets

APRIL 12, 2024

The Importance of Accounts Reconciliation Companies handle a variety of finance-related documents, ranging from bank statements to invoices and payroll records. Amidst this deluge of numbers and figures lies a crucial task: account reconciliation.

Reconciliation 52

Reconciliation Accounts Automation Compliance 52

Nanonets

JANUARY 29, 2024

  In this article, we guide you through the credit card reconciliation process in QuickBooks, addressing common issues and providing useful tips to streamline the procedure. Step 1: Go to the reconciliation menu In the top help menu bar, search for 'Reconcile.'

Reconciliation 52

Reconciliation Credit Cards Duplicate Automation 52

The Finance Weekly

MAY 20, 2024

What Is Bank Reconciliation? Bank reconciliation is a process companies use to ensure that their recorded cash balances align with the actual cash held in their bank accounts. Nevertheless, banks still manage most business accounts, and the same reconciliation procedures can be applied to these other cash positions.

Reconciliation 52

Reconciliation Adjustments Best Practices Wire Transfer 52

Nanonets

JUNE 17, 2023

Account reconciliation is a critical process in accounting, which ensures that financial records are accurate and consistent. This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process. What is Account Reconciliation?

Reconciliation 52

Reconciliation Accounts Adjustments Credit Cards 52

Nanonets

FEBRUARY 6, 2024

Intercompany reconciliation is specific to companies with multiple subsidiaries under the same parent group. It's a crucial step in the intercompany accounting process and for preparing a consolidated statement for financial reporting. Reconciliation helps remove duplicate entries and rectify errors.

Reconciliation 52

Reconciliation Adjustments Automation Transactions 52

Clearly Payments

NOVEMBER 10, 2023

Reconciliation is the process of matching financial records to ensure they align correctly. Credit card statements, with their detailed transaction records, simplify the reconciliation process. Benefits with the Tax Process Credit card statements play a pivotal role in documenting eligible expenses for tax purposes.

Reconciliation 52

Reconciliation Credit Cards Processors SWIFT 52

Nanonets

JULY 21, 2023

Maintaining accurate financial records is vital for any business, and the general ledger, as the central repository of financial transactions, plays a critical role in this process. Ensuring the accuracy and integrity of the general ledger requires regular reconciliation. What is general ledger reconciliation?

Reconciliation 52

Reconciliation Automation Audit Process 52

Nanonets

SEPTEMBER 25, 2024

For businesses processing thousands of bank statements daily—from insurance companies to financial institutions, bank statement processing presents a challenge and an even bigger opportunity for automation. In this article, we’ll explore applications of AI and automation for bank statement processing.

AI 52

AI Process Best Practices Reconciliation 52

Fintech Finance

NOVEMBER 18, 2024

This phase will put more onus on payment providers to implement better record keeping, reporting and monitoring processes. Steps payment firms should be taking now: Conduct a comprehensive gap analysis: Thoroughly assess current safeguarding practices against new requirements, identifying shortfalls in processes, systems, and controls.

Consulting 95

Consulting Payments Regulations Reconciliation 95

Nanonets

MARCH 12, 2024

Record-to-Report (R2R) is a critical finance management process in corporate finance, which focuses on collecting, processing, and delivering accurate financial data. Data Processing: Transactions are classified, sorted, and recorded in the appropriate accounts. It serves several purposes - 1.

Process 52

Process Finance Reconciliation Compliance 52

Fintech Review

JUNE 18, 2024

However, what is often overlooked or regarded with disdain is the amount of compliance and account reconciliations needed in back-office operations. Advanced software and innovative tools make back-office tasks like compliance checks and account reconciliations more efficient and accurate. Avoid costly errors and regularly lapses.

Reconciliation 98

Reconciliation Compliance Regulatory Compliance Best Practices 98

FloQast

NOVEMBER 11, 2024

The month-end close process is the culmination of a month’s worth of financial transactions, when all hands are on deck to ensure the company’s financial records are accurate and up-to-date. By diligently confirming all transactions, you lay a solid foundation for the rest of the month-end close process.

Reconciliation 52

Reconciliation Close Processes Accounts Transactions 52

The Fintech Times

SEPTEMBER 13, 2024

. “Institutions can focus on deriving value from new initiatives, such as improving their internal processes in response to regulatory requirements. “Regtech solutions tailored for compliance empower companies to automate, streamline, and elevate their regulatory processes, dramatically reducing the risk of non-compliance.

Compliance 71

Compliance FinTech Reconciliation Audit 71

Nanonets

MAY 30, 2024

Imagine a world where your procurement process runs like a well-oiled machine—no more delays, no more errors, and no more endless paperwork. The process starts with the need of a new purchase. Purchase Order Approval : The PO undergoes an automated approval process within Nanonets. Sounds too good to be true?

Automation 52

Automation Process P2P Compliance 52

FloQast

FEBRUARY 14, 2024

In the fast-paced finance and accounting world, keeping up with regulations and ensuring a smooth Close are crucial organizational processes. Brands , Brandon Peters, optimize processes, streamline compliance efforts, and boost efficiency. Brands , Brandon Peters, optimize processes, streamline compliance efforts, and boost efficiency.

Compliance 105

Compliance Reconciliation Close Processes Automation 105

Nanonets

APRIL 20, 2023

This makes it difficult to process patient information, and derive relevant insights, raises administrative costs, and leads to delay in healthcare. Source Reduce patient wait times, amplify the workforce, and improve efficiency across your healthcare ecosystem with automated medical document processing and workflows.

Automation 96

Automation Process Use Case Regulations 96

Neopay

MARCH 14, 2024

If you have networks of agents or distributors, you need to evidence that you have adequate processes to ensure appropriate oversight and that relevant funds are segregated on receipt. Your justification for the frequency of reconciliations, along with other factors, should be included within your risk assessments.

Audit 59

Audit Risk Assessment Reconciliation Due Diligence 59

Nanonets

SEPTEMBER 22, 2023

Robotic process automation (RPA) is a game-changer for the accounting industry, offering significant improvements in efficiency and productivity. In the realm of accounting, RPA has proven to be a powerful tool for enhancing speed and accuracy, streamlining processes, and revolutionizing the way financial tasks are handled.

Automation 40

Automation Accounts Process Reconciliation 40

Neopay

AUGUST 5, 2024

Effective safeguarding training covers the policies, procedures, and regulations that must be adhered to in order to minimise risks and maintain compliance with regulatory standards. Senior management must also receive training to understand safeguarding processes and risks.

Compliance 52

Compliance Procedures Audit Risk Management 52

Nanonets

MARCH 4, 2024

Expense reimbursement is a fundamental aspect of business operations, encompassing the process by which employees are paid back for expenses they've incurred on behalf of the company. However, managing this process is fraught with challenges. leveraging the right technology to streamline your expense reimbursement workflow.

Process 52

Process Compliance Automation Audit 52

Nanonets

MAY 22, 2024

This transformation focuses on three key elements: adopting digital technologies, implementing innovative procurement strategies, and reengineering procurement processes. By automating processes and optimizing supply chains, organizations can achieve substantial savings. Key Elements of Procurement Transformation 1.

Process 52

Process P2P Automation Adjustments 52

FloQast

SEPTEMBER 16, 2024

Faced with decentralized processes, they sought a solution that could unify and streamline their operations. Results Achieved: Improved compliance with real-time management of control procedures. Reduced administrative burdens, leading to streamlined processes. Quick implementation with minimal IT involvement.

Compliance 69

Compliance Reconciliation Procedures Professional Development 69

The Payments Association

OCTOBER 23, 2024

In addition to updating policies and procedures, many firms may need to make significant operational changes, including to their funds flows. Enhanced reconciliation, audit, and reporting requirements will create additional administrative burdens and could increase the risk of supervisory and enforcement action.

Rules 88

Rules Payments Institute Authorization Reconciliation 88

FloQast

APRIL 7, 2024

The challenges of the close typically stem from a reliance on outdated manual processes, including the use of Excel spreadsheets to track and manage critical tasks, the late submission of reports from external providers, and a lack of visibility into the impact of delays on the overall close deadline.

Best Practices 52

Best Practices Reconciliation Close Processes Automation 52

PYMNTS

DECEMBER 31, 2019

Such legacy payment methods are usually tied to paper-based invoices and manual tracking and reconciliation procedures, which impede payments from being processed in a timely manner. Manual processes can be particularly problematic for such businesses because these firms can generate thousands of payments every day.

Process 61

Process Innovation Same Day ACH B2B 61

The Payments Association

OCTOBER 11, 2024

Firms must prepare for these changes by improving their internal processes, conducting audits, and adapting to new compliance requirements to ensure seamless implementation of the FCA’s reforms. What’s next?

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Fintech Finance

JULY 10, 2024

Insights from a recent Medical Tourism Patient Survey reveal that over half of patients globally expressed concerns over international payments[1] due to hidden costs, exchange rate complexities and greater fraud risk, demonstrating a clear need to improve the payment process. “As

Cross-Border 97

Cross-Border Visa Wire Transfer Accreditation 97

Nanonets

MAY 31, 2023

Automated invoice processing is the process of seamlessly extracting data from invoices entering your system and pushing it into your ERP so that processing a payment can be done in just a few clicks. Automated Invoice Processing Workflow One needs to run a 3-way match between purchase orders, invoices and receipts.

Automation 52

Automation Process Payment APIs and Integration Rules 52

FloQast

MARCH 25, 2024

And solutions that are easy to implement help businesses mitigate the cost of traditional close processes and enhance performance. Compliance and Regulatory Burdens Compliance and regulatory requirements are becoming more complex and extensive, affecting various aspects of the closing process. Take SOX as one example.

Close Processes 105

Close Processes Compliance Automation Risk 105

FloQast

JUNE 24, 2024

Resilient accounting teams should rely on effective workflows that help them: Complete tasks on time Minimize the risk of errors Stay compliant Your team needs the right tools and processes in place to support them. Are you focusing on workflows that allow for standardized steps and procedures to be followed? Are you providing them?

Accounts 52

Accounts Reconciliation Procedures Automation 52