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AI in Finance: Freeing Managers from Routine Tasks to Drive Business Growth

Fintech News

Recognising the need to address inefficient practices like manual processing, the Infocomm Media Development Authority implemented InvoiceNow, a nationwide E-invoicing network , in 2019 to help businesses improve efficiency and reduce cost. Undoubtedly, AI can provide succour to finance managers.

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How Continuous Auditing Drives Corporate Spend Optimization

PYMNTS

Usually, the auditing workflow involves looking at expense reports filed by employees, with a focus on identifying potentially erroneous or even fraudulent transactions. Digitizing and centralizing spend across various departments and workflows is the first step to enhancing the auditing process, said McCrossan.

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Modern Treasury Announces the First AI Platform Purpose-Built for Payments

Fintech Finance

Unlike generic large language models or probabilistic AI tools, the AI Agent is auditable by design and delivers verifiable, rapid results built on existing connectivity and a deep understanding of how enterprise payment systems and workflows work. Notify me if any duplicate payments are charged.

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The FRC’s Corporate Governance Review: What You Need to Know

FloQast

The consultation set out proposals for a range of legislative and governance reforms to be implemented in the Code in 2024, including the introduction of a new regulatory body, known as the Audit, Reporting, and Governance Authority (ARGA), which would replace the FRC.

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How is Artificial Intelligence Used in Auditing?

Nanonets

In the rapidly evolving world of auditing, innovative technologies have revolutionized traditional practices. Auditors are now increasingly embracing the agile auditing approach previously used in software development. This strategic allocation of resources optimizes auditing efforts, leading to more focused and effective audits.

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Beyond Manual Processes: Embracing AP Automation

The Fintech Times

Easier monitoring: Automated systems maintain an audit trail for all transactions, facilitating process monitoring and compliance with audits. Duplicate and fraudulent invoice detection : AI engines can identify potential duplicate invoices or invoices with unusual amounts and flag them for review.

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How to Audit Bank Reconciliation?: A Complete Guide

Nanonets

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?