Nanonets

JANUARY 31, 2024

Month-end close is a widely accepted accounting standard that is aimed at keeping an accurate set of financial records and detecting errors/fraud. Month-end reconciliation is the most important part of the month-end close process. Banking errors: Checks or ACH transfers are recorded on dates different from the processing date.

Best Practices

Nanonets

JUNE 14, 2024

Challenges of Balance Sheet Financial Close The reconciliation process during the financial close can be challenging for finance teams due to disconnected data sources, a lack of automation, and the sheer volume of transactions. This might lead to potential financial losses and incorrect reporting.

Reconciliation

Nanonets

JUNE 27, 2024

Reconciliation is a crucial accounting process that ensures the accuracy of the financial close process. Key takeaways: Bank reconciliation is the transaction matching of your records against the bank statement. Prevent fraud by flagging unrecorded transactions and prompt investigation.

Accounts

Nanonets

JUNE 18, 2024

Inter-Company Reconciliation Reconciliation process of transaction amounts between entities belonging to the same parent company. Credit Card Reconciliation Comparing company credit card receipts with credit card statements is very important to ensure that all transactions are accurately recorded.

Reconciliation

The Finance Weekly

JUNE 17, 2024

Planful has revolutionized the forecasting process from an Excel-based task into a seamless, real-time operation with greater accuracy. It has significantly sped up forecasting timelines, provided transactional-level comparisons of actuals versus forecasts, and reduced manual report creation and distribution.

AI

Nanonets

JULY 24, 2023

This essential practice involves comparing transactions and other financial activities with supporting documentation and resolving any discrepancies that may arise.     Financial reconciliation is a recurring process that encompasses various sources of financial information within a business.

Reconciliation

Nanonets

JUNE 23, 2023

At the end of each accounting cycle, the accounting or finance team of a company reviews its accounts and adjusts balances. This process is known as the financial close. Balance sheet reconciliation is a crucial step in the financial close process, serving as a vital control mechanism for organizations.

Reconciliation

Nanonets

MAY 6, 2024

Founded in 2001, BlackLine offers a comprehensive suite of solutions that empower organizations to automate traditionally manual and spreadsheet-intensive tasks, enhance accuracy, improve visibility, and optimize efficiency throughout the financial close process.  

Reconciliation

Nanonets

FEBRUARY 14, 2024

General Ledger Codes, or GL Codes, are unique alphanumeric strings that classify and record financial transactions within a company’s general ledger. Each transaction entered into the GL is tagged with a GL code, acting as a marker that categorizes every inflow and outflow into its appropriate GL account.

Transactions

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. The R2R cycle includes these key components: Data Collection: The foundation of R2R, where all financial transactions are accurately recorded.

Process

Nanonets

JULY 21, 2023

Reconciliation software is a specialized application that automates and streamlines the financial closing process for businesses. It streamlines and accelerates the reconciliation process, reducing costs, optimizing resources, and enhancing financial governance. What is reconciliation software? Sources: [link] [link] 2.

Reconciliation

FloQast

MAY 7, 2024

The Year End Close: Why Does It Matter? The Year-End closing process is the regulatory requirement that companies verify the accuracy of their annual finances. FloQast organises not only my close workflow but that of my entire team. It makes it easy for me to see exactly where everyone is in the close process.

Reconciliation

Nanonets

MAY 7, 2023

With the rising company transactions comes the credit card reconciliation or reconciliation process. It ensures that credit card transactions match your bank statement transactions. While it sounds simple, many intricacies are involved in the process. Billion in 2020 only for North American regions.

Reconciliation

Nanonets

APRIL 4, 2023

Recording business transactions in Excel is simple. Imagine looking at the register of your bank transactions in your banking app. You can see every activity: your direct deposit, your cell phone bill, the pizza you ordered, and a balance that shows how much is in the account after every transaction. Ready for the crash course?

Small Business

Nanonets

APRIL 5, 2024

Airbase's spend management features, such as real-time transaction monitoring, automatic receipt matching, and customizable approval workflows, make it attractive for businesses seeking better control over their expenses. Tax compliance and international transactions also require upgrading. Contact Tipalti's sales team.

Automation

Nanonets

FEBRUARY 28, 2024

We'll unravel the Chart of Accounts, the backbone of the GL, detailing how transactions are organized and recorded. We'll also explore how to efficiently manage and utilize your General Ledger, including the implementation of modern software solutions to automate and streamline your accounting processes.

Automation

Nanonets

FEBRUARY 8, 2024

It captures new sales, tracks inventory, and monitors financial transactions, and provides key data to decision-makers in most functions. Automate the monthly close process. Build a self-service vendor or customer portal to check the status of their transaction. Manage projects and their budgets seamlessly.

Payment APIs and Integration

FloQast

DECEMBER 18, 2024

The month-end close is the process by which companies verify, adjust, and finalize their financial figures for that month – essentially closing the books before the start of the next accounting period. In this first step, the balances in all the revenue accounts are transferred to Income Summary.

Close Processes

The Finance Weekly

FEBRUARY 26, 2025

Automated Consolidation Reduce errors by automating financial close processes. Fraud Prevention Minimize financial risk by flagging unexpected transactions. Approval Workflows Assign role-based approvals for secure and efficient reporting. Variance Analysis Compare forecasts to actuals to identify discrepancies and trends.

CRM

EBizCharge

NOVEMBER 11, 2024

The goal is to confirm that all transactions are accounted for and properly recorded. Regular reconciliation helps identify errors or inconsistencies due to human error or overlooked financial transactions, thus ensuring the integrity of financial reporting.

Reconciliation