FloQast

NOVEMBER 28, 2023

Recently, FloQast published an e-book on how technology can improve audit efficiency based on Ashley’s first-hand experience. Check out the full e-book here. Most audit firms are now working with various analytical or data evaluation tools. before reaching out for help.

Audit 59

Audit Process Technology Reconciliation 59

Nanonets

AUGUST 1, 2023

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.

Audit 52

Audit Risk Assessment AI Assessments 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?

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

Stax

MAY 13, 2025

Key components of payment processing include: Merchant account – A special type of business account that temporarily holds funds from card transactions before they settle in your business checking account. That leads to fragmented data, inconsistent customer experiences, and duplicated efforts.

Credit Cards 88

Credit Cards Payment APIs and Integration Processors Process 88

Nanonets

AUGUST 1, 2023

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Computer-Assisted Audit Tools and Techniques (CAATTs) have been available to auditors since the early 1990s. The situation has changed now.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

Trade Credit & Liquidity Management

MAY 8, 2025

Duplicate entries: Different users create slightly different customer records. Audit and tax readiness: Having tax-exempt certificates, legal names, and transaction records tied to the correct entity keeps the business in compliance and reduces audit prep work. Collections slow down.

Finance 72

Finance Duplicate CRM Audit 72

Nanonets

NOVEMBER 16, 2023

They should align with the goods or services received and must not be duplicates of invoices that were already processed. With the invoice, original purchase order, and shipping receipts, they can cross-check the information to ensure its accuracy. When incoming invoices are sent to a business, the business must validate every invoice.

Accounts 52

Accounts Best Practices Duplicate Checks 52

Nanonets

JUNE 19, 2024

Before making payments to vendors, it's essential to check that the vendor bills the company the correct amount. By doing so, they can maintain good vendor relationships, detect fraud, and support audit trails.   Errors in logging payments correctly, duplicates, or missing entries may lead to incorrect reporting.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

Nanonets

APRIL 3, 2024

Fraud Detection and Prevention: Through vendor reconciliation, businesses can detect discrepancies that may indicate fraudulent activities such as overbilling, duplicate invoices, or fictitious vendors. Any discrepancies, such as duplicate payments or missing entries, must be identified.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

PYMNTS

NOVEMBER 10, 2017

Earlier this year, researchers at the Association for Financial Professionals found that instances of check fraud and Business Email Compromise scams increased between 2015 and 2017, with fraud originating both within and outside the enterprise. One of the easiest areas for internal fraud to occur is in employee expensing.

Duplicate 44

Duplicate Audit Email Compromise Use Case 44

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. An AP automation solution provides an audit trail and digitizes transactions.

Best Practices 52

Best Practices Accounts Automation Electronic Funds Transfer (EFT) 52

Nanonets

JUNE 22, 2023

This process provides a mechanism for cross-checking and validating the amounts, quantities, and terms specified in the invoices to ensure they match the agreed-upon terms and conditions. It acts as a checks and balances system that ensures the accuracy and integrity of financial transactions. Why is invoice reconciliation Important?

Reconciliation 52

Reconciliation Audit Automation Correspondent 52

Nanonets

MAY 10, 2023

By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. Here are some common checks carried out on each of the documents that are part of the 3 way matching process: Was the PO filled out correctly? The receiving department also checks damage and quality at this stage.

Accounts 52

Accounts Automation Duplicate Process 52

Nanonets

JUNE 26, 2024

" Outstanding Checks " are checks issued by the company but haven't yet been cleared by the bank, meaning the funds have not yet been deducted from the company's bank account balance. For example, a deposit of $5,000 on June 1st and a check #123 for $1,000 on June 3rd.

Reconciliation 52

Reconciliation Adjustments Audit Checks 52

Nanonets

MAY 31, 2023

These ways of matching also check for invoice discrepancies & tolerance levels that need to be resolved before the invoice is cleared for payment. It involves matching invoices to purchase orders as well as checking for tolerances. 2 Way Matching 2-way matching is a simple & common way of verifying invoices.

Automation 52

Automation Audit Process Checks 52

Nanonets

JUNE 21, 2023

It involves cross-checking payment records, such as invoices, receipts, bank statements, and other financial documents, to reconcile any discrepancies between them. This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

MAY 31, 2023

 The AP automation software checks to make sure all the data entered matches purchase orders and sales receipts, thereby eliminating chances of fraud and mistakes.  If Automated AP Workflow - Can detect trends based on past history and detect duplicate invoices.  Vendor  Vendor names, account info, etc.

Automation 52

Automation Accounts Audit Process 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. This helps in maintaining a checks and balances system. However, as the company grew, the CFO, Alex Morgan, noticed several issues: Duplicate Claims:  Employees occasionally submitted the same expense twice due to lack of proper tracking.

Process 52

Process Compliance Automation Audit 52

Nanonets

APRIL 15, 2024

It typically outlines outstanding checks, deposits in transit, bank fees, errors, and any other differences between the two sets of records.  Check out Nanonets Reconciliation where you can easily integrate Nanonets with your existing tools to instantly match your books and identify discrepancies. Bank Statement ).

Reconciliation 52

Reconciliation Adjustments Checks Correspondent 52

Nanonets

OCTOBER 1, 2024

In reality, it requires systematic checks and balances, not just one person's oversight. It typically involves checking these fields, matching them against supporting documents like purchase orders, vendor contracts, and receiving reports. " If only invoice validation were that simple.

Best Practices 40

Best Practices Automation Multi-Currency Process 40

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. Fulfillment: When the order arrives, it is checked for quality and quantity.

Best Practices 52

Best Practices Automation Small Business Process 52

Nanonets

APRIL 16, 2023

Errors at the start of the invoice processing workflow can snowball into serious outcomes such as over-payment, incorrect payments, invoice duplication, etc. The software checks for unread emails. Audit Readiness: POs, GRNs, and invoices are among the most common documents asked during audits.

Automation 52

Automation AI Duplicate Accounts 52

Nanonets

MAY 11, 2023

It encompasses all the steps right from receiving a vendor’s invoice to recording the payment made after appropriate checks & approvals. As simple as it may sound – receive the invoice, check for correctness, pay the invoice, close the transaction – invoice processing is not a simplistic workflow.  Let

Process 52

Process Automation Audit Checks 52

Nanonets

JUNE 17, 2023

For example, timing differences, such as outstanding checks deducted from a payer's GL cash balance but not yet deposited into the recipient's bank, can cause the bank balance to appear higher than the GL balance. These errors might include duplicate entries in a subsidiary journal or misclassifying an asset as an expense.

Reconciliation 52

Reconciliation Accounts Adjustments Credit Cards 52

Nanonets

AUGUST 21, 2023

So, rather than your team manually entering invoice data, checking for errors, initiating payments, and reconciling those payments in your financial system, these tasks are carried out by a solution like Nanonets. Cost savings A recent report revealed that almost 92% of businesses use checks for payments.

B2B 52

B2B Automation Payment APIs and Integration Payments 52

Nanonets

MAY 21, 2024

For example, checks may be issued but not yet cashed, leading to timing discrepancies. Bank Errors : Banks can make errors in processing transactions, such as posting incorrect amounts or duplicating entries. This separation of duties helps ensure checks and balances in the reconciliation process.

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 52

Nanonets

NOVEMBER 14, 2023

Reduced Errors: Manual data entry is error-prone, leading to inaccuracies in reports due to incomplete data, missing/correct material, and duplicates. Auditing & Tax Compliance: Facilitates VAT compliance audits, utilizing deep learning algorithms for automated document checks.

Automation 52

Automation Facilitators Audit Legal 52

Nanonets

MAY 29, 2024

These PO systems are effective in automating purchases reducing errors controlling expenses saving time improving spending/ budget planning improving supplier relations ensuring compliance with documentation for audits How does a PO system work? This reduces the risk of errors, such as duplicate orders or incorrect quantities.

Small Business 52

Small Business Audit Automation Disputes 52

FloQast

JANUARY 22, 2024

For example, grocery technology company Instacart moved from using Google Sheet checklists for month-end Close to an automated system that provided a complete audit trail of changes. The traditional method also has a lot of paper documentation to use as an audit trail. And the audit trail is also attached and quickly recovered.

Automation 52

Automation Reconciliation Audit Accounts 52

Nanonets

AUGUST 10, 2023

Reduces inaccuracies: Invalid data, duplicate entries, and fraudulent claims are flagged automatically and can be dealt with immediately. This ensures all claims are compliant, reducing the risk of audits and penalties. Plus, improving accuracy and reducing duplicate and fraudulent claims can save you more money in the long term.

Automation 52

Automation Process Compliance IRS 52

Nanonets

MARCH 14, 2024

All invoices received by a company for products or services that have been purchased from a vendor must be checked for accuracy before payment is initiated. An accounts payable manager manually checks the invoice and either approves the invoice payment or rejects the invoice. This is 2-way matching.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

APRIL 10, 2024

Payment Processing:  Once approved, payments are manually initiated through checks or ACH transfers. Recordkeeping:  Invoices and payment records are meticulously filed for future reference and audit purposes. Improved Compliance:  Ensures a streamlined and auditable AP process.

Automation 52

Automation Accounts Audit AI 52

Nanonets

APRIL 2, 2024

Updating Internal Records and Bank Statement: Ensuring internal records align with the reconciled figures, facilitating accurate financial reporting, audit compliance, cash flow management, and fraud detection.   Outstanding Checks: Checks issued by the company but not yet cleared by the bank.

Reconciliation 52

Reconciliation Adjustments Automation Regulatory Compliance 52

Nanonets

FEBRUARY 19, 2024

Payment Method: Shows whether the customer paid with cash, card, check, online, or using any other payment method. The Advantage of Duplicate/Triplicate Copies : Using a multi-copy receipt book means more than just giving customers their copy. The duplicate copy remains attached in the book for Sarah's records.

Duplicate 52

Duplicate Automation Checks Transactions 52

Nanonets

NOVEMBER 15, 2023

Your team won't be staring at Excel sheets, manually cross-checking numbers. Additionally, the invoices must be matched with the corresponding purchase orders and goods receipts to avoid duplicate invoices, fraud, and errors. This means no more manual recording and no more cross-checking against bank statements.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

MAY 6, 2024

This results in scattered files, versioning issues, the need to track down stakeholders for missing information, the generation of duplicate datasets, and more.   Automation tools mitigate the risks associated with manual reconciliation processes by automating repetitive tasks and providing robust error-checking mechanisms.

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Nanonets

FEBRUARY 13, 2024

By setting clear limits, it ensures that expenses don’t go overboard and keeps your financial health in check. This helps in maintaining a checks and balances system. Here's how it transformed their process: Duplicate Claims Prevention:  The software now automatically flags duplicate entries.

Compliance 52

Compliance Non-Bank Automation Duplicate 52