FloQast

NOVEMBER 28, 2023

Recently, FloQast published an e-book on how technology can improve audit efficiency based on Ashley’s first-hand experience. Most audit firms are now working with various analytical or data evaluation tools. I also recommend starting a new audit folder as soon as you wrap up the prior year’s audit.

Audit 59

Audit Process Technology Reconciliation 59

FloQast

JUNE 12, 2024

These inefficiencies not only led to wasted time and resources but also resulted in significant audit fees. Curis’s Success with FloQast: A Summary Eliminated $110,000 in external audit fees by combining Close and compliance efforts. .” That saved us $110,000 in outside audit fees.”

Compliance 105

Compliance Close Processes Audit Duplicate 105

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

PYMNTS

NOVEMBER 10, 2017

Especially for businesses that rely on manual expense reports, management and auditing processes, an employee that fudges a dollar amount here and there, or a worker who accidentally submits an expense report twice, mean companies can easily fall victim to fraud, both intentional and unintentional. It’s a very involved process.

Duplicate 44

Duplicate Audit Email Compromise B2B 44

The Payments Association

MAY 16, 2025

Key areas of impact include fraud prevention, card fee structures, accessibility standards, stablecoin usage, and the treatment of consumer data in evolving open finance ecosystems. The EAA aims to ensure that all consumers can navigate and use essential services without barriers. to 1.15% for debit and from 0.3% for credit.

Regulations 88

Regulations ISO 20022 Cross-Border Legal 88

Nanonets

JUNE 19, 2024

Say goodbye to manual errors, time-consuming tasks, and financial discrepancies. 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

MAY 10, 2023

By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. Improve bottomlines: the 3 way match process helps flag fraudulent invoices, duplicate payments and other discrepancies. This is vital for managing spend and cash outflow.

Accounts 52

Accounts Automation Duplicate Process 52

Nanonets

JUNE 22, 2023

By matching invoices with accounting entries in the general ledger, businesses can identify and rectify duplicate entries, errors, or extra payouts, keeping their books in proper balance. Compliance and audit readiness Reconciled invoices provide a solid foundation for compliance with regulatory requirements and internal audits.

Reconciliation 52

Reconciliation Audit Automation Correspondent 52

Nanonets

JUNE 21, 2023

Manual payment reconciliation processes can be time-consuming, error-prone, and inefficient. This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records. Reconciling of payments helps businesses meet compliance requirements and facilitates smooth audits.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

SEPTEMBER 25, 2024

Traditional manual processing and reconciling, which consumes an average of 10-12 hours per week , is no longer an option.   Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Maintain an efficient audit trail for future retrieval.

Process 52

Process AI Best Practices Reconciliation 52

CB Insights

MARCH 21, 2018

Despite the rise of online brokers, many consumers still call insurance brokers by phone to purchase new policies. Compounding this is the inherent complexity of insurance, which involves consumers, brokers, insurers and reinsurers, as well as insurance’s main product — risk. The company has digitized 1.6

Blockchain 78

Blockchain Audit Process Risk 78

Nanonets

MAY 31, 2023

Automated AP Workflow - Can detect trends based on past history and detect duplicate invoices.  Vendor Avoid overpayment – In a manual AP workflow, errors in checking for duplicate invoices, data entry, vendor verification and supplier changes can easily occur.  Vendor names, account info, etc.

Automation 52

Automation Accounts Audit Process 52

FloQast

OCTOBER 27, 2023

Plus, it captures audit evidence at the source, eliminating duplicate audit activities and complexity. You can get a demo and see how to stay audit-ready, reduce risk, and save time. In 2022, the Securities and Exchange Commission (SEC) levied $1.1 The post What is Compliance Management? appeared first on FloQast.

Compliance 52

Compliance Best Practices Mitigation Procedures 52

Nanonets

MAY 31, 2023

Some of the notable benefits offered by touchless invoice processing are: Time-saving - Manual invoice matching is tedious and time-consuming. Protection against duplicate and fraudulent invoices - Automating invoice matching entails consistent validation between invoices and supporting documents.

Automation 52

Automation Audit Process Checks 52

Nanonets

APRIL 16, 2023

Invoice processing and PO matching are complex, time-consuming, and resource-intensive processes when performed manually, especially in scaled-up business activities. The unification of all these documents is time-consuming and error-prone when performed manually. MS-Word documents), data entry files (e.g.,

Automation 52

Automation AI Duplicate Accounts 52

Fintech Review

NOVEMBER 19, 2023

Transprency : A public ledger lists every transaction for anyone to audit. Reviews that You Can Trust When consumers make decisions, online reviews are essential. Avoiding duplicate material : Search engines penalize websites with duplicate material.

Blockchain 52

Blockchain Technology Microtransactions Duplicate 52

Nanonets

APRIL 12, 2023

However, managing expenses manually can be a time-consuming and error-prone process. In this step, organizations validate and clean the data, removing any discrepancies, duplicates, or errors. Challenges with manual spend management Manual spend management can be a time-consuming and error-prone process.

Duplicate 52

Duplicate Compliance Automation Process 52

FloQast

JANUARY 22, 2025

These old and outdated methods may get the job done, but theyre also: Time-consuming and inefficient, which can overburden your staff and lead to burnout. Furthermore, minimizing audit findings should be a top priority. Error-prone. Humans make mistakes thats just a fact of life. Heres how you can do so.

Accounts 52

Accounts AI Automation Audit 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. 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

JUNE 26, 2024

Issues like duplicate payments, missed payments, or incorrect transaction amounts can cause these errors. Audit Compliance protocols: Properly reconciled bank statements are required for accurate tax reporting and can help avoid penalties or issues during audits.

Reconciliation 52

Reconciliation Adjustments Audit Checks 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. Traditional manual reconciliation processes involving spreadsheets are error-prone, time-consuming, and lack comprehensive visibility.

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Nanonets

MAY 21, 2024

Bank Errors : Banks can make errors in processing transactions, such as posting incorrect amounts or duplicating entries. Identifying and rectifying these errors can be time-consuming and require coordination with the bank. Proper documentation provides a clear audit trail and facilitates transparency and accountability.

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 52

Nanonets

NOVEMBER 15, 2023

This process is time-consuming, prone to errors, and delays vendor payments. Additionally, the invoices must be matched with the corresponding purchase orders and goods receipts to avoid duplicate invoices, fraud, and errors. This process is both time-consuming and error-prone.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

APRIL 2, 2023

You are not only causing waste of working hours for the employees but also the business to do more mistakes, duplication, and loss of productivity. This also leads to inefficient, more time-consuming, and error-prone processes. Also, automated expense management can lead to efficient, less time-consuming, and error-free processes.

Automation 52

Automation Audit Compromise Accounts 52

Nanonets

AUGUST 10, 2023

The accounting team has to extract and categorize the data for tax purposes, which can be time-consuming and error-prone. Reduces inaccuracies: Invalid data, duplicate entries, and fraudulent claims are flagged automatically and can be dealt with immediately. This reduces the risk of human error and ensures consistency in the process.

Automation 52

Automation Process Compliance IRS 52

Nanonets

AUGUST 21, 2023

Duplicate payments, incorrect amounts, and missed deadlines are just a few examples of the inaccuracies that can occur with manual processing.  Enhanced compliance Creating audit trails and maintaining detailed payment records can be challenging with manual processes.

B2B 52

B2B Automation Payment APIs and Integration Payments 52

Nanonets

NOVEMBER 14, 2023

  Here are key advantages a document capture tool can bring to your business: Faster Processes: Manual processes, inherently time-consuming and error-prone, are significantly expedited with document capture tools. Real-time risk identification and enhanced compliance in auditing and tax-related processes.

Automation 52

Automation Facilitators Audit Legal 52

Nanonets

OCTOBER 1, 2024

The invoice is then filed for future reference or audits, completing the validation process. AP teams must constantly adapt to different layouts, which can be mentally taxing and time-consuming. So, at the time of validation, looking up matching information across these systems can be challenging and time-consuming.

Best Practices 40

Best Practices Automation Multi-Currency Process 40

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.   This can include anything from missing or duplicate transactions to unauthorized charges or fraudulent activity.

Reconciliation 52

Reconciliation Adjustments Automation Regulatory Compliance 52

Nanonets

MARCH 20, 2023

Features : Easy customization Intelligent data capture Advanced workflow with graphical interface Audit trail Email alerts Integration and functionality of key modules such as Epicor CPQ, Quick Ship, Epicor ECM, Advanced MES, and Epicor ECC. Manual data entry is expensive, prone to errors and time consuming, given these variabilities.  

Accounts 52

Accounts Payment APIs and Integration Multi-Currency Automation 52

Nanonets

JULY 14, 2024

Automate manual, time-consuming tasks such as GL coding, approvals, vendor notifications, duplicate invoices, and more with no-code workflow automation. The software should be able to integrate with other business systems, such as accounting software, to streamline the invoicing process and avoid duplication of data entry.

Automation 52

Automation Process Multi-Currency Online and Mobile Banking 52

Nanonets

JUNE 18, 2024

Automated Accounts Reconciliation software like Nanonets can cohesively consolidate all data sources on one platform, automate the matching logic across external data sources and general ledgers, effectively provide an audit trail, and keep the process transparent for the accounting team personnel involved.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

APRIL 29, 2024

Error Detection and Resolution : The software detects discrepancies or inconsistencies between credit card statements and accounting records, such as missing transactions, duplicate entries, or incorrect amounts. It employs encryption, access controls, and audit trails to protect sensitive financial information.

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 52

Nanonets

FEBRUARY 27, 2024

This can be done by - Manual Data Entry - Manual data entry of receipts to Quickbooks is a tedious, time-consuming, and error-prone process that can significantly impact the efficiency and accuracy of a business’s financial reporting. The Compliance Cruise Control:  Continuous, automated audits make life easier.

Automation 52

Automation Database Audit Use Case 52

PYMNTS

JANUARY 31, 2018

Second, there are no duplicates, because the world wide web is, well, worldwide. Startups FitPay and NXT-ID collaborated with Garmin on a new payments-enabled smartwatch, the Forerunner 645, which was unveiled at the International Consumer Electronics Show. They need an approach that can scale and protect them from risk.

Cross-Border 46

Cross-Border Cryptocurrency Acquirers Due Diligence 46

Nanonets

SEPTEMBER 21, 2023

Regular audits should be conducted to detect and prevent any potential  accounts payable fraud , ensuring the integrity of payment processes. Conduct regular audits to detect and prevent  accounts payable fraud. Regular audits are another crucial aspect of fraud prevention.

Accounts 40

Accounts Best Practices Automation Reconciliation 40

Nanonets

APRIL 15, 2024

Here are some of the reasons why manual bank reconciliation is not a good idea: Time-consuming: Manual reconciliation involves matching each transaction in the bank statement with corresponding entries in the company's records manually. Auditing Challenges: Manual reconciliation can pose challenges during audits or financial reviews.

Reconciliation 52

Reconciliation Adjustments Checks Correspondent 52