The Payments Association

MAY 16, 2025

Next steps/action required: Commission a digital accessibility audit of all consumer-facing platforms and payment interfaces. Next steps/action required: Audit your current SCA exemption strategy and soft decline rates. Merchants may also face reputational risks and customer churn linked to perceived exclusion.

Regulations 88

Regulations ISO 20022 Cross-Border Legal 88

Nanonets

JUNE 18, 2024

Each balance should match its corresponding entry in the general ledger for any source. Keeping track of the right documentation during the audit process can help reduce the time and effort required for auditors to verify financial statements.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

SEPTEMBER 25, 2024

  Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Maintain an efficient audit trail for future retrieval. Set up rule-based workflows to identify and remove any duplicate entries and human review for complex or ambiguous transactions.

Process 52

Process AI Best Practices Reconciliation 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

MAY 21, 2024

Review Sales Transactions: Compare the sales transactions recorded in the accounts receivable ledger with the corresponding sales invoices or sales orders. Ensure that each payment is correctly applied to the corresponding customer account and invoice. Verify Payments: Cross-reference payments with bank statements/receipts.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

Nanonets

APRIL 15, 2024

Detects errors, omissions, and irregularities : By comparing each transaction in the bank statement with the corresponding entry in the company's records, bank reconciliation can catch discrepancies, errors, and omissions that may have occurred during the recording or transmission of financial data.

Reconciliation 52

Reconciliation Adjustments Checks Correspondent 52

Nanonets

JUNE 24, 2024

Credit card reconciliation is essential as it helps businesses prevent fraud, maintain financial integrity, optimize spending, and keep the company's books audit-friendly during the financial close process , typically occurring at the end of each month. How to do Credit Card Reconciliation?

Reconciliation 52

Reconciliation Credit Cards Correspondent Issuers 52

Nanonets

MARCH 14, 2024

For this, all details of the purchase as mentioned in the invoice are matched with the corresponding purchase order to ensure that the product/services that were ordered were delivered correctly and at the price agreed upon. This verification process is called 2-way matching.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 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. An invoice is created, matched against POs and delivery receipts based on pre-set rules, and checked to ensure there are no duplicate invoices.

Automation 52

Automation AI Duplicate Accounts 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

NOVEMBER 15, 2023

Additionally, the invoices must be matched with the corresponding purchase orders and goods receipts to avoid duplicate invoices, fraud, and errors. Paperless systems can also automatically record each payment and its corresponding invoice and vendor details.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Nanonets

APRIL 29, 2024

Matching of Transactions : Once intercompany transactions are identified, the next step is to match corresponding transactions recorded by each entity. This documentation serves as an audit trail and supports accurate financial reporting. This eliminates the need for manual matching and reduces the risk of errors or discrepancies.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

Nanonets

MAY 7, 2024

By comparing these records, businesses can identify any discrepancies, such as missing or duplicate transactions, incorrect or false amounts, or any unauthorised expenses and transactions. Credit card reconciliation helps identify discrepancies such as fraudulent transactions, duplicate charges, or unauthorised expenses.

Reconciliation 52

Reconciliation Best Practices Credit Cards Compliance 52

Nanonets

NOVEMBER 14, 2023

  Today, the world uses 420 billion kilograms of paper every day , which corresponds to two pieces of paper for everyone on Earth every single hour. Reduced Errors: Manual data entry is error-prone, leading to inaccuracies in reports due to incomplete data, missing/correct material, and duplicates.

Automation 52

Automation Facilitators Audit Legal 52

Nanonets

AUGUST 21, 2023

It extracts vital data like invoice number, date, supplier name, and amount due and matches it with corresponding purchase orders and contracts. Duplicate payments, incorrect amounts, and missed deadlines are just a few examples of the inaccuracies that can occur with manual processing. 

B2B 52

B2B Automation Payment APIs and Integration Payments 52

Nanonets

JULY 24, 2023

Inaccurate reconciliations can result in penalties during audits, posing a risk to compliance and financial stability. Step 2: Compare The next step in the account reconciliation process is to compare all transactions recorded in your internal ledger with the corresponding entries in your bank statement or other financial documents.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

Nanonets

MAY 6, 2024

    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.   These documents provide supplementary details and serve as external sources of validation for the transactions recorded in the general ledger. 

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

SEPTEMBER 22, 2023

This report provides a detailed overview of the current financial position by listing all accounts payable transactions and their corresponding balances. AP Trial Balance Reports Lists all accounts payable transactions and their corresponding balances, ensuring accuracy and accountability.

Accounts 40

Accounts Master Account Best Practices Reconciliation 40

Nanonets

FEBRUARY 13, 2024

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. 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

Nanonets

NOVEMBER 14, 2023

This transparency allows for better tracking, auditing, and financial planning. Fraud Prevention and Compliance: Automated systems are equipped to identify discrepancies like duplicate invoices or unusual payment patterns, enhancing fraud prevention.

Accounts 52

Accounts Automation Fraud Prevention Compliance 52

Nanonets

JANUARY 17, 2024

Now, you might be thinking, "We've got this covered with our trusty spreadsheets and quarterly audits." Maintaining a thorough and easily accessible audit trail is essential for compliance and transparency. Audits aren't just about compliance; they are about ensuring the integrity of financial reporting.

Payment APIs and Integration 52

Payment APIs and Integration Compliance Automation Audit 52

Nanonets

SEPTEMBER 21, 2023

In addition to aiding in financial transactions, invoices are an integral part of  accounting internal controls  and  audits. Invoices play a crucial role in maintaining accurate accounting records, internal controls, and facilitating  audits.

Audit 40

Audit Legal Accounts Transactions 40

Nanonets

MARCH 28, 2024

Intelligent receipt matching: Uses advanced algorithms to match receipts to the corresponding transactions automatically. It also links credit card activity to streamline the expense reporting process and uses real-time data and AI to audit transactions.

Payment APIs and Integration 52

Payment APIs and Integration Automation AI Online and Mobile Banking 52

Nanonets

JUNE 29, 2023

Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic. It provides a user-friendly interface, customizable OCR models, and seamless integration options, making it a versatile solution for expense management. Flow demo Top features: All your expense data in one place.

Payment APIs and Integration 52

Payment APIs and Integration Automation Credit Cards Online and Mobile Banking 52

Nanonets

SEPTEMBER 22, 2023

Each supplier has an invoice number, a payment due date, and the corresponding amount owed. Without proper monitoring, duplicate or fraudulent invoices may go unnoticed, leading to unauthorized payments and financial losses for the company.

Automation 40

Automation Accounts Risk Process 40

Nanonets

AUGUST 8, 2024

Semantic annotation: Linking words or phrases to their corresponding meanings or concepts. Annotation tools must offer enterprise-grade security features, including encryption, access controls, and audit trails. Intent annotation: Determining the purpose or goal behind a user's message or query.

AI 52

AI Automation Process Best Practices 52

Nanonets

SEPTEMBER 22, 2023

When reviewing a vendor invoice, it is important to compare the purchase order number with the corresponding purchase order to ensure accuracy. This not only simplifies  invoice tracking  but also facilitates reconciliation and audit processes.

Reconciliation 40

Reconciliation Automation Process Disputes 40

Nanonets

APRIL 7, 2025

Handling unstructured data Much of healthcare data is unstructured, including physician notes, patient narratives, administrative correspondence, and imaging reports. Regular audits and continuous improvement processes are essential to ensure the tool's accuracy and reliability over time.

Automation 52

Automation Regulatory Compliance Compliance Payment APIs and Integration 52