Nanonets

JUNE 19, 2023

Accounts payable audits play a crucial role in the financial health of businesses. This article covers why accounts payable audits are important to maintain financial health and the steps in an AP audit process. We will also cover how automation helps to streamline the AP audit procedure. What is an AP Audit?

Audit 52

Audit Accounts Procedures Compliance 52

PYMNTS

JUNE 5, 2020

The new announcement will bring together CaseWare PBC Requests, CaseWare ReviewCompTax, CaseWare Audit and CaseWare AnalyticsAI as one product suite, allowing accountants to take their services entirely to the cloud in bulk. And errors are done away with through automatic updates of information, the press release states.

Audit 52

Audit Accounts Duplicate Risk 52

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

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

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

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

The Fintech Times

FEBRUARY 14, 2024

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.

Automation 103

Automation Process Duplicate Compliance 103

FloQast

JANUARY 17, 2024

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.

Government 102

Government Governance AAP Audit 102

The Finance Weekly

MARCH 28, 2022

The data presented is difficult to audit, and it is not in accordance with the financial statements. Because as this type of reporting transitions from voluntary to mandatory it will require the same level of governance, control, accuracy, and auditability as financial reporting.

Finance 130

Finance Audit On-Demand Government 130

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

JANUARY 18, 2019

Among the findings in that report: Only 10 percent of employee expenses — the ones being sent along in expense reports — are being audited. The firm said companies that leverage artificial intelligence (AI) when it comes to their expenses are able to audit 100 percent of expenses within a short period of time.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

PYMNTS

NOVEMBER 1, 2020

And, the release noted, costs can be cut due to automated processing and auditing, which can boost efficiency. In addition, the automated insights can offer proactive insights on out-of-policy or duplicate expenses. The cloud processing for receipt data works to cut down on expensive errors in data transposition, for example.

Duplicate 67

Duplicate Reconciliation Audit B2B 67

PYMNTS

MARCH 28, 2019

Automated expense report auditing company AppZen is introducing a new spend auditing platform to analyze supplier invoices using artificial intelligence (AI).

AI 46

AI Audit Agreements Duplicate 46

PYMNTS

JUNE 22, 2017

Finding where those errors are via manual auditing can be a headache, too. We think roughly 30 percent of duplicate payments are the result of some sort of vendor master issue, either as a duplicate vendor or some other error associated with vendor master,” the executive explained.

Duplicate 48

Duplicate AI Audit Automation 48

Stax

MARCH 4, 2025

Without proper payment synchronization, you risk mismatched inventory levels, duplicate transactions, missing payments, and accounting discrepancies. Enable real-time data syncing for seamless tracking and regularly audit your payment reports to catch any discrepancies early.

Credit Cards 88

Credit Cards Payment APIs and Integration Payment Gateways Gateways 88

The Payments Association

MARCH 25, 2025

Without clear answers, duplicated work can lead to mistakes, disputes, and unnecessary delays. The real cost here isnt just fines or audits; its the time multiple employees spend trying to make sense of unclear or inconsistent interpretations. How is this information communicated to affected teams?

Compliance 88

Compliance Payment Networks Issuers Best Practices 88

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

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 Use Case 44

Nanonets

NOVEMBER 16, 2023

They should align with the goods or services received and must not be duplicates of invoices that were already processed.   Duplicate Invoice or Payment Audit The final is to verify that the payment hasn’t already been sent to a vendor for the line items on the invoice.

Accounts 52

Accounts Best Practices Duplicate Checks 52

Nanonets

JUNE 19, 2024

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. Elimination of Duplicate Payments The risk of duplicate payments is a constant concern in manual reconciliation.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

PYMNTS

FEBRUARY 20, 2020

They don’t have the manpower to audit expenses, which can get out of whack, for one reason or another.” In the software arena, duplicate subscriptions and opaque pricing models are costing businesses thousands of dollars. “Businesses are overpaying for a lot of duplicate software,” he said.

Commercial Card 56

Commercial Card Duplicate Underwriting Transactions 56

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

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

FICO

MARCH 27, 2018

5) Reduce Duplicate Invoice Payments. Most ERP systems are designed to prevent duplicate payment of a single invoice. The challenge is that the business rules within the ERP system do not cover all use cases, and some duplicate payments are still issued. Reduction in effort to review and audit purchases. Conclusion.

Government 40

Government Governance Duplicate Risk 40

PYMNTS

OCTOBER 30, 2019

Deploying technology – especially AI – can streamline the auditing process and boost cost savings significantly. As AppZen noted in a recent report , companies that do not use AI audit only 2 to 10 percent of their expense reports and 5 to 10 percent of their invoices. AI can flag 8.7

Automation 41

Automation AI Audit Duplicate 41

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

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

PYMNTS

SEPTEMBER 24, 2018

He noted that 63 percent of organizations report duplicate invoices, and that in addition to inefficiencies tied to paper-based processes, as many as 15 employees are “tied up” by dealing with invoices. As a result, an audit committee has said several risks have arisen, including bankruptcy for some firms that rely on trust payments.

Duplicate 48

Duplicate Payments Government Governance 48

Nanonets

JUNE 21, 2023

This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records. By comparing payment data from different sources, businesses can identify discrepancies, such as missing or unmatched payments, duplicate entries, or recording errors.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 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

Nanonets

MAY 31, 2023

Protection against duplicate and fraudulent invoices - Automating invoice matching entails consistent validation between invoices and supporting documents. This ensures protection against fraudulent or duplicate invoices and better business control. Good for audits - Invoices with other supporting documents are mandatory for audits.

Automation 52

Automation Audit Process Checks 52

FICO

APRIL 3, 2019

This can result in improper transactions slipping through, which has the potential to expose the organization to risk, bad audit findings and reputational damage. A lot of organizations have instituted significant manual processes to review and audit their data.

Risk 45

Risk Audit Rules Volume 45

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. The post What is Compliance Management? appeared first on FloQast.

Compliance 52

Compliance Best Practices Mitigation Procedures 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

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