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Protecting Customer Data: Key Principles Every Company Should Know

VISTA InfoSec

More importantly, regularly update your software to patch security vulnerabilities and conduct periodic security audits to identify and rectify potential weaknesses in your system. Regular audits of access rights can help ensure that employees only have access as long as needed for their current role.

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Optimizing Expense Workflows by Detecting Duplicate Receipts

Nanonets

However, one challenge that organizations often encounter is the presence of duplicate receipts. These duplicates can lead to errors in reimbursement calculations, compliance concerns, and inefficient use of resources. What are Duplicate Receipts? How to Prevent Receipt Duplication?

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AI in Finance: Freeing Managers from Routine Tasks to Drive Business Growth

Fintech News

Singapore-based businesses already acknowledge that AI could enhance audit capabilities and task automation. However, modern spend management tools can swiftly sift through vast amounts of data, check for duplicity, matches the claims with company policies, and process them in real time.

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What is Reconciliation in Payments

Clearly Payments

Reconciliation involves making sure that the $10,000 actually arrived, that it matches the sales reports, and that there are no errors, missing funds, or duplicate payments. Compliance and Auditing Regulatory bodies often require accurate financial reporting. Why is Reconciliation Important?

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How Continuous Auditing Drives Corporate Spend Optimization

PYMNTS

Usually, the auditing workflow involves looking at expense reports filed by employees, with a focus on identifying potentially erroneous or even fraudulent transactions. Digitizing and centralizing spend across various departments and workflows is the first step to enhancing the auditing process, said McCrossan.

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 AppZen On The State Of Spend Auditing

PYMNTS

Firms auditing expenses through manual processes and outdated technologies risk missing the chance to flag erroneous or fraudulent submissions from vendors and employees. Deploying technology — especially artificial intelligence (AI) — can streamline the auditing process and boost cost savings significantly.

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What are accounts payable audits?

Nanonets

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?

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