Nanonets

MAY 7, 2024

Expense reconciliation is the process through which businesses track expenditures, identify anomalies, adhere to regulatory requirements, and maintain financial accuracy and integrity. What is Expense Reconciliation?

Reconciliation

Nanonets

MAY 6, 2024

General Ledger Reconciliation The General Ledger (GL) is a silent custodian of a company's financial narrative.     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.  

Reconciliation

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

Nanonets

JUNE 24, 2024

What is Credit Card Reconciliation? Credit card reconciliation is the process of ensuring that the credit card transactions match the internal general ledger. Merchant service reconciliation: This is pertinent to the income side of the reconciliation, where customers pay for the business via credit card.

Reconciliation

Nanonets

APRIL 2, 2024

Importance of bank reconciliation in internal control In the world of finance and accounting, accuracy is key. Bank reconciliation is a fundamental process that ensures the alignment of internal records with external bank statements. What Is a Bank Reconciliation? There are various approaches to conducting bank reconciliation.

Reconciliation

Nanonets

JUNE 22, 2023

One important aspect of financial management is invoice reconciliation. In this comprehensive guide, we’ll delve into invoice reconciliation, its importance to businesses, the step-by-step process to achieving it, and how automation can streamline it. What is invoice reconciliation? billion in 2023 to $3.40

Reconciliation

Nanonets

MAY 6, 2024

Spreadsheets like Excel have long been a staple for account reconciliation , but their limitations are becoming increasingly evident. This results in scattered files, versioning issues, the need to track down stakeholders for missing information, the generation of duplicate datasets, and more.

Reconciliation

Nanonets

APRIL 15, 2024

What is a Bank Reconciliation Statement Bank reconciliation is the process that ensures that a company's recorded cash balances align with the funds in their bank accounts. In effect, the reconciliation statement is a document that presents the comparison between the internal financial records of a company (e.g.

Reconciliation

PYMNTS

JUNE 3, 2019

Quest said it stopped sending requests for collections to the AMCA and was cooperating with authorities and with UnitedHealth. The record trail is far-flung and often duplicative. Reconciliation offers a challenge, then, and the costs are high, as the industry spends $2.1

Compromise

Nanonets

APRIL 7, 2023

ACH Positive Pay to prevent unauthorized electronic debits from posting to the company account while processing only authorized payments. More time needed for administrative tasks such as approvals, reconciliation and expense matching. Check Positive Pay to prevent fraudulent checks from being processed in the startup's account.

Treasury Management

Nanonets

SEPTEMBER 25, 2024

  Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. Set up rule-based workflows to identify and remove any duplicate entries and human review for complex or ambiguous transactions. Fully automate the reconciliation process , including import and data matching.

Process

FloQast

NOVEMBER 28, 2023

About the Author : As Lovevery’s Vice President, Controller, and the 2022 Controller of the Year, Ashley Griesshammer has played a pivotal role in guiding Lovevery’s accounting team through a period of explosive growth. Reconciliations were saved in file storage, and that was pretty much it. before reaching out for help.

Audit

The Payments Association

MAY 16, 2025

Non-compliance could lead to regulatory enforcement by national authorities, as well as reputational harm and potential exclusion from EU markets. Merchants will need to ensure PSPs and platforms are authorised to handle regulated stablecoins and that cash flow and reconciliation processes can accommodate digital assets.

Regulations

Nanonets

SEPTEMBER 22, 2023

Types of accounts payable reports include  invoice aging reports ,  AP trial balance reports ,  voucher activity reports , and  reconciliation of accounts reports. Reconciliation of Accounts Reports Helps identify and resolve discrepancies between accounts payable records and financial statements. "Accounts

Accounts

Nanonets

MARCH 20, 2023

Some common features of AP software include: customizable AP workflows invoice categorization and batch processing of invoices automated approval processes 2, 3, or 4 way matching seamless expense claims custom user permissions providing AP metrics such as AP days , average invoice processing time etc. Looking to automate your manual AP Processes?

Accounts

Payment Savvy

MAY 12, 2023

Common Issues with Manual Payment Processing Manual payment processing can be time-consuming and prone to errors, resulting in duplicate payments, overpayments, and late payments. Common issues with manual payment processing include: Duplicate payments. Choose the right payment automation solution. Multi-factor authentication.

Automation

Nanonets

SEPTEMBER 22, 2023

The software also integrates with bank accounts, allowing for seamless payment processing and reconciliation. Multi-Step Approval Workflows:  The software enables you to establish multi-step approval processes, ensuring that payments are authorized by the appropriate personnel.

Small Business

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. AP automation systems flag exceptions and duplicate invoices to avoid payment errors. 

Best Practices

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. Regulatory Compliance Risks Inadequate Documentation Failing to meet the detailed documentation requirements set by tax authorities. Approval Processes : Establish who authorizes expenses and the workflow for approval.

Process

Nanonets

SEPTEMBER 22, 2023

Purchase order number : It ensures that the transaction has been approved and authorized. It allows for seamless integration with accounting systems, simplifying reconciliation and enhancing the accuracy of financial records. It ensures that the purchase has been approved and authorized.

Reconciliation

Nanonets

SEPTEMBER 21, 2023

Ensuring Supplier Reconciliation for Accurate Accounts Payable Management Supplier reconciliation  plays a vital role in ensuring the accuracy of accounts payable management and financial records. With the right technology solutions in place, businesses can stay ahead of the curve and drive long-term success.

Accounts

Nanonets

DECEMBER 25, 2023

Efficient Reconciliation : Easily reconcile Stripe transactions in QuickBooks. You'll be prompted to sign in to your Stripe account to authorize the connection. Duplication of Entries : If the integration isn't set up correctly, you might end up with duplicate entries.

Finance

Nanonets

MAY 30, 2023

Looking to automate the mundane & mechanical Payment Reconciliation process? Try Nanonets ™ AI-based OCR solution to automate Payment Reconciliation in your organization!  It is a plastic-free card that allows customers to generate single-use 16-digit numbers authorized for a specific payment amount.

Payment APIs and Integration

Nanonets

JUNE 27, 2023

The cost of processing an invoice encompasses various factors, including labor, technology, infrastructure, reconciliations, and more. Additionally, manual processing increases the risk of errors, leading to invoice discrepancies, payment disputes, and time-consuming reconciliation processes. What does invoice processing include?

Process

Nanonets

APRIL 16, 2023

Reconciliation At the end of the invoice payment process, a business needs to record what happened. AP automation software offers instant payment reconciliation that speeds up financial close. Kofax Kofax is an AP solution that automates how you capture invoice data, code, verify, and authorize for payment.

Automation

Nanonets

JUNE 29, 2023

By automating critical tasks such as data extraction, validation, reconciliation, and compliance monitoring, Flow enables businesses to focus on strategic decision-making and enhance overall financial performance. Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic.

Payment APIs and Integration

PYMNTS

FEBRUARY 12, 2018

There is a network that authenticates the transaction, sets the fees and moves the invoice to a bank to authorize the transaction and make the payment to the seller. When Bob the builder’s invoice hits P&G’s AP department, they approve it and then do the account reconciliation.

Instant Payments

EBizCharge

MAY 20, 2024

Once the payment gateway transmits the cardholder’s data, the processor validates the transaction details with the card-issuing bank, authorizes the transfer of funds, and communicates the approval or decline back to the gateway. Look for a payment processor with transparent, competitive fees that accommodate your budget.

Process

Nanonets

FEBRUARY 26, 2024

Approval: Cumbersome approval process with challenges in providing context to approvers, tracking invoice status and ensuring timely authorizations. Reconciliation: Labor-intensive process of matching bank transactions with ledger entries. Automate Reconciliation Processes: Action Steps: 1.

Automation

Nanonets

FEBRUARY 1, 2024

Approval: Cumbersome approval process with challenges in providing context to approvers, tracking invoice status and ensuring timely authorizations. Reconciliation: Labor-intensive process of matching bank transactions with ledger entries. Can AP Automation Software Prevent Invoice Fraud and Duplicate Payments?

Automation

Nanonets

JANUARY 17, 2024

Approval Processes : Establish who authorizes expenses and the workflow for approval. 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. This could vary by role, department, or type of expense.

Payment APIs and Integration

Nanonets

SEPTEMBER 21, 2023

One of the key elements of accounting internal controls is the proper authorization and documentation of transactions. Furthermore, invoices help businesses avoid duplicate payments or pay inaccurate amounts. This ensures proper bookkeeping, simplifies the reconciliation process, and facilitates financial analysis and reporting.

Audit

EBizCharge

DECEMBER 4, 2024

Understanding the intricacies of credit card reconciliation can mean the difference between financial clarity and chaos for businesses and individuals. This article will explore the ins and outs of credit card reconciliation, detailing its significance, benefits, and the various methods to carry it out effectively.

Reconciliation