PYMNTS

DECEMBER 3, 2020

Many of 6Sense's corporate customers continue to pay the company via paper check, and then send those payments to the firm's corporate headquarters where there are no longer any employees. One of the biggest and least expected challenges stemming from work-from-home requirements pertains to collections.

B2B 72

B2B Checks Mitigation Process 72

FloQast

NOVEMBER 11, 2024

In every accounting department I’ve been a part of, a crucial period rolls around at the end of each month: the month-end Close. The month-end close process is the culmination of a month’s worth of financial transactions, when all hands are on deck to ensure the company’s financial records are accurate and up-to-date.

Reconciliation 52

Reconciliation Close Processes Accounts Transactions 52

The Finance Weekly

APRIL 28, 2024

Check out these QuickBooks Online integrations available right now that could boost your company's connectivity and reporting! With data as the core, insightsoftware automates processes, gives reliable insights, enhances predictability, and boosts productivity. You want to simplify your life, not complicate it.

Payment APIs and Integration 130

Payment APIs and Integration CRM Automation Multi-Currency 130

The Finance Weekly

JUNE 17, 2024

The integrated artificial intelligence engine within Planful Predict checks for errors, identifies patterns, and provides intelligent forecast recommendations. Focus on What Matters – This takes care of tedious, manual error-checking, enabling your discussions to focus on more critical issues.

AI 130

AI Addressing Automation Finance 130

FloQast

JULY 9, 2024

I would recommend FloQast to anyone who is looking to streamline and optimize their close process!” FloQast has always strived to make the implementation process as seamless as possible. The team has quarterly check-ins with our team, and really makes us feel like our feedback is being taken into account.

Continuity 104

Continuity Reconciliation Accounts Finance 104

Nanonets

MARCH 27, 2023

Mortgage automation can help extract data from these documents and perform verification checks, reducing the need for manual intervention. Credit Checks: Credit checks are an essential part of the mortgage application process as they help to assess the borrower's creditworthiness.

Automation 52

Automation Regulatory Compliance Underwriting Origination 52

Nanonets

JUNE 27, 2024

Reconciliation is a crucial accounting process that ensures the accuracy of the financial close process. The purpose of bank reconciliation is to: Identify accounting errors such as duplicate payments, lost checks, and other human-made mistakes during data entry. Why is it Important to Reconcile your Bank Account?

Accounts 40

Accounts Reconciliation Adjustments Checks 40

PYMNTS

APRIL 21, 2020

IRS Puts Tax Refunds In Storage As It Works On Stimulus Checks. Grab has said it is trying to offset the loss of ride-hailing business with its food delivery service.

Tax Refunds 56

Tax Refunds IRS Payments Fed 56

FloQast

MAY 7, 2024

The Year End Close: Why Does It Matter? The Year-End closing process is the regulatory requirement that companies verify the accuracy of their annual finances. Following the close, many businesses will also need to open their accounts up for auditors – who will rigorously check their accuracy.

Reconciliation 52

Reconciliation Audit Automation Accounts 52

FloQast

DECEMBER 18, 2023

I would recommend FloQast to anyone who is looking to streamline and optimize their close process!” FloQast has always strived to make the implementation process as seamless as possible. The team has quarterly check-ins with our team, and really makes us feel like our feedback is being taken into account.

Reconciliation 59

Reconciliation Close Processes Accounts Process 59

Nanonets

APRIL 17, 2023

Finance teams are well aware of the tedious and error-prone nature of manual accounts payable processes. Sorting through stacks of paper invoices, reaching out to approvers individually, and mailing checks are extremely tedious and error-prone. This could also lead to late payments or in some cases potential vendor fraud.

Automation 52

Automation Payment APIs and Integration Accounts Audit 52

FloQast

APRIL 4, 2024

I would recommend FloQast to anyone who is looking to streamline and optimize their close process!” FloQast has always strived to make the implementation process as seamless as possible. The team has quarterly check-ins with our team, and really makes us feel like our feedback is being taken into account.

Reconciliation 80

Reconciliation Accounts Finance Small Business 80

Nanonets

MAY 6, 2024

Finally, the manual nature of these processes contributes to difficulties in retaining financial and accounting talent and attracting new employees, exacerbating staffing concerns within organizations.   Trintech Cadency - Advanced automation capabilities for reconciliation, journal entry, and close processes. 

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Nanonets

APRIL 11, 2023

Automated credit scoring models can quickly process applications, reducing the time taken for credit approval. Compliance Checks: Automation tools can simplify compliance procedures by automatically checking loan applications against various regulatory requirements, such as anti-money laundering (AML) and know-your-customer (KYC) rules.

Origination 52

Origination Automation Risk Assessment Underwriting 52

Nanonets

JANUARY 31, 2024

Month-end close is a widely accepted accounting standard that is aimed at keeping an accurate set of financial records and detecting errors/fraud. Month-end reconciliation is the most important part of the month-end close process. Banking errors: Checks or ACH transfers are recorded on dates different from the processing date.

Best Practices 52

Best Practices Reconciliation Adjustments Correspondent 52

Nanonets

JUNE 13, 2024

Timely completion of the financial close process helps stakeholders in decision making and reporting. It helps generate reports regarding cash flow, outstanding checks and reconciled amount. BlackLine BlackLine is a cloud-based software platform that automates and streamlines the financial close process.

Reconciliation 52

Reconciliation Automation Accounts Close Processes 52

Nanonets

JULY 21, 2023

Reconciliation software is a specialized application that automates and streamlines the financial closing process for businesses. Compared to manual spreadsheet checking, automated reconciliation is much faster and more efficient. Absence of remittance information on checks. What is reconciliation software?

Reconciliation 52

Reconciliation Payment APIs and Integration Automation Online and Mobile Banking 52

Nanonets

JUNE 14, 2024

These involve check-marking, the ability to adjust balances, and documenting any findings during the balance sheet reconciliation process. Outstanding checks are entries issued by your company but have not been deducted by the bank yet. The adjusted bank balance here becomes $23,000. 23,000 - $1,500 = $21,500.

Reconciliation 52

Reconciliation Adjustments Automation Accounts 52

Nanonets

MARCH 20, 2023

The management of accounts payable processes is critical to the efficient functioning of a business: It ensures prompt payment of bills, which is important for the creditworthiness of a company and helps establish healthy relationships with vendors. Book a 30-min Zoom/Meet call to check out all the above over a live demonstration.

Process 52

Process Accounts Automation Checks 52

Nanonets

MAY 7, 2023

Also, credit card reconciliation is the process of confirming that all transactions on your credit card statement are properly reflected in your accounting records. Credit card reconciliation helps companies to keep employee spending in check. Give us a call or check our integrations.

Reconciliation 52

Reconciliation Credit Cards Automation Accounts 52

Nanonets

APRIL 19, 2023

Check for compatibility with other software used at your organization Your accounting software must seamlessly integrate with other accounting systems through various integration options like API or middleware. Check for customer support access Customer support is essential for any software you use.

Accounts 52

Accounts Payment APIs and Integration Automation Process 52

Nanonets

JUNE 18, 2024

Bank service fees, deposits in transit, outstanding checks, and interest rates must be factored into the reconciliation process. Account reconciliation also helps improve transparency and visibility throughout the financial close process.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 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

MAY 10, 2023

The three way matching process 3 way matching of invoices helps highlight errors or inconsistencies in any of the 3 important documents mentioned above. Here are some common checks carried out on each of the documents that are part of the 3 way matching process: Was the PO filled out correctly? Why automate three way matching?

Accounts 52

Accounts Automation Duplicate Process 52

FloQast

OCTOBER 21, 2024

Step 4: Monitor and Evolve Once you implement the automated bank reconciliation software, regularly check the accuracy and efficiency of the reconciliations. Their close process tightened, and more employees can now work remotely in different time zones across the continent.

Reconciliation 52

Reconciliation Automation Process Best Practices 52

Nanonets

JUNE 6, 2024

Automation minimizes these risks by ensuring that data is captured and processed consistently and accurately. Automated systems validate and cross-check information, reducing the likelihood of errors and maintaining the integrity of the data. For example, you can set a rule that sends an email to a sales manager when a deal is closed.

Automation 52

Automation Payment APIs and Integration Rules Process 52

FloQast

JANUARY 22, 2024

We’re talking about faster processes and workflows instead of lengthy and tiresome manual processes. When Berlin-based GetYourGuide automated large chunks of its closing process, it went from a 20-day close to 7 days. Automation Leads to Better Productivity This should be obvious.

Automation 52

Automation Reconciliation Audit Accounts 52

Nanonets

FEBRUARY 8, 2024

But with properly integrated ERPs, you can rely on the two-way connection to break down data silos within your business and check that every platform is giving the correct information. When integrated with your ERP, it can embed open positions and resource constraints into your financial planning process.

Payment APIs and Integration 52

Payment APIs and Integration Automation CRM API 52

Nanonets

FEBRUARY 26, 2024

Finance teams are well aware of the tedious and error-prone nature of manual accounts payable processes. Sorting through stacks of paper invoices, reaching out to approvers individually, and mailing checks are extremely tedious and error-prone. This could also lead to late payments or in some cases potential  vendor fraud.

Automation 52

Automation Accounts Payment APIs and Integration Process 52

Nanonets

MARCH 12, 2024

Reconciliation: Reconciliation involves manually checking the records against bank statements and receipts. Closing: The closing process is manual, with a checklist to ensure all financial activities for the period have been recorded and reconciled.

Process 52

Process Finance Reconciliation Compliance 52

Nanonets

APRIL 24, 2023

Stage 6: Closing This is the final step in the loan origination process. During the closing process, the borrower will review and sign all of the loan documents, including the promissory note, the mortgage or deed of trust, and any other required disclosures.

Origination 52

Origination Process Underwriting Automation 52

Nanonets

FEBRUARY 8, 2024

Tipalti’s payment reconciliation features can speed up the close process by 25% because it verifies that transaction amounts match across your ERPs, accounting systems, and any other business platforms. If you want a direct comparison between BILL and Nanonets, check out this guide. But “What does Bill.com do?”

Finance 52

Finance Automation Multi-Currency Accounts 52

Nanonets

NOVEMBER 27, 2023

   If, after netting payments, you are the organization with an outstanding balance, your AP team will send a wire transfer or physical check for the total balance. Simplified Reconciliation The month-end close process is hard enough for finance and accounting teams.

Payment Amount 52

Payment Amount Venmo Settlement Process 52

Nanonets

JULY 24, 2023

Additionally, for checks deposited into the bank, there might be a delay before they are reflected in the bank statement. Step 3: Identify In this step, your focus is on identifying payments recorded in the internal cash register that do not appear on the bank statement.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

Nanonets

FEBRUARY 14, 2024

The result is a faster, more efficient close process that also saves up your time which can be better spent elsewhere. Review and Confirm: Double-check the transaction details and GL codes for accuracy, then confirm or save the transaction in the system.

Transactions 52

Transactions Audit Accounts Automation 52

Nanonets

FEBRUARY 28, 2024

These foundational documents could be invoices or cancelled checks, serving as evidence of the transactions recorded. Inefficient Approval Workflows : Traditional processes often involve cumbersome approval chains that delay payments and complicate cash flow management.

Automation 52

Automation Payment APIs and Integration Accounts Transactions 52

FloQast

DECEMBER 13, 2023

It also mandates internal control assessments to ensure companies have the necessary checks and balances in place. It requires companies to disclose more information, including off-balance sheet transactions and relationships. These comprehensive disclosure requirements also stem from the Enron experience.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 52