The Finance Weekly

NOVEMBER 3, 2021

Fraudulent or negligent accounting practices that go undetected due to unreconciled accounts, poor internal controls or a lack of supporting documentation, commentary or calculations. Finance teams must adopt some sort of method to improve accuracy, enhance efficiency, and ensure greater security in the account reconciliation process.

Reconciliation 130

Reconciliation Automation Accounts Finance 130

FloQast

MARCH 27, 2024

Some are fully understood items that need a correction in the general ledger, while others require further investigation outside of the Close process. Remember those last few words: They’re foreshadowing. Yeah, I copied and pasted it from above. But that’s because it’s important!

Reconciliation 105

Reconciliation Audit Accounts Best Practices 105

The Finance Weekly

OCTOBER 13, 2021

Organizations may , eliminate many of the manual processes that stymie a company's ability to accomplish a speedy financial closure by employing AI and machine learning to automate financial close processes including account reconciliation and reporting. Think through the “extended” process.

Risk Management 130

Risk Management Risk Automation Close Processes 130

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

Nanonets

MARCH 27, 2023

Here are some of the common steps involved: Document Collection and Verification: In this step, the borrower's documents are collected and verified for authenticity. These documents may include bank statements, W2s, pay stubs, and tax returns.

Automation 52

Automation Regulatory Compliance Underwriting Origination 52

Nanonets

MARCH 26, 2023

The process involves collecting and verifying information about the borrower's financial situation, property information, and other relevant details in order to evaluate the borrower's creditworthiness, property value, and other risk factors. The aim is to determine whether to approve the loan and on what terms.

Automation 52

Automation Process Underwriting Origination 52

PYMNTS

DECEMBER 1, 2016

JetClosing, the real estate startup focused on making the closing process on a new home less complex, announced Wednesday (Nov. 30) it has closed on $2.3 The idea behind the startup is to streamline the process once a person finds a home to purchase. “We million in venture capital seed financing.

Close Processes 51

Close Processes NOV Addressing Process 51

Nanonets

JUNE 13, 2024

Want automated data extraction capabilities once you upload your documents (meaning no data entry or creating templates) and transaction matching powered by ML algorithms (meaning AI matching) across documents you either upload, receive from an email or provide connection to the database ?

Reconciliation 52

Reconciliation Automation Accounts Close Processes 52

Nanonets

JUNE 18, 2024

Matching and validating entries would mean data consolidation across sub-ledgers, vendor invoices, bank statements, receipts, and account receivables to ensure timely and accurate month-end and year-end closing of the financial books. Account Reconciliation can be a fairly manual task, especially right before the monthly close.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

PYMNTS

JANUARY 20, 2021

“The proceeds are, one, for the acquisition and then, two, to help us build a lot of our engineering and our newest products,” Baker said, calling the full digitization of the mortgage closing process a difficult and significant undertaking.

Automation 88

Automation Process Transactions Close Processes 88

PYMNTS

JUNE 10, 2020

Mortgage closings — especially the notarization process — can be complicated and tedious because of the paperwork involved. Notarization has historically required in-person meetings and the collection and submission of a number of physical documents. The desire to digitize the real estate closing process is not new.

Legal 52

Legal Money Laundering On-Demand Legal Framework 52

The Finance Weekly

APRIL 28, 2024

With data as the core, insightsoftware automates processes, gives reliable insights, enhances predictability, and boosts productivity. Key Features It has automated consolidation features which accelerate the close process by automating all the manual data collection.

Payment APIs and Integration 130

Payment APIs and Integration CRM Automation Multi-Currency 130

Nanonets

JUNE 14, 2024

Balance sheet reconciliation is a critical financial process that aligns the financial statements with external documentation such as bank statements, invoices, and general ledger entries. These involve check-marking, the ability to adjust balances, and documenting any findings during the balance sheet reconciliation process.

Reconciliation 52

Reconciliation Adjustments Automation Accounts 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. AI document processing captures and extracts documents from multiple sources.

Reconciliation 52

Reconciliation Credit Cards Correspondent Issuers 52

Nanonets

JUNE 23, 2023

Balance sheet reconciliation is a critical process in finance and accounting that ensures the accuracy and integrity of financial statements. It involves comparing and reconciling the balances of various accounts in the balance sheet with supporting documentation. How to reconcile balance sheets?

Reconciliation 52

Reconciliation Audit Financial Analysis Adjustments 52

Nanonets

MAY 6, 2024

Plus, the inability to identify the individuals responsible for the latest document updates creates a lack of accountability for project stakeholders and can even compromise security measures. Traditional manual reconciliation processes involving spreadsheets are error-prone, time-consuming, and lack comprehensive visibility.

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Nanonets

MAY 10, 2023

That's why finance teams are increasingly adopting a 3 way match of vendor invoices as an essential step of their accounts payable process. By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. This is vital for managing spend and cash outflow.

Accounts 52

Accounts Automation Duplicate Process 52

FloQast

MARCH 22, 2024

Outdated manual month-end close processes are a pain point for companies of every size – taking up as much as 40% of finance departments’ monthly working time and attention – an effort that could be better spent adding value to the business in other ways. Enable third-party access and functionality to streamline audits.

Close Processes 52

Close Processes Compliance Audit Automation 52

Nanonets

MARCH 20, 2023

Schedule a Demo auto-collect documents into your AP workflow What is the AP workflow process? Vouchers Vouchers are sometimes used to "vouch for" the completeness of the approval process – it is like an index to the supporting documents like PO, Receipt report, vendor invoice etc.

Process 52

Process Accounts Automation Checks 52

Nanonets

APRIL 11, 2023

Pain Points in the Loan Process and the Cost of Loan Origination The traditional loan origination process is riddled with pain points and inefficiencies, which contribute to higher costs, longer processing times, and increased risk. This includes borrower information, income, and other relevant details required for underwriting.

Origination 52

Origination Automation Risk Assessment Underwriting 52

Nanonets

APRIL 24, 2023

This process includes activities such as evaluating a borrower's creditworthiness, income, and other financial information; determining the loan amount, interest rate, and other loan terms; and preparing and submitting the loan application. It also includes various other steps such as underwriting , documentation, and funding.  The

Origination 52

Origination Process Underwriting Automation 52

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. It makes it easy for me to see exactly where everyone is in the close process. The good news is, Year-End doesn’t have to be difficult.

Reconciliation 52

Reconciliation Audit Automation Accounts 52

Nanonets

APRIL 19, 2023

Document scanning : Document scanning is a method of digitizing paper documents so they can be stored, accessed, and processed electronically. Scanned documents can be processed using data extraction technologies to extract relevant data points, such as invoice numbers, supplier names, or amounts due.

Accounts 52

Accounts Payment APIs and Integration Automation Process 52

Nanonets

JULY 24, 2023

This essential practice involves comparing transactions and other financial activities with supporting documentation and resolving any discrepancies that may arise.   The source documents include invoices, receipts, and transaction statements.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

PYMNTS

APRIL 21, 2020

Combine antiquated equipment, paper documents and closed processing centers: these have combined to create crippling challenges for the IRS this tax season, and the agency has had to fill storage units with unopened refund requests in order to focus on sending stimulus payments under the CARES Act.

Tax Refunds 56

Tax Refunds IRS Payments Fed 56

Nanonets

JULY 21, 2023

To ensure the integrity of financial data, accountants and bookkeepers rely on the general ledger account reconciliation process. This process involves comparing general ledger accounts with supporting documents using reconciliation software to identify discrepancies and take corrective measures. What is reconciliation software?

Reconciliation 52

Reconciliation Payment APIs and Integration Automation Online and Mobile Banking 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. The time taken depends on your team, process, volume, tools, document type, and complexity.

Best Practices 52

Best Practices Reconciliation Adjustments Correspondent 52

Nanonets

APRIL 17, 2023

Some specific ways in which AP automation increases efficiency are: Improve accuracy By digitizing POs, invoices, and receipts, businesses can eliminate the need for manual filing of such documents, which in turn can reduce risks of loss and errors and enhance accessibility to data.

Automation 52

Automation Payment APIs and Integration Accounts Audit 52

FloQast

JANUARY 22, 2024

The traditional method also has a lot of paper documentation to use as an audit trail. 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 52

Automation Reconciliation Audit Accounts 52

Nanonets

MAY 7, 2023

Gather your documents The gathering of the necessary documentation is the first step in this process. You can use Nanonets to: Automate conversion of PDF documents to CSV Nanonets can convert all your PDF documents into an editable CSV in minutes. How to do credit card reconciliation?

Reconciliation 52

Reconciliation Credit Cards Automation Accounts 52

FloQast

DECEMBER 13, 2023

This section contains the criminal penalties for destroying, altering, or falsifying documents to obstruct a federal investigation. This provision was partly motivated by the fact Arthur Andersen, Enron’s audit firm, destroyed documents related to the Enron audit to eliminate self-incriminating evidence.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 52

Nanonets

APRIL 4, 2023

Automate financial document processing, extract data from invoices, receipts, and bills and update your financial documents without leaving Nanonets. Automate payments, financial document processing, expense classification, financial report creation, reconciliation and more. Start your free trial today.

Small Business 52

Small Business Accounts Automation Payment APIs and Integration 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 Source Documents: For every transaction, review the source document (invoices, receipts, bank statements, etc.) This might involve training sessions or creating a reference guide.

Transactions 52

Transactions Audit Accounts Automation 52

Nanonets

JUNE 27, 2024

Reconciliation is a crucial accounting process that ensures the accuracy of the financial close process. However, let's understand the manual bank reconciliation process once: Step 1: Gather documents On the bank side, you need the bank statements, outstanding checks, deposits, and any pending transactions.

Accounts 40

Accounts Reconciliation Adjustments Checks 40

Nanonets

FEBRUARY 28, 2024

This meticulous document serves as the foundation for a company's financial statements, categorizing and recording each transaction. You must document debits and credits for each transaction. Credit your account if your company needs to document income or gain. What is a General Ledger?

Automation 52

Automation Payment APIs and Integration Accounts Transactions 52

Nanonets

APRIL 5, 2024

This makes it easier to onboard new vendors and ensures that your team can process invoices efficiently, no matter how they're structured. Easy customization Streamline your financial close process with Nanonets' built-in reconciliation and verification tools.

Automation 52

Automation Multi-Currency Compliance Process 52

Nanonets

SEPTEMBER 22, 2023

The clerk performs a variety of duties, such as processing invoices, reconciling accounts, maintaining vendor records, and assisting with month-end and year-end financial closing processes. Electronic document storage eliminates the need for paper files, reducing clutter and ensuring easy access to important documents.

Accounts 40

Accounts Best Practices Automation Compliance 40