Nanonets

JUNE 14, 2024

What is Balance Sheet Reconciliation? 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. What is Balance Sheet Reconciliation? What is a Balance Sheet?

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Reconciliation Adjustments Automation Accounts 52

Nanonets

JULY 24, 2023

Finance reconciliation plays a pivotal role in ensuring the reliability and accuracy of a business's financial records. This essential practice involves comparing transactions and other financial activities with supporting documentation and resolving any discrepancies that may arise.   What is finance reconciliation?

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Reconciliation Finance Duplicate Accounts 52

FloQast

OCTOBER 21, 2024

With lines upon lines of figures and the potential for human error looming overhead, manual bank reconciliation can quickly become a massive headache. There sure is: Automated bank reconciliation. Automating your reconciliations both limits the possibility of errors and significantly cuts the time and effort needed.

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Reconciliation Automation Process Best Practices 52

Nanonets

MAY 6, 2024

Spreadsheets like Excel have long been a staple for account reconciliation , but their limitations are becoming increasingly evident. 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.  

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Reconciliation Accounts Audit Automation 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. While it may seem like a straightforward process, there are common mistakes that can hinder the effectiveness of balance sheet reconciliation. What is Balance Sheet Reconciliation?

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Reconciliation Audit Financial Analysis Adjustments 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. Here is how you can do monthly reconciliation.

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Best Practices Reconciliation Adjustments Correspondent 52

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.

Reconciliation 52

Reconciliation Payment APIs and Integration Automation Online and Mobile Banking 52

Nanonets

MAY 7, 2023

Do you know what credit card reconciliation is? Many people need to learn what credit card reconciliation is and why it's essential. With the rising company transactions comes the credit card reconciliation or reconciliation process. While it sounds simple, many intricacies are involved in the process.

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Reconciliation Credit Cards Automation Accounts 52

Nanonets

MAY 22, 2025

Every month, financial teams race against time – reconciliations, approvals, and reports! The month-end close can often feel like Groundhog Day, with teams working overtime to process hundreds of invoices, match countless transactions, and catch any unusual entries before they become problems.

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Automation AI Payment APIs and Integration Reconciliation 52

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.

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Reconciliation Close Processes Accounts Transactions 52

The Finance Weekly

OCTOBER 13, 2021

Companies that embrace business model innovation are transforming sectors by shifting from transactional to service-based business models that guarantee a consistent and recurring revenue stream. Think through the “extended” process. To begin, there are a few crucial measures to take: 1.

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Risk Management Risk Automation Close Processes 130

FloQast

NOVEMBER 18, 2024

This solution enhances efficiency and accuracy, eliminating manual errors and ensuring a smooth financial close process. With its user-friendly interface and real-time insights, businesses can easily adapt as they grow, ensuring a streamlined and transparent financial operation.

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Compliance Automation AI Product 98

FloQast

OCTOBER 30, 2024

With a suite of new products , including FloQast Journal Entry Management , FloQast AI Transaction Matching , and FloQast Consolidation , we’re setting the stage for a new era of efficiency and accuracy. FloQast AI Transaction Matching takes on the tedious task of matching transactions, harnessing AI to improve speed and accuracy.

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Automation Accounts Process AI 98

PYMNTS

APRIL 5, 2020

Record to Report software provider Trintech has partnered with Sage in order to collaborate on new, speedier financial close processes, a press release states. The new program is available on the Sage Intacct Marketplace and will work to instantaneously grab data from the reconciliation and close phases of a deal.

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Reconciliation Close Processes Process Returns 64

PYMNTS

JANUARY 26, 2018

“Managing the month-end close is a process of continual improvement,” he said. It’s best practice to review the just-completed close and look for opportunities to be better next time.”. The core of the close process remains the same: corroborate the numbers in the general ledger,” explained Feinstein.

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Close Processes Innovation FinTech Accounts 47

Nanonets

JUNE 27, 2024

Reconciliation is a crucial accounting process that ensures the accuracy of the financial close process. Bank reconciliation is essential since it helps in the early detection of fraud, prevents financial statement errors during manual data entry, and provides a clearer picture of the company's finances.

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Accounts Reconciliation Adjustments Checks 40

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. FloQast organises not only my close workflow but that of my entire team. It makes it easy for me to see exactly where everyone is in the close process.

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Reconciliation Audit Automation Accounts 52

Paystand

MARCH 13, 2024

Month-end close is the finalization of all financial transactions and reports at the end of each month. But fear not—this guide will explore improving your month-end close process, streamlining your financial operations, and making life easier for your finance team.

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Finance Close Processes Process Transactions 52

Nanonets

MARCH 12, 2024

Record-to-Report (R2R) is a critical finance management process in corporate finance, which focuses on collecting, processing, and delivering accurate financial data. The R2R cycle includes these key components: Data Collection: The foundation of R2R, where all financial transactions are accurately recorded.

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Process Finance Reconciliation Compliance 52

FloQast

JANUARY 22, 2024

From financial statement analysis to bank reconciliations, the range of functions you can automate is diverse. For bank reconciliations, the accounting software will automatically match the corresponding entries (between the bank and the cash ledger), remove duplicate transactions, and identify outstanding transactions.

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Automation Reconciliation Audit Accounts 52

Nanonets

APRIL 5, 2024

Its key features include multi-entity and multi-subsidiary support, global payment processing, and advanced tax compliance capabilities. Tipalti's platform is designed to streamline the entire AP process , from invoice capture and approval to payment execution and reconciliation. What is Airbase?

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Automation Multi-Currency Compliance Process 52

Nanonets

NOVEMBER 27, 2023

These transactions – both incoming and outgoing payments – determine whether or not a business will continue to function. At its core, a netting payment is a way to simplify the number of transactions between your organization and an external business partner of some kind.

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Payment Amount Venmo Settlement Process 52

Nanonets

FEBRUARY 14, 2024

General Ledger Codes, or GL Codes, are unique alphanumeric strings that classify and record financial transactions within a company’s general ledger. Each transaction entered into the GL is tagged with a GL code, acting as a marker that categorizes every inflow and outflow into its appropriate GL account.

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Transactions Audit Accounts Automation 52

Nanonets

FEBRUARY 28, 2024

We'll unravel the Chart of Accounts, the backbone of the GL, detailing how transactions are organized and recorded. We'll also explore how to efficiently manage and utilize your General Ledger, including the implementation of modern software solutions to automate and streamline your accounting processes.

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Automation Payment APIs and Integration Accounts Transactions 52

Nanonets

FEBRUARY 8, 2024

   Advantage 3: In-app Reconciliation & Verification  Get rid of your complex Excel macros and niche data analytics tools, and instead, use Nanonets to reconcile account balances, tie out final totals, and even set approval rules for certain transactions. This feature even works internationally!

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Finance Automation Multi-Currency Accounts 52

Nanonets

APRIL 4, 2023

Recording business transactions in Excel is simple. Imagine looking at the register of your bank transactions in your banking app. You can see every activity: your direct deposit, your cell phone bill, the pizza you ordered, and a balance that shows how much is in the account after every transaction. Ready for the crash course?

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Small Business Accounts Automation Payment APIs and Integration 52

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.

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Automation Accounts Payment APIs and Integration Process 52

FloQast

DECEMBER 13, 2023

He presented a 218-page report that read like a horror movie – financial transactions with no economic substance, designed to manipulate earnings and personally enrich Enron’s leaders. It requires companies to disclose more information, including off-balance sheet transactions and relationships.

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Compliance Audit White Collar Crime Risk Assessment 52

FloQast

DECEMBER 18, 2024

The monthly close comprises a set of steps, including capturing, reviewing and documenting transactions and expenses, which must be completed before a cutoff point. Step 2 – Close expense accounts to Income Summary: After expenses are closed to Income Summary, the balance in that account is net income for the period.

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Close Processes Process Accounts Adjustments 98

EBizCharge

NOVEMBER 11, 2024

With several types of accounting reconciliation, each serves a distinct purpose, whether it be cash-based methods or more intricate multi-step processes. What is reconciliation? The goal is to confirm that all transactions are accounted for and properly recorded. What are the different types of reconciliation?

Reconciliation 52

Reconciliation Best Practices Non-Bank Audit 52

FloQast

DECEMBER 23, 2024

Reduce the chances of financial misconduct by implementing the right internal controls (such as segregation of duties and regular reconciliations). Detection strategies, including data analytics and continuous monitoring of transactions, cut the chances of problems arising even further.

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