Nanonets

APRIL 3, 2024

Vendor reconciliation , a crucial part of this process, involves scrutinizing purchase-related documents to ensure accuracy in all vendor transactions. " Reconciliation in accounting refers to the comparing of details of transactions and financial activities between various documents. Why is Vendor Reconciliation Important?

Reconciliation

Nanonets

APRIL 29, 2024

It is the process of comparing and matching credit card transactions with corresponding spends and financial records to ensure accuracy and transparency in financial reporting.  It involves matching individual credit card transactions, such as purchases, payments, and fees, with entries in the company's accounting records.

Reconciliation

Nanonets

JUNE 21, 2023

As transactions flow in and out, reconciling payments becomes crucial to ensure accuracy, identify discrepancies, and maintain a clear financial picture. Payment reconciliation refers to the process of comparing and matching financial data from different sources to ensure accuracy and consistency in the recorded transactions.

Payment Reconciliation

Nanonets

MAY 21, 2024

As transactions with customers and clients occur, businesses generate accounts receivable, which represent amounts owed to them for goods and services sold or rendered. This reconciliation aims to ensure the accuracy and completeness of accounts receivable transactions recorded in the company's financial records.

Reconciliation

FICO

MARCH 23, 2021

How about using AI Machine Learning or robotic process automation to identify potential problem transactions or errors. For example, highlighting duplicate transactions as they trigger to alerting a customer that their account is at risk of overdrawing based on current funds and projected withdrawals.

Risk Assessment

Nanonets

MAY 7, 2024

This process typically involves reviewing transactions, invoices, receipts, and other financial documents to verify that they match up with the company's records and budget. By thoroughly reviewing financial transactions and identifying any irregularities or unauthorised expenses, businesses can detect and prevent fraudulent activities.

Reconciliation

Nanonets

SEPTEMBER 25, 2024

of Americans held transaction accounts , generating an unprecedented volume of financial data.    It involves extracting key details from bank statements, such as transaction amounts, dates, descriptions, account balances, payee names, account numbers, and transaction types (e.g., In 2022, a staggering 98.6%

Process

Nanonets

JUNE 24, 2024

Credit card reconciliation is the process of ensuring that the credit card transactions match the internal general ledger. However, the rise in credit card usage has led to financial nightmares across accounting teams at the end of the month because this means the transactions that need to be reconciled are also on the rise.

Reconciliation

Nanonets

APRIL 24, 2024

."  By comparing the data in the company's accounting system with the bank statement, discrepancies such as double payments, calculation errors, or fraudulent transactions can be identified and rectified. Transaction Details : Analyze transaction details for accuracy, including dates, amounts, descriptions, and classifications.

Reconciliation

Nanonets

JUNE 22, 2023

Invoice reconciliation is the process of comparing and matching invoices with relevant supporting documents to ensure the accuracy and integrity of financial transactions. It acts as a checks and balances system that ensures the accuracy and integrity of financial transactions. What is invoice reconciliation?

Reconciliation

Nanonets

APRIL 15, 2024

  The Importance of Bank Reconciliation Bank reconciliation is the process of comparing a company's financial records with the transactions reflected in its bank statements. Transactions : The statement lists all transactions that have affected the bank account during the reconciliation period.

Reconciliation

Nanonets

APRIL 3, 2024

Picture this: a team of expert bookkeepers diligently managing your financial records and transactions without setting foot in your office. Traditional bookkeepers are professionals responsible for recording financial transactions, maintaining ledgers, and preparing financial statements manually or using basic accounting software.

Automation

Clearly Payments

JUNE 21, 2024

A chargeback occurs when a cardholder disputes a transaction and requests a refund from their bank. Here are some of the most frequent causes of chargebacks: Fraudulent Transactions: Unauthorized Use: This occurs when a cardholder claims they did not authorize the transaction. What is a Chargeback?

Disputes

Clearly Payments

JUNE 12, 2024

Originating as a consumer protection mechanism, chargebacks were designed to ensure customers could dispute fraudulent or erroneous transactions. of total transactions result in a chargeback. The Prevalence of Chargebacks Chargeback rates can vary significantly across different industries and types of transactions.

Disputes

Nanonets

JUNE 18, 2024

Each balance should match its corresponding entry in the general ledger for any source. Inter-Company Reconciliation Reconciliation process of transaction amounts between entities belonging to the same parent company. Businesses with many divisions, subsidiaries, and franchises typically face this type of account reconciliation.

Reconciliation

PYMNTS

DECEMBER 19, 2016

There’s safety in the fact that “nobody is going to go duplicate your portion … Nobody will steal it from you.”. Is the boost in bitcoin value helping consumer transactions? In this case, the consumer is using bitcoin directly, but Netflix as a retailer need not accept the cryptocurrency directly (they get U.S.

Bitcoin

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

Nanonets

NOVEMBER 15, 2023

By automating the conversion of purchase orders into invoices, PO Flip offers a seamless, error-reducing, and time-saving approach to managing transactions. Think of it as the blueprint for a transaction, a document that sets the stage for subsequent business interactions. What is a PO Flip?

Duplicate

The Payments Association

MAY 16, 2025

Regulatory developments previously confined to financial institutions and payment service providers are now extending to the systems, practices, and commercial relationships of merchantsparticularly where digital payments, cross-border transactions, and customer data are concerned. Review acquirer contracts for flexibility around fee changes.

Regulations

Nanonets

MAY 6, 2024

It is a record of all financial transactions of an enterprise and provides a comprehensive account of the organization's monetary activities. These documents provide supplementary details and serve as external sources of validation for the transactions recorded in the general ledger.    Date: The date of the transaction.

Reconciliation

Nanonets

SEPTEMBER 22, 2023

This report provides a detailed overview of the current financial position by listing all accounts payable transactions and their corresponding balances. AP Trial Balance Reports Lists all accounts payable transactions and their corresponding balances, ensuring accuracy and accountability.

Accounts

Nanonets

APRIL 12, 2024

Accountants compare the entries in the general ledger with the corresponding figures in subsidiary ledgers, journals, and other internal records. Bank Reconciliation is a subset of Book Reconciliation and involves matching the transactions recorded in the organization's ledger against those documented in the bank statement.

Reconciliation

Nanonets

MARCH 14, 2024

For this, all details of the purchase as mentioned in the invoice are matched with the corresponding purchase order to ensure that the product/services that were ordered were delivered correctly and at the price agreed upon. This verification process is called 2-way matching. Here is how the process looks like.

Payment APIs and Integration

Nanonets

APRIL 29, 2024

Unlocking Efficiency: A Guide to Intercompany Reconciliation Software Modern businesses, with the predominance of remote work and globalised operations, often have to deal with intercompany transactions. Managing such transactions can be cumbersome without the right tools and solutions, however. 

Reconciliation

Nanonets

JANUARY 8, 2024

The aim is to ensure all transactions are accurately recorded in the company's cashbooks and to find any errors or fraud. 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.

Reconciliation

Nanonets

JANUARY 8, 2024

The aim is to ensure all transactions are accurately recorded in the company's cashbooks and to find any errors or fraud. 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.

Reconciliation

Nanonets

APRIL 16, 2023

Errors at the start of the invoice processing workflow can snowball into serious outcomes such as over-payment, incorrect payments, invoice duplication, etc. Of them, the AI-enabled processing can also compare and match records and make decisions such as passing the transaction, flagging errors, or raising exceptions.

Automation

FloQast

JANUARY 22, 2024

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. Intercompany activity can be automatically reconciled with differences reported in an exception report.

Automation

Nanonets

NOVEMBER 14, 2023

It enables more control over financial transactions, leading to more informed decision-making.  Improved Scalability : As a business grows, the volume of invoices and complexity of financial transactions increase. The organization thus has freed-up resources to tackle more value-additive tasks.

Accounts

Nanonets

MARCH 4, 2024

In essence, managing expenses effectively is not just about financial transactions but about sustaining a healthy organizational ecosystem. Duplicate Claims Employees submitting the same expense for reimbursement more than once. Fraudulent Claims Intentional Misreporting Submission of non-business-related expenses as business expenses.

Process

Nanonets

FEBRUARY 13, 2024

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. Here's how it transformed their process: Duplicate Claims Prevention:  The software now automatically flags duplicate entries.

Compliance

Nanonets

AUGUST 21, 2023

It extracts vital data like invoice number, date, supplier name, and amount due and matches it with corresponding purchase orders and contracts. Duplicate payments, incorrect amounts, and missed deadlines are just a few examples of the inaccuracies that can occur with manual processing. 

B2B

Nanonets

JUNE 29, 2023

Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic. Nanonets reads transaction information from any source, updates the invoice, and posts to your ERP. Flow demo Top features: All your expense data in one place.

Payment APIs and Integration

Nanonets

JANUARY 17, 2024

Human intervention in approvals can lead to missed deadlines, fines, and increased administrative burdens, making automation a more efficient alternative for streamlining workflows and ensuring timely transactions. It's not enough to have a well-written policy; it must be a living document that is reflected in every expense transaction.

Payment APIs and Integration

PYMNTS

MAY 13, 2016

But Gameday Merchandising didn’t adopt Bongo before first attempting to find their own way around cross-border transactions. Eventually, Rubio and his team decided they could not fix all of the issues alone – at least, not without spending a significant amount of time and corresponding payroll on them. So, there were a lot of issues.”.

Cross-Border

Nanonets

SEPTEMBER 21, 2023

In the world of business, invoices play a pivotal role in ensuring smooth financial transactions and maintaining professional relationships. An invoice is a crucial component of any business transaction, providing a detailed breakdown of a sale. It serves as a request for payment and is an integral part of any business transaction.

Audit

Nanonets

SEPTEMBER 22, 2023

Purchase order number : It ensures that the transaction has been approved and authorized. The  purchase order number  confirms the approval of the transaction. The  purchase order  number plays a significant role in ensuring that the transaction has been approved.

Reconciliation