Nanonets

AUGUST 1, 2023

Machine learning programs can efficiently scan through extensive financial data, swiftly detecting anomalies such as duplicate payments and fraud indicators. This real-time approach enhances audit quality and enables auditors to detect issues promptly. Will audit be replaced by AI?

Audit 52

Audit Risk Assessment AI Assessments 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. 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.

Process 52

Process Compliance Automation Audit 52

Nanonets

NOVEMBER 14, 2023

Reduces supply problems, including pricing mistakes, order duplication, and inventory issues. Minimizes missing orders, order duplication, and enhances overall efficiency. Advantages : Eliminates manual procedures, reduces human errors, and integrates with ERP and accounting systems.

Automation 52

Automation Process Facilitators Duplicate 52

Nanonets

APRIL 12, 2023

This leaves minor purchases to be less controlled with procedures that vary from department to department, creating compliance risks. To further improve the accuracy of its data, Nanonets includes a range of approval workflows, duplicate alerts, and fraud detection tools.

Assessments 52

Assessments Compliance Process Automation 52

Nanonets

JUNE 18, 2024

It also helps prevent and detect theft and fraud earlier, assisting organizations to comply with financial regulations such as the Sarbanes-Oxley Act (SOX) , which mandates that publicly traded companies establish internal controls and procedures for financial reporting.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

SEPTEMBER 21, 2023

By maintaining accurate accounts payable management, businesses can avoid overpaying or underpaying suppliers, mitigate the risk of duplicate payments, and ensure compliance with financial regulations. Implementing an effective approval process helps businesses avoid delays, prevent duplicate payments, and maintain accurate financial records.

Accounts 40

Accounts Best Practices Automation Reconciliation 40

Nanonets

AUGUST 8, 2024

This step may include: Deskewing images Enhancing data quality Formatting text Transcribing video or audio content Removing duplicates or irrelevant data Nanonets can automate data pre-processing with no-code workflows Nanonets can automate data pre-processing with no-code workflows. Data annotation is tedious and time-consuming.

AI 52

AI Automation Process Best Practices 52

Nanonets

AUGUST 1, 2023

Testing and Validation: Automation tools can execute predefined audit procedures and checks, ensuring that controls and policies are being followed correctly. Complex approval workflows, duplicate alerts, and fraud detection. This proactive approach ensures that auditors can promptly address emerging risks.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

The Payments Association

DECEMBER 9, 2024

Unified approach to compliance For firms operating across these two different jurisdictions, a unified approach to compliance is required to reduce duplication of effort and ensure that firms can meet the regulatory requirements of both the UK and EU without unnecessary complexity.

Rules 88

Rules Compliance Risk Management Regulations 88

EBizCharge

DECEMBER 4, 2024

Fraud detection: Early fraud detection is one of the key benefits of credit card reconciliation. Discrepancies can arise for numerous reasons, such as duplicate entries, forgotten transactions, or incorrect amounts. This accuracy is vital for generating reliable financial reports and maintaining accountability.

Reconciliation 52

Reconciliation Credit Cards Best Practices Audit 52