Nanonets

APRIL 3, 2024

Guide to the Vendor Account Reconciliation Process Running a business involves collaboration with various vendors who provide different kinds of products and services. Vendor reconciliation , a crucial part of this process, involves scrutinizing purchase-related documents to ensure accuracy in all vendor transactions.

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Fi911

MAY 22, 2024

A payment reversal is the process through which funds from a transaction are returned to the payer’s account. This process can be triggered for various reasons, such as a disputed charge, an error in the transaction, or fraud detection. Different types of payment reversals exist, each with distinct procedures and implications.

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PYMNTS

MAY 7, 2020

There is a difference, he explained, between this analytical approach, and the operational approach that process mining technology can take. Celonis recently rolled out a process mining operational application designed for the accounts payable department with a focus on enabling businesses to optimize their payment processes.

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Nanonets

SEPTEMBER 25, 2024

For businesses processing thousands of bank statements daily—from insurance companies to financial institutions, bank statement processing presents a challenge and an even bigger opportunity for automation. In this article, we’ll explore applications of AI and automation for bank statement processing.

Process 52

Process AI Best Practices Reconciliation 52

PYMNTS

NOVEMBER 6, 2020

Handling accounts payable (AP), accounts receivable (AR), cash flows and other capital management tasks is an inescapable reality for almost every business that deals with inventory and sales, but these commonplace processes are fraught with obstacles. Developments From Around The World of Back-Office Optimization.

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PYMNTS

NOVEMBER 11, 2020

How big of a problem is manual data entry and processing? AP and AR automation are also integrating with corporates’ enterprise resource planning systems and “seamlessly processing supplier and customer invoices with minimal human intervention. A recent survey found that 74.2 A recent survey found that 74.2

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Automation Void Treasury Duplicate 87

Nanonets

MARCH 4, 2024

Expense reimbursement is a fundamental aspect of business operations, encompassing the process by which employees are paid back for expenses they've incurred on behalf of the company. However, managing this process is fraught with challenges. Duplicate Claims Employees submitting the same expense for reimbursement more than once.

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Nanonets

MARCH 20, 2023

What is the accounts payable process? The accounts payable process of a company is the management of its short-term payment obligations to vendors/suppliers. Accounts payable processing ensures timely payments to suppliers and vendors. Businesses might even occasionally opt for accounts payable outsourcing.

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Nanonets

MAY 10, 2023

This article will show how workflow management solutions can automate routine procedures, minimize repetitive jobs and operator mistakes, detect bottlenecks, and simplify communication across all departments. Workflows are used to define the procedure that is required before the task is considered complete. What starts the process?

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PYMNTS

NOVEMBER 10, 2020

Businesses of all sizes struggle with capital management, regardless of whether they employ staff or seek out third parties to handle their cash flows, accounts payable (AP) and accounts receivable (AR) processes and other related tasks. Automating Capital Management. A study found that 74.2

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Liquidity Management Treasury Point-of-Sale (POS) Automation 87

Nanonets

JUNE 19, 2023

This article covers why accounts payable audits are important to maintain financial health and the steps in an AP audit process. We will also cover how automation helps to streamline the AP audit procedure. An accounts payable audit is an in-depth assessment of a company's accounts payable records and procedures.

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PYMNTS

FEBRUARY 6, 2019

According to CCN, and quoting Nikkei Asian Review , the three banks said that the project was a duplication of their own efforts on a bank-by-bank basis. The goal is to help safeguard and authorize patient identity procedures.

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FICO

MARCH 14, 2023

This health plan was struggling with the limitations that their manual process imposed upon their ability to fulfill their role in providing their citizens with access to quality healthcare, and they felt isolated in their struggle. The balance of claims processing requires manual intervention.

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Stax

NOVEMBER 11, 2024

ACH payments are more straightforward than how credit card processing works, both on the consumer-facing and business end. These transactions usually process within one to three business days and are most commonly used for payments such as direct deposits for payroll, recurring bill payments, and B2B invoice payments.

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The Payments Association

MAY 16, 2025

Applicable to large organisations, the offence imposes criminal liability if firms do not have adequate fraud prevention procedures in place, even if senior leadership is unaware of the misconduct. Merchants must ensure their SCA processes are not only compliant, but also commercially effective.

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Regulations ISO 20022 Cross-Border Legal 88

Nanonets

MARCH 22, 2023

Growing businesses have to maintain relationships with many suppliers and vendors, and this usually ends up making the Accounts Payable process complicated. Vendors with different invoicing standards/procedures tend to make accounts payable processes quite cumbersome. Looking to automate your manual AP Processes?

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Nanonets

APRIL 24, 2024

A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies.   This article discusses the significance of bank reconciliation audits and the role of automation in streamlining the process. Looking out for a Reconciliation Software?

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PYMNTS

JULY 10, 2020

Money, therefore, remains tight, and SMBs need fast and precise insights into their finances and processes to help them make more informed spending decisions. These slow processes make it difficult for AP professionals to quickly pull up information on payment obligations, and they also present plenty of opportunities for human error.

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Automation Procedures Process Duplicate 55

Nanonets

MAY 7, 2024

Expense reconciliation is the process through which businesses track expenditures, identify anomalies, adhere to regulatory requirements, and maintain financial accuracy and integrity. This process is essential for maintaining financial accuracy, compliance with regulations, and preventing fraud or errors.

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FloQast

OCTOBER 27, 2023

Compliance officers may need to limit their advisory role to the initial stages, step aside to let the business conduct the process, and provide oversight and review at the tail end. Increasing speed of business processes : Technology and automation make business processes faster than ever. It’s like grading their own homework.

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Nanonets

JANUARY 29, 2024

  In this article, we guide you through the credit card reconciliation process in QuickBooks, addressing common issues and providing useful tips to streamline the procedure. Upon completing the reconciliation process, the cleared balance should match the statement ending balance, resulting in a difference of zero.

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EBizCharge

OCTOBER 17, 2023

Every day, billions of dollars in transactions are processed around the world. This article will explore the processes involved in ACH payments, explaining how to distinguish returns vs. reversals and answering common questions such as what is an ACH return and can you reverse an ACH payment? What is an ACH return?

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CB Insights

MARCH 21, 2018

Policies themselves are often processed on paper contracts, which means claims and payments are error-prone and often require human supervision. Each step in this collaborative process represents a potential point of failure in the overall system, where information can be lost, policies misinterpreted, and settlement times lengthened.

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Nanonets

MAY 21, 2024

At the core of accounts management lies account reconciliation, the process of comparing various financial documents to ensure accuracy and accountability.      In this article, we shall explore the fundamentals of accounts reconciliation , discussing its importance, processes , and best practices.  

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Nanonets

MAY 6, 2024

This results in scattered files, versioning issues, the need to track down stakeholders for missing information, the generation of duplicate datasets, and more.   Automation tools mitigate the risks associated with manual reconciliation processes by automating repetitive tasks and providing robust error-checking mechanisms.

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Nanonets

JUNE 25, 2024

This guide will walk you through the process of invoice coding, how to automate it, and the best practices. Invoice coding is the process of assigning specific identifiers to each line item on an invoice. This process, while thorough, is time-consuming and prone to errors. And how can you implement invoice in your organization?

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Automation Payment APIs and Integration Rules Process 52

Nanonets

NOVEMBER 15, 2023

The concept of Purchase Order (PO) Flip has emerged as a transformative solution in financial operations, revolutionizing the way businesses handle their procurement and billing processes. A PO Flip is an automated process that converts a purchase order (PO) into an invoice, which is then transmitted to the purchaser who issued the PO.

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Nanonets

JUNE 17, 2023

Account reconciliation is a critical process in accounting, which ensures that financial records are accurate and consistent. This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process. How Does Account Reconciliation Work?

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PYMNTS

NOVEMBER 24, 2020

Global Commercial Cards tailors to the requirements of firms of all different sizes and speeds to optimize the workflow of everyone who participates in the expense management procedure, according to the announcement. JAGGAER Release Upgrades AI Capabilities For Suppliers, Risk Analysis. The JAGGAER ONE 20.3

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B2B Commercial Card Due Diligence NOV 52

PYMNTS

APRIL 12, 2019

“This new development indicates that fraudsters are now trying to use ACH transactions as vehicles for their scams as they move away from checks and wires,” said the association, which also noted that the processes leading up to the payment itself represent the points where the fraudsters ply their trade.

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PYMNTS

JUNE 25, 2018

Accounts payable automation firm Invu released its latest survey, “ Changing trends in the purchasing processes of U.K. Twenty-three percent of survey respondents say purchasing processes must be fixed ‘as a matter of urgency.’ A fifth of respondents said they know they have a backlog of supplier invoices to process.

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Nanonets

SEPTEMBER 1, 2023

Companies still rely on traditional paper checks to pay vendors, which means they grapple with various challenges, such as manual processes, difficulty tracking payments, and high check-related fees. FedNow For Businesses It significantly impacts your Accounts Payable process due to speed, low cost & ready availability. to $1.5.

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Nanonets

NOVEMBER 14, 2023

Although the origin of E-Procurement can be traced to the 1960s with the advent of Electronic Data Interchange (EDI) , it has evolved into a sophisticated process employing online catalogs, bids, purchase orders, and invoices in the 21 st century. Reduces supply problems, including pricing mistakes, order duplication, and inventory issues.

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Nanonets

MAY 6, 2024

    General Ledger Reconciliation is the process of comparing and aligning the entries in the general ledger with the corresponding transactions documented in these external sources.   These documents provide supplementary details and serve as external sources of validation for the transactions recorded in the general ledger. 

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PYMNTS

MAY 12, 2016

Document processing and automation firm Esker gathered the latest research from the Institute of Finance and Management (IOFM) to check in on whether mobile devices are gaining traction among AP professionals — and how. What’s next for enterprise mobility could be anyone’s guess, but some analysts have made their prediction: accounts payable.

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Nanonets

MARCH 14, 2024

This verification process is called 2-way matching. Recap of the Procurement Process Before understanding 2-way matching, let’s quickly recap how procurement works in a business setting. Now that the invoice have been obtained, the matching process is performed by the accounts payable team at ABC. What is 2-way matching?

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Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

AUGUST 1, 2023

This streamlining of the auditing process enhances accuracy and expedites operations, ultimately improving audit outcomes. The use of artificial intelligence in accounting and auditing holds significant potential for various aspects of the auditing process.

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