Remove Multi-Currency Remove Reconciliation Remove Reporting Requirements
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Decoding the FCA’s Safeguarding reforms: Practical steps for payments and E-money firms

The Payments Association

Central to these changes are new statutory trust requirements, more prescriptive record-keeping, reconciliation standards, and the mandate for external safeguarding audits. Firms operating in multiple currencies or across differing time zones may face trouble in ensuring funds are instantly deposited into safeguarding accounts.

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From Paper to Digital: The Evolving E-Invoicing Mandate

Trade Credit & Liquidity Management

This enhanced data quality facilitates easier and more accurate reconciliation of payments with invoices, reducing manual intervention and errors. Stay Informed on Regulatory Changes: Monitor global regulatory trends and mandates, such as real-time reporting requirements and clearance models, to proactively adjust processes and technology.

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Unlock Efficiency with Small Business Accounting Software

Nanonets

The software can generate crucial documents such as W-2s, 1099s, and sales tax reports, simplifying the filing process and ensuring compliance with reporting requirements. Look for software that offers bank-level encryption, data backup and recovery options, and multi-factor authentication.

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The top 15 best expense management software in 2023

Nanonets

Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic. Top features: Real-time feeds on existing credit cards Reimburses employees on time with ACH payments Pros: Real-time credit card reconciliations for cards like Visa, Mastercard, AmEx, etc.

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The Ultimate Expense Management Guide for Businesses

Nanonets

As InnovateX opened a new office in another country, the system was already able to handle multi-currency expenses and different tax regimes. Moreover, for businesses operating internationally, managing expenses in multiple currencies can be intricate. Effective expense management directly contributes to profitability.

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The payments regulation roadmap: Q2 2025

The Payments Association

The FCA has made clear this is a supervisory priority, and given that the rules were published in 2021, it is likely to penalise firms that have not implemented the requirements by the deadline of 31 March 2025. The FCA appears to be preparing for supervisory action in this area.