article thumbnail

General Ledger (GL): Definition, Significance, Implementation

Nanonets

The shortcomings are as follows - Time-Consuming Data Entry : Manual entry is not just slow; it's a drain on resources, pulling staff away from more value-added activities. Automated Data Entry Data entry is often the bane of efficiency, but it doesn't have to be.

article thumbnail

What is ACH Fraud and How to Combat It

MineralTree

For example, the Zeus Trojan virus was used to gain victims’ personal data and financial information. In 2010 cyber thieves acquired $70 Million using Zeus by attaching the malware into emails. Although the code for ZeuS 2.0.8.9 was exposed in 2011, other versions of this virus began to spread.

AP 52
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Finance AI Tools that are Disrupting the Industry

Nanonets

By employing state-of-the-art OCR (Optical Character Recognition) and NLP (Natural Language Processing) technologies, the platform accurately extracts, validates, and organizes critical financial data, reducing the need for manual data entry and minimizing errors. Domo Domo was one of the earliest data analysis pioneers.

article thumbnail

What are GL Codes and how to assign them effectively?

Nanonets

2010 - Accounts Payable) to represent the liability created by this transaction. Posting to Accounting Software and Syncing Data with other apps: The validated transaction, complete with assigned GL codes, is automatically uploaded to the accounting software. Select or input the GL code 5060 for Office Supplies Expense.

article thumbnail

Tipalti vs. BILL: Software Guide for AP & Finance Teams

Nanonets

Tipalti is a finance automation platform that has been around since 2010. Customers love the tax compliance features as well as the fact that most AP data entry work is done automatically with Tapalti. Paving the way during the early days of finance automation efforts, Tipalti has evolved with the needs of its users.

AP 52
article thumbnail

Ep. 50: Blake Oliver - So what's the big deal about the Cloud?

IMA's Count Me

And so I was doing QuickBooks data entry mostly and I had some clients on the side. Manually keying in data is not necessary. So we're at this interesting place about 10 years after the birth of cloud accounting where we have some cutting edge folks that have completely automated most of their data entry.

article thumbnail

Preventing payment fraud and shadow spending

Nanonets

A classic example is the flash crash instigated by Navindar Singh Sarah in 2010, in which insider trading caused a sudden 36-minute stock market crash worth $ 1 trillion. Integrate advanced data monitoring tools that can continuously analyze financial data in real time, flagging suspicious transactions or patterns for further investigation.