Accounting Tools

NOVEMBER 4, 2023

Electronic payments. The bank may have received electronic payments into the account, or processed electronic payments from it (such as an ACH debit transaction), of which the account holder was not aware. Either the account holder or the bank may have recorded deposits, checks, or other charges in error.

Bank Reconciliation 40

Bank Reconciliation Deposits Record Keeping Auditing 40

Accounting Tools

FEBRUARY 5, 2024

An invoice is a document submitted to a customer, identifying a transaction for which the customer owes payment to the issuer. It may be issued on paper or in an electronic format. It provides documentation and a reminder to the customer that it owes the seller the amount stated on the invoice.

Invoicing 40

Invoicing Accounts Payable Accounts Payable Computation 40

Accounting Tools

AUGUST 26, 2023

Related Articles Accounting for Accounts Payable Automated Payables Matching Electronic Payment Procedure How to Reconcile Accounts Payable Scrubbing Accounts Payable Voucher System Doing so is time-consuming, but ensures that invoices will be returned in a timely manner.

Invoicing 40

Invoicing Purchase Order Accounts Payable Accounts Payable 40

Accounting Tools

JUNE 10, 2023

An invoice is a document submitted to a customer, identifying a transaction for which the customer owes payment to the issuer. An auditor will likely want to review a sampling of all invoices issued as part of the procedures associated with an audit. What is an Invoice?

Invoicing 40

Invoicing Billing Collections Auditing 40

Counto

JANUARY 11, 2024

Understanding Salary and Payments In Singapore, salary includes basic pay and allowances but excludes items like traveling, food, or housing allowances, along with pension, work-related expenses, and retrenchment benefits. Timely payment within 14 days after the salary period is crucial. Non-compliance can result in penalties.

Payroll 52

Payroll Financial Statements Tax Accounting 52

Nanonets

APRIL 3, 2024

In this article, we will discuss the importance of the vendor reconciliation process and the benefits of employing AI-enhanced tools such as Nanonets. The vendor reconciliation process is the systematic procedure of verifying and aligning the financial records of a company with those of its vendors.

Account Reconciliation 52

Account Reconciliation Accounts Payable Accounts Payable Data Entry 52

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.

Accounts Payable 52

Accounts Payable Accounts Payable Auditing AP 52

Accounting Tools

JANUARY 30, 2024

Related AccountingTools Courses Credit and Collection Guidebook Effective Collections Arbitration Clause Both parties agree to arbitration of any payment disputes. This clause reduces the number of options that a customer has for delaying payment. By doing so, the more expensive approach of litigation is avoided.

Collections 40

Collections Invoicing Accounting Accounting 40

oAppsNet

APRIL 9, 2024

This article will explore nine key ways AP departments are expected to change in 2024 and the implications for individuals and organizations. These technologies will revolutionize routine tasks such as invoice processing, payment approvals, and reconciliation, allowing AP departments to operate more efficiently and effectively.

Accounts Payable 52

Accounts Payable Accounts Payable AP Vendor Management 52

Accounting Tools

SEPTEMBER 19, 2023

If accounts payable are not paid within the payment terms agreed to with the supplier, the payables are considered to be in default , which may trigger a penalty or interest payment, or the revocation or curtailment of additional credit from the supplier. This procedure includes the activities noted below.

Accounts Payable 40

Accounts Payable Accounts Payable Accounting Accounting 40

Nanonets

JULY 11, 2023

This article talks about the different processes within any electronics or related manufacturing company that can be automated using AI-based tools. This article talks about 7 such process automations for electronics and related manufacturing companies.

Purchase Order 40

Purchase Order Data Entry Accounts Payable Accounts Payable 40

Accounting Tools

DECEMBER 10, 2023

How to Improve Your Accounts Receivable Turnover Ratio There are several ways to improve the accounts receivable turnover ratio, all involving alterations to the company’s collection policies and procedures. Otherwise, payment will be delayed. A variation is to load your invoice into a customer’s electronic payment portal.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Accounting 40

AvidXchange

JULY 13, 2023

In a world where cash and check payments are steadily declining, these accounts enable businesses to accept card-based transactions. Merchant accounts make payment processing more efficient for suppliers, speed up cash flow, improve customer satisfaction and open new revenue opportunities.

Accounting 52

Accounting Accounting Deposits Data Entry 52

Accounting Tools

JUNE 12, 2023

Any discrepancies may have arisen at the bank (such as a transposed number in a check payment or a deposit), for which the bank should be contacted at once to make an adjusting entry. Daily Bank Reconciliations Bank statements can be delivered on paper or as electronic versions that customers can access on the bank website and download.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Bookkeeping 40

Accounting Tools

JUNE 8, 2023

How the Accounting Cycle Works The accounting cycle is based on policies and procedures that are designed to minimize errors, and to ensure that financial statements can be produced in a consistent manner, every time. To make the cycle more robust, organizations incorporate a complete suite of control activities into the procedures.

General Ledger 75

General Ledger Financial Statements Accounting Accounting 75

Nanonets

MARCH 21, 2023

They also help to establish a paper trail for tracking the progress of the purchase, including order status, delivery information, and payment details. This is done by the establishment which created the original purchase order and started this whole workflow, using payment method of convenience.

Purchase Order 52

Purchase Order Invoicing Invoice Processing Data Entry 52

AvidXchange

APRIL 12, 2018

For the accounts payable (AP) department, there’s the added stress of managing payment processes that ultimately impact the bottom line. Let’s not forget any internal invoicing procedures your business needs to prepare for payment. Let’s face it, the workday is filled with meetings, emails, and countless tasks.

Accounts Payable 52

Accounts Payable Accounts Payable AP Invoicing 52

Nanonets

SEPTEMBER 21, 2023

In this article, we will explore common  accounting problems  faced by businesses and provide  solutions  to overcome them. Effective Cash Flow Management Strategies Proper cash flow management is essential to address accounting problems related to  late payments  and  customer payment management.

Outsourced Bookkeeping 52

Outsourced Bookkeeping Accounting Accounting Financial Reporting 52

AvidXchange

APRIL 19, 2018

In the accounts payable process, payment cycles are plagued with inefficiencies and challenges. Printed checks and paper invoices often drive up the time and money spent to process supplier payments. Accounts payable automation software streamlines invoice, approval, and payments based on your business’ current rules and processes.

Accounts Payable 40

Accounts Payable Accounts Payable AP Accounting 40

Nanonets

NOVEMBER 15, 2023

Consider this:  Levvel Research  found that 50% of businesses grapple with late payments and missed discounts due to protracted approval cycles. Staggeringly, 79% of SMEs and 68% of mid-market firms cite manual data input and inefficient procedures as their primary pain point. It minimizes human error and bolsters compliance.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

Counto

FEBRUARY 3, 2024

These expenses range from office supplies to services like supplier invoices, travel expenses, contractor payments and even legal fees. Credit Rating: Timely payment of bills affects your business’s creditworthiness and reputation, ensuring access to essential supplies and services.

Accounts Payable 52

Accounts Payable Accounts Payable Management Accounting Accounting 52

Nanonets

JULY 28, 2023

The emergence of electronic documents has helped solve issues related to physical storage, access, and retrieval. However, careful planning is necessary to prevent the loss or inaccessibility of electronic documents. Document workflow management procedures exist in most companies, but their formality varies.

Purchase Order 52

Purchase Order Data Entry Accounts Payable Accounts Payable 52

Nanonets

NOVEMBER 15, 2023

This article delves into the world of PO Flips, exploring its workings, benefits, and its importance to modern businesses. Also crucial to this document are the payment terms, which define the financial terms between the two parties, including payment schedules and conditions. What is a PO Flip?

Purchase Order 52

Purchase Order Data Entry Invoice Processing Invoicing 52

Accounting Tools

SEPTEMBER 27, 2023

The concept is attractive to a payer that does not want to continually issue check payments or run the risk of forgetting to make a payment. The payee gains the assurance of a consistent payment schedule. Related Articles Automatic Bill Payment Check Payment Electronic Payment Procedure Remote Disbursement

Collections 40

Collections Billing Accounting Accounting 40

IMA's Count Me

JUNE 6, 2021

I saw an article recently from Accenture on this, and I found it very, very interesting and poignant. So connecting with hospital systems, electronic medical records, for instance, to import data that makes what we have even richer and gives us the ability to do way more with the data.

Collections 40

Collections Accounting Accounting Billing 40

MineralTree

MARCH 30, 2023

In this article, we will discuss the challenges associated with franchise accounting and how AP automation helps solve them. Ultimately, this can lead to more errors like duplicate or late payments, costing your team significant time and money. It also checks that payments are made in compliance with internal control requirements.

AP 79

AP Accounting Accounting Invoicing 79

Nanonets

JULY 21, 2023

In this article, we look at some of the leading reconciliation software or reconciliation tools and also cover how Nanonets can automate reconciliations. This software allows users to electronically validate and finalize reconciliations, which are then sent to approvers for review. What is reconciliation software?

General Ledger 52

General Ledger Account Reconciliation Reconciling Financial Reporting 52

Future Firm

AUGUST 22, 2022

29 USD per user per month with discounts on annual payments. Like Senta, Karbon has a bunch of pre-populated (though fully customizable) configurations that are ready for your accounting firm to use, which they call: Work templates: A standard procedure for a specific job (ex: client onboarding, monthly bookkeeping, etc).

Accounting 105

Accounting Accounting QuickBooks Accounting Software 105

Cloud Accounting Podcast

MAY 10, 2020

You gotta send the check back! Blake Oliver: [00:00:32] I thought that they said, when the stimulus checks went out, that if they made incorrect payments, they weren't gonna try to do that, but now they're changing their mind on that? I didn't even grab that article. We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary.

QuickBooks 40

QuickBooks Payroll Tax Accounting 40

Cloud Accounting Podcast

SEPTEMBER 22, 2020

David Leary: [00:13:07] There's an article in Accounting Today; the U.S. You said this pandemic, the silver lining of it is we could finally, in the United States, eliminate paper checks and move to digital payments. Now, they've made it an official procedure. Blake Oliver: [00:13:14] It's funny.

QuickBooks 40

QuickBooks XERO Payroll Deposits 40