Accounting Today

AUGUST 28, 2023

The Internal Revenue Service correctly calculated the allowable Recovery Rebate Credit for the vast majority of 2021 tax returns, but some erroneous payments were made, according to a new report.

Tax 214

Tax 214

Cevinio

DECEMBER 13, 2023

AP fraud is commonly committed by external threat actors and vendors but it can also take place internally by rogue employees—or by both internal and external persons working in tandem. Phantom Vendors: Dishonest employees can create fake vendors and then submit false invoices which are subsequently approved for payment.

AP 100

AP Invoicing Data Entry Accounts Payable 100

Gaviti

APRIL 8, 2024

We suggest trying out each of these payment collection emails on your own clients and see which offer the best results. Example #1 Subject: Payment Reminder: [Invoice Number} Due on [Due Date] Hi [Client’s First Name], I hope all is well. At this point, you’ve given the client multiple chances to discuss payment problems.

Collections 98

Collections Invoicing Accounts Receivable Accounts Receivable 98

Insightful Accountant

FEBRUARY 8, 2024

In an effort to provide more resources for taxpayers during this filing season, the Internal Revenue Service today revised frequently asked questions (FAQs) for Form 1099-K, Payment Card and Third Party Network Transactions in Fact Sheet.

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Accounting Tools

FEBRUARY 25, 2024

It may be conducted by either an internal or external party, depending on the situation. Compliance Audit A compliance audit is an examination of the policies and procedures of an entity or department, to see if it is in compliance with internal or regulatory standards. The audit may be conducted internally or by an external entity.

Auditing 75

Auditing Payroll Financial Statements Tax 75

Xero

DECEMBER 14, 2022

In Australia and New Zealand, some industries, such as agriculture, faced skills shortages as international borders in both countries had been closed to new migrants. These red flags are: late payments. This research note takes a deeper dive into late payments trends, including an international comparison.

XERO 220

XERO Bookkeeping Billing Accounting 220

Tipalti

APRIL 11, 2023

Are international ACH transactions (IATs) the best global payment method? Learn how global ACH works and how it differs from international ACH transfers.

98

98

Xero

JULY 6, 2022

Whether it’s help with payments, reporting, time tracking or document management, there’s something for everyone. GoCardless is a global leader in direct bank payment solutions processing over US$30 billion of payments across more than 30 countries. Process payments from the existing business bank account.

XERO 223

XERO Invoicing Collections Accounts Payable 223

Intuit

JANUARY 30, 2024

For example, the average American taxpayer paid $16,615 in federal income taxes, according to recent Internal Revenue Service data. 3,466 was saved for future social security payments this taxpayer can enjoy in retirement. 3,466 was saved for future social security payments this taxpayer can enjoy in retirement.

Tax 130

Tax Budgeting Billing Accounting 130

Billing Platform

SEPTEMBER 25, 2023

Accounts receivable (AR) provides the critical link between making the sale and receiving payment. Although you’ve already consumed the electricity, payment is made in arrears. If the internal review of the invoice checks out, the collections outreach begins. . Think of it as an IOU to your business.

Accounts Receivable 98

Accounts Receivable Accounts Receivable Account Receivables AR 98

MineralTree

NOVEMBER 2, 2023

Accounts payable is a foundational function that ensures organizations maintain accurate invoices, payments, and vendor relationships, while making bill payments on time. Key components of an audit include reviewing invoices and payments for accuracy and legitimacy. Audits uncover and rectify these inaccuracies.

Accounts Payable 81

Accounts Payable Accounts Payable Auditing AP 81

Outsourced Bookeeping

MAY 7, 2024

From scheduling payments to keeping track of funds, organizing, and paying bills, Xero can do anything to give you a clear picture of your finances. Keeping in mind the user experience, ZarMoney offers a variety of billing features, such as automated billing, online invoicing, and online payment embedded in the same platform.

Billing 59

Billing Outsourced Bookkeeping QuickBooks XERO 59

Invoicera

MARCH 23, 2024

Introduction Imagine you are running an international business and exporting handcrafted furniture to any other country. Below are some situations where Proforma invoices are typically used: International Trade: While exporting or importing goods, customs authorities often provide proforma invoices to review duties and taxes accurately.

Invoicing 52

Invoicing Record Keeping Tax Financial Records 52

Nanonets

NOVEMBER 16, 2023

All businesses must expertly manage the payments they owe to other people or entities. The possibility of errors surrounding payments requires several accounts payable controls to be implemented throughout the accounts payable process.  Once the funds clear, the process will be complete, and business can continue as usual. 

Accounts Payable 52

Accounts Payable Accounts Payable AP Data Entry 52

Insightful Accountant

APRIL 5, 2024

The Internal Revenue Service today advised taxpayers, including self-employed individuals, retirees, investors, businesses, and corporations about the April 15 deadline for first-quarter estimated tax payments for tax year 2024.

Tax 52

Tax 52

Nanonets

APRIL 8, 2024

QuickBooks, one of the most popular accounting and bookkeeping platforms on the market, offers a fairly straightforward method of managing recurring ACH payments to help ensure no surprises come during reconciliation time. What are ACH Payments? ACH payments are generally fast during the work week but aren’t instantaneous.

QuickBooks 52

QuickBooks Deposits Payroll Billing 52

Nanonets

APRIL 12, 2024

These records may be internal financial records or external. Companies maintain various internal records to track their financial activities accurately and ensure compliance with accounting standards. Any discrepancies, such as incorrect calculations or missed payments, are corrected.

Bank Reconciliation 52

Bank Reconciliation General Ledger Reconciling Deposits 52

Accounting Tools

MAY 15, 2024

If the payment is scheduled for a future date, and if the exchange rate for this currency increases in the interim, then you will sustain a loss on the currency translation. When you receive a payment in a different currency. Translation risk can be a major concern for organizations with extensive international operations.

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40

Nanonets

SEPTEMBER 28, 2023

This means that they need to be able to accept payments from customers in other countries. In order to do this, they need to have a way to process international payments. One of the most popular methods of processing international payments is through PayPal. What is Required to Send a Wire Transfer with Paypal?

Invoicing 52

Invoicing Accounts Payable Accounts Payable AP 52

Nanonets

SEPTEMBER 28, 2023

This means that they need to be able to accept payments from customers in other countries. In order to do this, they need to have a way to process international payments. One of the most popular methods of processing international payments is through PayPal. What is Required to Send a Wire Transfer with Paypal?

Invoicing 52

Invoicing Accounts Payable Accounts Payable AP 52

Nanonets

NOVEMBER 30, 2023

Companies that establish accounts payable best practices increase the visibility of information, reduce their invoice processing time, save money, strengthen internal controls and cash flow management, reduce fraud and errors, and improve vendor relationships.   Implement strong internal controls and exception flagging. 

Accounts Payable 52

Accounts Payable Accounts Payable General Ledger Purchase Order 52

Billing Platform

DECEMBER 21, 2023

While the cloud has been adopted for many internal processes, billing and more specifically subscription management are only just beginning to embrace cloud-based subscription management and its benefits. Cloud-based subscription management consists of many automated processes including approvals, generating invoices, and collecting payments.

Billing 75

Billing Collections Customer Service Computation 75

MineralTree

FEBRUARY 15, 2024

AP check runs involve approving and issuing checks for vendor payments, with 36% of companies still making over half of their payments by check. AP automation is crucial for modern finance teams to simplify payments and reduce manual steps associated with accounts payable. What is a check run in accounts payable?

AP 78

AP Accounts Payable Accounts Payable Invoicing 78

MineralTree

MARCH 14, 2024

For scaling businesses, invoice payments rapidly grow in volume and complexity. A manual approach slows down the payment process and increases the risk of errors and fraud while jeopardizing relationships with strategic vendors. This process encompasses invoice processing, verification, approval, and payment execution.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

oAppsNet

JANUARY 9, 2024

Step 1: Gather Vendor Statements and Internal Records The initial stride in the Vendor Statement Reconciliation journey involves the careful collection of both vendor statements and internal records. The latest vendor statements provide a snapshot of transactions, including invoices, payments, credits, and outstanding balances.

Purchase Order 52

Purchase Order Reconciling Invoicing Financial Records 52

Nanonets

MARCH 27, 2024

QuickBooks is one of the top names in accounting and bookkeeping, customizable enough to appeal to a wide range of business types and sizes while staying sufficiently standardized to ensure a common user experience for all users – even international clients. However, it does not offer direct international payment processing.

QuickBooks 52

QuickBooks Deposits XERO Virtual Bookkeeping 52

MineralTree

FEBRUARY 9, 2023

Payment and Accounts Payable Trends for Healthcare in 2023 In order to deal with healthcare AP challenges , today’s medical practices must find ways to cut costs without affecting patient care quality. As a result, many teams this year are optimizing their internal business operations to crack down on inefficiencies.

AP 80

AP Invoicing Accounts Payable Accounts Payable 80

Accounting Tools

APRIL 24, 2024

This approach is useful for the issuer , since it can send dividend payments to bond owners based on its internal records. This is also a useful control, since it ensures that interest payments are only paid to the person associated with a bond. The issuer of a bearer bond issues dividend payments to whoever holds the bond.

Corporate Finance 40

Corporate Finance Collections 40

Plooto

FEBRUARY 2, 2024

From international payments and purchases, to collecting rents and paying contractors for construction and renovations, the accounting needs of a modern real estate business demand powerful technological solutions. Real estate is a complicated industry, with complicated accounting needs.

Collections 52

Collections Accounting Accounting 52

AvidXchange

APRIL 18, 2024

Payment fraud is a major concern in accounts payable (AP) departments. According to a recent survey, “ The State of B2B Payment Security in 2024 ,” conducted by AvidXchange and the Institute of Finance & Management (IOFM), 76% of AP leaders said their department has experienced payment fraud in the past calendar year.

AP 52

AP Invoicing Billing Accounts Payable 52

Nanonets

APRIL 12, 2024

At its core, account reconciliation is the comparison of multiple sets of financial records, such as bank statements and internal accounting records, to identify and rectify discrepancies. Intercompany Reconciliation involves reconciling transactions and balances between multiple subsidiaries or divisions.

Account Reconciliation 52

Account Reconciliation Reconciling General Ledger Bank Reconciliation 52

Tipalti

MAY 23, 2023

Global payouts are the key to fast and secure international payments. Learn about global payment options and which payment method is best for your business.

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59

oAppsNet

APRIL 9, 2024

These technologies will revolutionize routine tasks such as invoice processing, payment approvals, and reconciliation, allowing AP departments to operate more efficiently and effectively. This includes implementing robust internal controls, conducting regular audits, and maintaining accurate documentation of financial transactions.

Accounts Payable 52

Accounts Payable Accounts Payable AP Vendor Management 52

RevCycle

MARCH 20, 2024

This article explores the financial struggles of rural healthcare in the Great Lakes region and proposes solutions, including implementing flexible payment policies, up-front collections, and partnering with high-quality collection agencies, to create a more sustainable future. Implementing a flexible payment policy can be a game-changer.

Collections 92

Collections Billing Revenue Cycle 92

Nanonets

SEPTEMBER 28, 2023

= Cross-border payments have become increasingly popular as businesses and individuals alike seek to capitalize on opportunities in foreign markets. Yet, these payments can be fraught with challenges, from foreign exchange risks to compliance with local regulations. What Are Cross-Border Payments?

Invoicing 52

Invoicing Accounts Payable Accounts Payable AP 52

Accounting Tools

APRIL 6, 2024

Collections Function The accounting department is responsible for keeping track of overdue invoice payments from customers, and uses a variety of methods to extract payment from them, including dunning letters , phone calls, and attorney letters.

Accounting 75

Accounting Accounting Budgeting Financial Statements 75

oAppsNet

JANUARY 18, 2024

Meticulously Gathering Vendor Statements and Internal Records: Laying the Groundwork Embarking on the vendor statement reconciliation journey begins with the meticulous gathering of essential documentation. Simultaneously, compile internal records such as purchase orders, invoices, and payment receipts.

Reconciling 52

Reconciling Purchase Order Vendor Management Invoicing 52