Financial statement fraud – reconciliation to the rescue

CFO Dive

Financial fraud in the business world has many forms; the most difficult to detect, and expensive one being financial statement fraud

QuickBooks, Amazon To Provide Automatic Purchase Reconciliation

PYMNTS

Intuit has announced a new integration between its QuickBooks software and Amazon Business to allow small businesses to automate purchase reconciliation, according to a press release.

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Rethinking Reconciliation Amid Deeper Corporate Finance Disruption

PYMNTS

The reconciliation process is traditionally viewed in the context of financial transactions: Does the value of a company payment match with what the company was billed, and what the company had purchased? Yet the reality is that the reconciliation process is rarely ever straightforward.

FloQast Augments Reconciliation Automation With AI

PYMNTS

Accountant close management software company FloQast has upgraded FloQast AutoRec, the company’s AI-powered solution to account reconciliation, according to a release. . AutoRec automates this process to ensure your reconciliations include all the needed transactions,” the company said.

OneStream Launches Automated Account Reconciliation

PYMNTS

The Transaction Matching software goes hand-in-hand with OneStream’s existing Account Reconciliation.

Billtrust, Priority Streamline B2B Payments Reconciliation

PYMNTS

Order-to-cash solutions provider Billtrust has added Priority Commercial Payments to its Business Payments Network (BPN) to streamline B2B payments reconciliation, the companies said in a press release this week. Accounts payable automation and payment processing firm Priority will connect to businesses within BPN to support streamlined reconciliation of transactions that flow through the platform, supporting the journey toward touchless accounts payable and reconciliation processes.

Reconciliation Troubles, Supplier Inexperience Exacerbate Late Payments

PYMNTS

Late payments are a reflection of a broader challenge in B2B payments: Large corporate buyers can wield their market power with small suppliers that lack leverage to negotiate faster payment terms. But late payments aren’t the only symptom of unequal B2B relationships.

Finance Teams: Stop Wasting Time on Manual Account Reconciliation & Automate

The Finance Weekly

Account reconciliation is the matching and validating of balances in the general ledger (GL) to internal and external sources or other independent calculations to accurately close month-ends and year-ends. The Hindrance from Traditional Method Account Reconciliation.

CheckAlt, Tru Treasury Partner To Help Credit Unions Accelerate Pay And Reconciliation

PYMNTS

B2B Payments B2B CheckAlt Credit Union CUSO LoanPay membership payments reconciliation Tru Treasury What's Hot In B2B

Deep Dive: Why Costly, Slow Invoice Reconciliation Is Hurting Firms? And Freelancers? Finances

PYMNTS

Freelancers have seen particularly harsh economic effects from the ongoing pandemic. Forty percent of those in the U.S. have lost at least $10,000 in income since its onset, leaving many operating on fast-declining savings. The nation

Bitcoin Daily: Austrian A1 Telekom Now Accepts Crypto Payments; Data Shows Spike; Italian Banks Use Corda For Interbank Reconciliation

PYMNTS

Eighty-five percent of the country’s banks, or 55 banks total, have made use of the solution to help switch up the process of interbank reconciliation. She said the Corda process has shortened that down to just one day to complete a reconciliation.

Reconciliation Solution Emerges From Disruptive Innovation Lab

PYMNTS

The innovators at SmartStream Technologies have introduced the first solution from its SmartLabs innovation center, and it’s a tool for financial services companies to streamline the reconciliation process. In an announcement late last week, SmartStream announced the creation of TLM SmartRecs OnDemand, a reconciliation solution developed for smaller FinServ firms without dedicated staff to manage the technical aspect of reconciliation. “We’ve

NCR Streamlines Bank Reconciliation Risk

PYMNTS

has launched a new reconciliation software designed to help financial institutions decrease their overall risk when it comes to reconciling cash transactions and replenishments across their ATM devices. NCR Reconciliation is automated software that provides the daily balancing activities of the ATM cash network, which NRC says can help both banks and credit unions increase overall performance and reduce risk. NCR Corp.

Webjet Launches Blockchain-As-A-Service For B2B Hotel Reconciliation

PYMNTS

Travel booking company Webjet , based in Australia, has launched a blockchain solution for the hotel industry to manage reconciliation in hotel distribution. B2B Payments accounts payable accounts receivable B2B Blockchain data reconciliation hotels News rezchain Webjet What's Hot In B2B

What Happened to That ‘Emergency’ Covid Money?

CFO News Room

Yet asked last week whether President Biden wanted Democratic leaders in Congress to include the Covid money in a budget-reconciliation bill, administration officials demurred. Joe Manchin unveiled a $739 billion reconciliation deal dripping with climate grease. The White House is importuning Congress for $31.4 billion to buy more Covid-19 treatments, tests and vaccines.

Schumer-Manchin Throws the Book Tax at U.S. Companies

CFO News Room

Under the reconciliation proposal, businesses with more than $1 billion in a new type of book income called “adjusted financial statement income” would be subject to a new minimum tax, which is essentially a tax on manufacturing. Don’t be fooled by the name. While the latest proposal from Senate Democrats to raise taxes and spend more taxpayer money is called the Inflation Reduction Act, it would actually do the opposite.

An Alternative to Expanded ObamaCare Subsidies

CFO News Room

The new Democratic reconciliation bill includes a three-year extension of enhanced ObamaCare subsidies—which is bad policy motivated by election politics. It’s part of the Inflation Reduction Act, hashed out by Senate Majority Leader Chuck Schumer and Sen. Joe Manchin (D., W.Va.). Mr. Manchin is ostensibly concerned about rising prices and the deficit. But this expanded-subsidies extension would raise inflation and increase the deficit.

GOP Gambit Could Help U.S. Energy Producers Build Back Better

CFO News Room

Rather than moderating the package to cushion their party’s slim majority with Republican votes, Democrats have begun to submit their revised bill through budget reconciliation—a Senate procedure that allows certain tax and spending measures to pass with only 51 votes. Some bad ideas never die. Senate Majority Leader Chuck Schumer continues to talk with Sen. Joe Manchin about reviving the Democrats’ Build Back Better legislation.

Goldman Sachs Adds Global Payments To SAP Ariba

PYMNTS

In addition, the deal will allow better reconciliation of payments with the matching invoices. B2B Payments accounts payable Ariba Network B2B buyer supplier cross-border payments Goldman Sachs News reconciliation SAP supplier payments What's Hot In B2B

SAP 83

What ‘Work From Home’ Means For Paper-Based AR Departments

PYMNTS

As Biegel explained, a lack of data standardization across payment tools remains a challenge to the reconciliation and cash application process, even when that data is electronic.

Crowe Launches Cash Management Solution For Hospitals

PYMNTS

Accounting, consultancy and technology firm Crowe is rolling out a new solution designed for hospitals to automate daily bank reconciliation processes and manage cash flow, the company said in a recent announcement. Crowe is addressing this friction with the rollout of its Crowe Automated Reconciliation for Healthcare tool, providing hospitals a three-way match solution between their general ledgers, patient accounting systems and banking providers.

Bitcoin Daily: Austrian A1 Telekom Now Accepts Crypto Payments

PYMNTS

Eighty-five percent of the country’s banks, or 55 banks total, have made use of the solution to help switch up the process of interbank reconciliation. She said the Corda process has shortened that down to just one day to complete a reconciliation.

HighRadius Rolls Out Technology Suite For AR Automation

PYMNTS

The company said that the suite “uniquely positions itself” in a market that is not well-served by providing a cash reconciliation app, eInvoicing and collections app. To automate accounts receivable (AR) for mid-sized companies, HighRadius has rolled out its RadiusOne A/R Suite.

Credorax, Samsung To Introduce Blockchain-Based Open Banking

PYMNTS

The new partnership will combine “global open banking initiatives, Samsung SDS’ Nexledger Universal platform and Credorax’s industry expertise” in order to provide automatic payment reconciliation, remittances and invoices for B2B payments.

Commercial Cards: It’s All About The Data

PYMNTS

That’s particularly true in accounts receivable (AR), with B2B suppliers not only needing money to flow in from their buyers, but high-quality transaction data for reconciliation, reporting and analytics. A Reconciliation Headache.

How FinTechs Start With The End In Mind For Payments

PYMNTS

It might have a settlement file from one processor come in for its month-to-month reconciliation procedures and then have to go through the process with all of its providers to ensure the numbers match up. Modo aims to provide a solution, turning the complex work of reconciliation into an automated process. Retail automation checkout FinTechs Fraud Prevention Modo News payment innovations reconciliation startup check-in SUCI

How FinTechs View Integrated Receivables In 2020

PYMNTS

At the same time, a shift to electronic payments causes more reconciliation challenges, so companies are spending more time reconciling and processing them than they do even for paper payments. FinTechs are watching the latest trends in integrated receivables as a new year begins.

Citi Virtualizes Accounts For Corporate Treasurers

PYMNTS

The solution is compatible with existing Citi accounts receivable solutions, including Citi Payer ID Accounts for automated reconciliation. “Citi’s virtual account solution is a strategic enabler for corporate treasuries of both our traditional and digital clients, providing a platform for benefits such as bank account rationalization and automated reconciliation.”

Flywire Upgrades Payments Platform With Machine Learning

PYMNTS

The enhancements improve the payment-to-settlement time, increase security and reduce costs for both payers and receivers by further automating and streamlining reconciliation of the growing number of international payments coming from different countries in different currencies,” the company said. Global Payments cross-border payments Flywire machine learning News payment solution receivables reconciliation What's Hot

How to Bring the Bank to Your NetSuite Environment

FISPAN

FISPAN delivers a seamless commercial banking experience, allowing you to directly manage your payables, view all bank account and transaction details, eliminate manual uploads, automate your reconciliation, and more, all from within NetSuite.

Corporate Cards Extend Influence Beyond The Payment

PYMNTS

In this week’s examination of the latest in commercial card innovation, PYMNTS uncovers how service providers are emphasizing how card technology can ease friction pre- and post-payment, from promoting employee spend compliance to streamlining supplier reconciliation.

Citizens Bank’s Corporate Real-Time Payments Play

PYMNTS

As they work to achieve this, more companies are ditching paper-based methods and embracing digital solutions that streamline payments and reconciliations. is fragmented, Richardson said, and faster payment systems can remove some of the headaches of managing payments data and reconciliation. The ability to send a request for payment via RTP can help smooth reconciliation, he noted. . The U.S.

How AP Can Tip The Scales In Favor Of Virtual Cards

PYMNTS

“The beauty of the virtual card is that it’s the only payment modality today that solves the four biggest challenges in [the] payment process: speed, good funds, reconciliation [and] fraud risk,” explained Blair Jeffery, chief operating officer at payments processing company Noventis. In terms of reconciliation, he explained, virtual cards provide a unique number for each transaction, enabling automated matching and reconciliation processes.

How FinTechs Start With The End In Mind For Payments

PYMNTS

It might have a settlement file from one processor come in for its month-to-month reconciliation procedures and then have to go through the process with all of its providers to ensure the numbers match up. Modo aims to provide a solution, turning the complex work of reconciliation into an automated process. Startup Check-In automation checkout FinTechs Fraud Prevention Modo News payment innovations reconciliation startup check-in SUCI

Taking The Temperature Of B2B Payments In Healthcare

PYMNTS

B2B Payments automation B2B electronic payments faster payments friction News Open Banking Payment Methods reconciliation Ventanex What is Healthcare The U.S. healthcare system is a multi-trillion dollar industry, but one rife with inefficiencies, especially when it comes to payments.