ICFR is more than a "check the block" exercise; effective and quality ICFR describes an entire ethos of financial transparency and accountability. ICFR runs the gamut of control systems and processes a company takes to ensure the validity of its financial statements and stay out of hot water with regulators, investors, and stakeholders. While ICFR…

Accounts payables teams used to be surrounded by too-full filing cabinets, stacks of paper receipts, and checkbooks. All the manual work involved in the procurement process meant that AP experts, no matter what organization they worked for, had to do a lot of the heavy lifting on their own. They had to process invoices, verify…

What is an ERP and Why Do ERPs Get Integrated? An Enterprise Resource Planning (ERP) system is a platform that acts as the centralized hub of your business’s data. It captures new sales, tracks inventory, and monitors financial transactions, and provides key data to decision-makers in most functions. When ERPs first started becoming popular in…

Among finance professionals and business leaders, AP automation is quickly shifting from an exploratory endeavor to a key strategic priority. By streamlining the accounts payable cycle with Artificial Intelligence and automation-centric tools, AP teams can reap the benefits of airtight data accuracy, seamless invoice processing, and downstream collaboration with other teams or business processes. AP…

NetSuite modules and add-on software expand the functionality of NetSuite ERP, allowing users to optionally choose only those NetSuite add-on modules and add-ons that fit their business.  Although types of ERP systems vary, NetSuite is primarily software for a small business or a mid-market company that includes accounting. Oracle NetSuite is a cloud-based ERP system…

Intercompany reconciliation is specific to companies with multiple subsidiaries under the same parent group. It's a crucial step in the intercompany accounting process and for preparing a consolidated statement for financial reporting. Intercompany accounting is significantly more complicated than standard accounting since it requires balancing multiple ledgers, tracking internal/external transactions, forex conversion, performing intercompany eliminations…

In the rapidly evolving business landscape, the efficiency of Accounts Payable (AP) processes is no longer just a back-office concern but a strategic imperative. The complexity and resource-intensive nature of traditional AP work is becoming unsustainable, particularly in the face of growing demands for speed and accuracy. Accounts Payable (AP) automation is the use of…

Month-end close is a widely accepted accounting standard that is aimed at keeping an accurate set of financial records and detecting errors/fraud. It involves recording, reviewing, and reconciling records at the end of every month. Month-end reconciliation is the most important part of the month-end close process. It’s a crucial step to ensure that you…

QuickBooks is one of the most widely used apps for bookkeeping, and it offers a convenient way to reconcile credit cards without needing external tools.  In this article, we guide you through the credit card reconciliation process in QuickBooks, addressing common issues and providing useful tips to streamline the procedure. In the top help…

Learning to reconcile with QuickBooks Online is a starting step for using QuickBooks to manage books. QuickBooks is a handy tool to help you reconcile your accounts without using any external tools.  In this article, we walk through the reconciliation process in QuickBooks, address common issues, and provide useful tips. Search for “Reconcile” in…