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How Nonprofits Can Benefit From Purpose-Built Financial Technology

AvidXchange

million nonprofit jobs lost in 2020 still haven't been recovered SOURCE: The NonProfit Times Investing in modern technology such as AP automation can help create more efficient workflows while decreasing the chances of human error, especially when staff turnover is high. Nearly every aspect of nonprofits is touched by the finance department.

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Credit Card Reconciliation: What It is and How to Do It?

Nanonets

Billion in 2020 only for North American regions. Also, credit card reconciliation is the process of confirming that all transactions on your credit card statement are properly reflected in your accounting records. Why is reconciling credit cards difficult? Reconciling credit cards can be difficult for several reasons.

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Accounting Practice Management Software: The Top 17 Roundup

Future Firm

I’ll take a look at the options available within each accounting software. Integrations Just like with your cloud-based accounting software, integrations are a key to workflow functionality. The more integrations available, the more flexibility you’ll have with your accounting solution. GoCardless. GoProposal.

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How Straight Through Processing Automates Delivery and Receipt of Payments for a Busy Small Business  

AvidXchange

“When apartments turn over at the beginning and end of each school year, we may process more than one hundred checks in a single day, manually entering, reconciling and depositing them for payment,” said Clark.

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What are GL Codes and how to assign them effectively?

Nanonets

Setting Up GL Codes in Accounting Software When it comes to integrating GL codes into your accounting software, think of it as programming the DNA of your financial system. Most modern accounting software offers a user-friendly interface to simplify this process. to determine the appropriate GL code.

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7 Misconceptions Finance Pros Should No Longer Believe about Paper and Paperless Accounts Payable Automation

AvidXchange

In 2020, the accounts payable profession continues to gain momentum and impact business operations and results in an increasingly strategic way. This includes the check stock, envelopes, stamps and the time consumed with writing, mailing, collecting and reconciling payments.

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What is order entry automation, and how to implement it?

Nanonets

A 2020 McKinsey survey found that automation reduced costs by 10-15% and cut order processing time from 2-3 days to 1-2 hours. Ultimately, the exact process might vary based on the specific software you choose to implement and your unique business needs. How does order entry automation work?