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For the 2024 tax year, businesses must issue a 1099-NEC to recipients and file it with the IRS by January 31, 2025, according to the IRS. Improved Data Accuracy AP automation can reduce manual dataentry errors by automatically extracting payment details and vendor information.
Connecting your systems directly: Reduces manual dataentry and errors Ensures automatic syncing of sales transactions Helps track platform-specific fees and commissions 3. Regularly Reconcile Transactions Reconciling sales data with bank statements and payment processors prevents discrepancies.
These tasks include dataentry, invoice processing, and financial analysis for decision-making, operational planning, and risk management. Manual dataentry implies there is a high potential for inaccuracies, as human errors can occur when transcribing numbers or processing large volumes of data.
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