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Understanding 3-Way Reconciliation: A Quick Guide
3-Way Reconciliation of Bill/PO/GRN Effective accounts payable procedures are crucial for preventing overpayments, which can significantly impact businesses. These errors, such as duplicate invoices or incorrect quantities, can lead to unnecessary costs. To mitigate these risks, companies employ 3-way matching in accounts payable. This process ensures accuracy by comparing the...
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Understanding 3-Way Reconciliation: A Quick Guide
3-Way Reconciliation of Bill/PO/GRN Effective accounts payable procedures are crucial for preventing overpayments, which can...
Read MoreBenefits of Automating Invoice Processing
As a finance controller, you handle numerous invoices each month. In this era where you...
Read MoreA Complete Guide to Digitizing Invoice Processing in
In the dynamic landscape of modern business, finance controllers face the ongoing challenge of manual...
Read MoreHow to Achieve Financial Operational Excellence with DataTwin
Discover how financial controllers can overcome operational inefficiencies with DataTwin iFOS in our #NoMoreWhackAMole series....
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Frequently Asked Questions
Definitely. DataTwin has a Import tool that helps you map your data in excel, csv, tsv etc. to the internal data model. Once mapped, the import can be done without any issues. The mapping can be stored as a theme and can be changed when the importing data formats changed.
As many as you want. There are no restrictions on the number of themes you can create.
DataTwin provides a set of interfaces that are based on REST API’s and can transact based on JSON. If there is a specific need to integrate with an ERP, it can be taken up as part of the Set-Up or service efforts at a small cost to ensure your utilistation is utmost and derive maximum benefits from DataTwin.
Extracting information from a vendor bill, accounting for the bill, allocation of costs for that bill, approvals for the bill are all automated. As part of period end activities, for any PO/Internal Plan created but no goods receipt or service receipt received, provision is automatically made and posted. Also amortization of prepaid bills periodically is automated. Taxation in terms of GST and Withholding tax has been automated.