Account Reconciliation is the act of confirming that the account balance in one's checkbook matches the corresponding bank statement. Account reconciliation services is crucial to ensure accurate and comprehensive financial reports, because it identifies errors and inconsistencies requiring correction by verifying the accuracy of each account. Our accounting professionals are well experienced in the field of account reconciliation and can perform the job in a professional manner saving your time and money.
The scope of our Account Reconciliation Services includes:
- Deposit Reconcilement
- Check Sequencing
- Comprehensive reports in balance with your bank statement
- Flexible reconciliation periods
- Reconciliation reports in electronic files or paper
- Client-specific formats accepted for input data
Tips to effectively perform account reconciliation job
- Rationalize the number of accounts.
- Establish a standard definition of “reconciled” and use it across the
- Perform a separate reconciliation for each balance sheet account.
- Establish risk-based criteria for the timing of account reconciliations.
- Facilitate faster identification of errors through timely reconciliations.
- Use a standard account reconciliation form.
- Require that supporting documentation be attached to account reconciliation
- Establish action plans for all reconciling items.
- Document approval for all account reconciliations.
- Report to management regularly on account reconciliation status.
- Require action plans on delinquent reconciliations.
- Establish clear ownership and accountability for each account
- Implement regular training programs.
- Perform peer reviews of account reconciliation techniques.
- Establish a quality control team.