Account reconciliation is a critical but underappreciated control to help ensure an organisation’s financial integrity. Weaknesses and inefficiencies in the reconciliation approach often lead to mistakes and inaccuracies on the balance sheet.
The effective management of account reconciliation activities can greatly increase a company’s ability to proactively identify and resolve issues that could result in misstatements in financial accounting and reporting records, which could lead to write-offs. Automation of the account reconciliation process is a critical step in achieving balance sheet integrity, a timely and efficient financial close.
Discover errors and discrepancies before they cost you
How getsix® can help ?
getsix® can help make your reconciliation process more effective in driving business value by making it more efficient in how it operates within your organisation. getsix® can help you gain confidence in your general ledger balances by creating and implementing appropriate reconciliation and information management processes, as well as improving organisation, training and automation.
Among the key benefits of this service are:
- Rationalisation of the number of accounts and use of a standard definition of ‘reconciled’ across the company
- Establishing risk-based criteria for the frequency of account reconciliations
- Information management through a standard account reconciliation form or template
- Establishing clear ownership and accountability for each account reconciliation
Account and bank statement reconciliation is an integral part of maintaining good cash flow. Without timely reconciliation, your business risks missing bank errors, failing to identify fraud or theft and underutilisation of cash.
getsix® account/bank reconciliation outsourcing services help our customers to:
- Reduce risk and increase transparency of the general ledger
- Control business cash flow
- Uncover irregularities in your accounts
- Manage unutilised cash in accounts
- Eliminate bank errors and manage your fees