Finsmart Solutions offers professional bank reconciliation services for small and medium businesses, corporate houses and large organizations including MNCs. Our expert services can help prevent fraud, avoid legal issues and help you focus better on your main business goals. Bank reconciliation, defined as the act of confirming whether the actual account balance matches the corresponding bank statement, is crucial to the financial health of corporations and organizations. By verifying the accuracy of each account, the account reconciliation team identifies errors and inconsistencies requiring correction, and reconciles the final balance accordingly.
The Bank Reconciliation process
With more than a decade of experience in offering outsourcing services, Finsmart Solutions has perfected its methods when it comes to bank reconciliation. We follow the following guidelines to ensure the accuracy of the account reconciliation process:
- Establish a standard definition for ‘bank reconciliation’ and process document.
- Set up a quality control team to monitor the account reconciliation process.
- Perform a separate reconciliation for each balance sheet account.
- Facilitate faster identification of errors through timely reconciliations.
- Compulsorily require that supporting documentation be attached to account reconciliation forms.
- Establish action plans for all reconciling items.
- Provide document approval for all account reconciliations.
- Send regular reports to management 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.
Why choose Finsmart Solutions?
Choosing Finsmart Solutions as your outsourcing partner enables you to enjoy a wide range of benefits. Our major differentiators are:
- Superior accounting software –
At Finsmart Solutions, we use only the best-in-class accounting software for our account reconciliation services. We are familiar with various accounting applications available in the market.
- Trained and experienced accounting professionals –Finsmart Solutions maintains its high standard of quality by hiring only trained accountants with prior experience in the field of account reconciliation services. All our accounting professionals are adequately trained in the required software and can provide electronic or manual accounting as desired by the client.
- State-of-the-art data security measures –
At Finsmart Solutions, we take our clients’ data security very seriously. We ensure the confidentiality of your company’s internal information with Non-disclosure and Confidentiality Agreements, secure web servers and VPN (Virtual Private Network) protection. We also maintain maximum security at our service centers with encrypted file servers, password protected systems and biometric restricted access to registered users only.
- Streamlined procedures to maintain accuracy – We provide streamlined quality control procedures using tried and tested processes like every financial document and transaction goes through stringent scrutiny and is rechecked twice to ensure accurate tracking of transaction and accounting data.
- Cost-effective and convenient – Outsourcing your bank reconciliation services helps you save significantly when compared to setting up and maintaining an in-house team. In addition to reducing administrative expenses, outsourcing helps you enhance protection against fraud, and gain a faster, more convenient way of tracking accounting and transaction data.