Account Reconciliation
Know the Steps for successful account reconciliation.
Knoow the Steps for successful account reconciliation so you can reduce the time spent of reconciliations and analyze the implications of your results.
Why is account reconciliation is important?
The Finance department in most organizations is under increasing pressure to transform and streamline the financial close and reporting function while continuing to maintain the integrity of the financial statements and close process.
A key part of this close process includes the completion of detailed reconciliations, which is often a major bottleneck. The need to understand and certify an account balance and its transactions are prompted by regulatory and audit control requirements. these tasks can be easily carried out using Azdan reconciliation solution.
4 Steps for successful account reconciliation
1. Improve the process
- Rationalize the number of accounts.
- Establish a standard definition of “reconciled”.
- 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.
2. Manage your valuable assets “Information”
- Use a standard template / form.
- Require that supporting documentation be attached.
- Establish action plans for all reconciling items.
- Document approval for all account reconciliations.
- Report to management regularly on account status.
- Require action plans on delinquent reconciliations.
3. Automate the process
- Simplify and streamline financial systems.
- Maintain ERP transaction tables and account linkages.
- Automate reconciliations to be performed in a systematic manner.
4. Develop and train your team
- Establish clear ownership for each account reconciliation.
- Implement regular training programs.
- Perform peer reviews of account reconciliation techniques.
- Establish a quality control team
Do you need to learn how to automate the account reconciliation process?
We are deeploying these steps for successful account reconciliation
Whether you choose a simpler first phase to get profits quickly or you opt for full deployment, you are in the right place!
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