When you have better Accounting Services, all your financial records, transactions, and discrepancies can be reconciled. We are a group of experts who offer reconciliation services to various businesses small, medium, and huge, start-ups, and corporate houses.

With our professional help, you can concentrate more on your business goals. We check your account transactions, spotting out errors, make corrections necessary, thereby reconciling the final balance.

Reconciliation of Bank Statements

To maintain a proper and sufficient balance of funds in a company, timely reconciliation of bank accounts is a crucial factor. Most companies have accounting software that has bank reconciliation options. But when the software fails to upload bank statements, reconciliation fails automatically, leading to manually reconciling the accounts. Companies with enormous transactions will find it very difficult to do this manually. That’s when outsourcing the bank reconciliation works for them.

Vendor Payments / Suppliers Ledger Reconciliation

Even though accounting software ensures accurate data, the huge number of transactions and considerations (like a rebate, discounts, and returns) makes reconciliation between the accounts a difficult one. The extent of vendor payments/supplies ledger involves

  • Checking suppliers account for purchase returns
  • Make sure all suppliers are credited for the supplies they made
  • Discounts, rebates received are correctly reflected in their accounts
  • Adjusting amount dues for supplies in case of purchase returns and discounts
  • Make sure advance payments to suppliers are correctly entered and noted before final payment
  • Make sure foreign exchange is correctly accounted for.
  • Confirming balances with suppliers and matching with the company records to avoid discrepancies.

Reconciliation of Customers’ Ledger

Reconciling customers ledger becomes complicated with numerous transactions and considerations (like returns, discounts, and rebates). The extent of reconciliation involves the following

  • Check if the sales returns are properly credited (credit notes raised or debit notes issued)
  • make sure customers accounts are debited with supplies invoices
  • Ensure discounts and rebates are reflected in their accounts
  • Ensure only the balance amount is collected if advance from customers was collected beforehand
  • Make sure foreign exchange is correctly accounted for.
  • Confirming balances with customers and matching with the company records to avoid discrepancies.
  • make sure the discounts are properly deducted

Intercompany Reconciliations

Intercompany reconciliations may be between the head office and branches of the same company, or between the sister concerns. Either way, it is a tedious task for the accountants. The use of common software and timely input of entries ensures there are no discrepancies. Chances are these may not happen due to various reasons like exchange rate fluctuation, non-availability of accountants, improper coordination, etc.

We can help you with the following

  • Reconciling customer statements to internal records
  • Reconciling general ledger with buyer/vendor invoices
  • Reconciling your accounts with internal records
  • Providing year-end reconciliations
  • Intercompany Reconciliations
  • Credit control services to monitor late payments and recover overdue payments timely manner.

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