Reconciliation is an accounting process that uses two sets of records to ensure that figures are correct and in consensus with each other. It is an essential internal control system that is often considered a tiresome task for the accounts and finance department because it involves identifying and correcting discrepancies between two separate records that are usually containing huge amount of data. The reconciliation work requires expertise in financial knowledge and a set of skills in data analysis for accurate and diligent flow. Audit and Systems Solutions Nig. Ltd., offers a specially designed data reconciliation service using advanced skill in data analysis, bank reconciliation with modern tools and techniques. Our services include:
Bank reconciliation is the process of verifying the integrity of data between bank records and company’s financial records. It begins with matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement. A bank reconciliation statement helps identify differences between your company’s bank and book balances. It is what companies use to make sure that the cash balances they show on their books, matches the actual cash they have in the bank. It is important to prepare bank reconciliation statement every month so that it does not become cumbersome at the end of the year while closing the books. You can outsource your bank reconciliation service to our organization. Find below some of the benefits you will gain when outsource your bank reconciliation service with us:
Inventory reconciliation is a procedure to analyze and verify the accuracy of inventory records by comparing it with actual stock available in the warehouse. It is an ultimate inventory tracking system that helps to ascertain the amount of raw material and stock available in the storehouse of the company. Inventory Reconciliation is one of the services offered under finance and accounting outsourcing and we can help your organization handle this service with our team of experts.
For every organization, inventory management is considered an essential part of business process. The primary reason for its importance is that inventory has a direct relationship with working capital and productivity. In case, stock available in the warehouse is not sufficient, the manufacturing process may suffer. For a company, both the situations are alarming whether there is a lack of inventory or the presence of excess stock in warehouse.
Therefore, it is crucial for every company to have proper inventory control system. At Audit and Systems Solutions Nig. Ltd., we strive to give a well-structured inventory control system to our clients.
Inventory management techniques comprise of various tools and methods to effectively handle the warehouse of the company.
Inventory reconciliation is considered as an essential element of inventory management techniques. Also, it is the most effective tool for detecting any fraudulent activity related to inventory management of the company.
The vendor reconciliation of accounts payable is the process of matching outstanding vendor balances to the payables amount stated in the general ledger. This is done to see whether the vendor is charging correctly for the products or inventory you have received. This is also done as a part of month end closing activity to maintain transparency in the financial statements.
Customer Reconciliation is the process of comparing the outstanding customer balance or bills to the accounts receivable as recorded in the general ledger. The customer reconciliation is a part of accounts closing activity and is usually conducted at the month-end before issuance of monthly financial statements. Customer reconciliation statement is of great importance for internal auditor as well as the accounts manager since it is a proof that there is no material inaccuracy in the financial statements of the company. Also, if any irregularity is detected while conducting customer reconciliation, the same can be corrected on time before preparing monthly financial statements.
The trend of credit sales is prevalent in the corporate world. In fact, credit sales play a significant role in maintaining business relations between the company and the clients or customers. By opting for credit sales, a company can increase the sales, and the consumer gets the flexibility to pay after a specific period. In the credit sales, a company issues a bill to the customer. These bills are encased after a specific time period. However, it is essential to manage the account receivables properly. Accounts receivable reconciliation or customer reconciliation is a critical activity for every business. It is a process of analyzing the statements related to receivables for unveiling any error or irregularities. Customer reconciliation is a useful tool for exposing fraudulent activity pertaining to accounts receivable.
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Audit and Systems Solution is a data management outsourcing company, that is out to offer excellent data management services such as data collection and validation, data cleansing and enrichment, data processing and analysis, data audit and reconciliation, and data regulatory compliance among other things.
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