Bank Account Reconciliation Services
» Accounting & Auditing
- B.A. Reconciliation Services
|What is Account Reconciliation?
The business activity in most organizations today is multilayered and complex.
However, despite sophisticated accounting systems in use to cater to these
needs, account reconciliation continues to be that one indispensable step
to ensure that all the figures add up right. Account reconciliation is the
procedure of verifying that all accounting records of an organization are
consistent with the bank statements. It also ensures that the various components
of the company's financial statements agree with each other. Account reconciliation
thus entails a detailed check of an organization's financial records, bank
statements, client and vendor bills and all supporting documents to detect
discrepancies, address them and reconcile the final balance. It accounts
for checks outstanding, deposits in transit and reveals errors in the records.
Account reconciliation is an integral part of a company's internal financial
controls. Accurate account reconciliation reports are an indication of effective
tracking and interim controls. Accounting reconciliation is a vital tool
for company auditors to determine the veracity of a company's financial
statements and its internal reporting.
Why Outsource Account Reconciliation Services to RAKCA?
Reduce administrative and accounting expenses
Streamlined procedures using automated reports and online tools
Leverage accounting expertise of best-in-class accountants
State-of-the-art Account Reconciliation procedures
Increase financial controls with accurate and timely information
Improve fraud protection
RAKCA’s Account Reconciliation Services
Our team interacts with your accounts department to understand the existing
reporting systems and financial controls prevalent in your organization.
After consultations and discussions, the need if any for any process variations,
additional records, or internal accounting reports is determined. We undertake
several levels of account reconciliation such as:
Reconciliation of internal accounting records with bank statements
Reconciliation of credit-card statements against bank statements
Ledger reconciliation with vendor and buyer invoices
The best accountants that form our account reconciliation team use a wide
range of accounting software. They advice you on the best software for your
organization and help in designing accounting systems aligned to the business
needs of your organization. We have proven competencies and use a wide range
of accounting software for Accounts payable services, Accounts receivable
services and Account Reconciliation Services.
Data Security Initiatives at RAKCA’s for Account Reconciliation Services
One of the key concerns that customers often have when outsourcing account
reconciliation services is the data security aspect since the outsourcing
partner has access to critical accounting information of your organization.
However, RAKCA has built-in confidentiality agreements and has invested
in high security infrastructure for data transfer. Our team is made aware
of the highly sensitive nature of the data they deal in and several levels
of protection are accorded to ensure that your company's internal information
Non-disclosure / Confidentiality Agreements
Service Centers that function as High Security zones
Secure Web Servers
Restricted access to registered and authorized users only
Password protected systems
Benefits of RAKCA’s Account Reconciliation Services
RAKCA’s clients worldwide have improved their internal financial reporting
and leverage the high quality of account reconciliation services offered
by us. Some of the advantages of outsourcing account reconciliation to RAKCA’s
Highly competitive pricing
Best-in-class accountants trained to offer expert account reconciliation
Rigorous data security systems
Accounting reconciliation over flexible time periods based on client needs
Customized formats accepted for input data
Account reconciliation done for digitally or manually kept accounting
Data transfer via email, secure web servers or remote access
Account reconciliation reports generated in customized, digital/hard copy
Updated systems and processes allow faster, accurate tracking of transaction
and accounting data.