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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
• Partial reconciliation
• Full reconciliation
• Deposit reconciliation
• Check sequencing

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 is secure:

• 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
• Biometric Access

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 are:

• Highly competitive pricing
• Best-in-class accountants trained to offer expert account reconciliation services
• 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 records
• Data transfer via email, secure web servers or remote access
• Account reconciliation reports generated in customized, digital/hard copy formats
• Updated systems and processes allow faster, accurate tracking of transaction and accounting data.


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