Reconciliation & Walkthrough Tests

Walking the Path of ConfidenceRevealing the Invisible, Strengthening Control

Reconciliation and Walkthrough

Account reconciliation is a critical process that ensures the accuracy and completeness of an organization’s financial statements.

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It involves verifying and resolving any discrepancies in financial records to ensure the numbers align and provide a reliable view of the company’s financial status. As businesses focus on their core activities, many organizations are opting to outsource account reconciliation to streamline the process.

The benefits of account reconciliation are significant, particularly in safeguarding the accuracy of the company’s balance sheet. By reconciling accounts, companies can detect and address fraudulent or overcharged credit card transactions, prevent cash account overdrafts, identify negative financial activities such as theft or reporting errors, and reduce compliance risk by ensuring accuracy during audits.

Our reconciliation services encompass two approaches:

Document Review: This process involves comparing the documented amounts of each transaction with the corresponding incoming or outgoing amounts in the accounts. It ensures that the recorded transactions align with the actual amounts.

Analytics Review: Analytics review utilizes historical estimates of account activity and compares them to the actual data. Significant deviations between the estimated and actual numbers can highlight potential errors or fraudulent activities that need to be addressed.

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Balancing the Books

Financial records accurately reflect the transactions and balances.

Following the Footsteps

Comprehensive understanding of the controls, procedures, systems.

Trust but Verify

Independently verifying the information through testing and analysis.

Harmony in Numbers

Harmonious alignment between records, statements, data sources.

Bridging Gaps, Ensuring Accuracy

In Pursuit of Clarity,
Uniting Financial Threads

Reconciliation & Walkthrough Tests for Holistic Understanding

We offer a wide range of reconciliation services that cater to both personal and business requirements. Here are the various types of reconciliations we provide:

Bank Reconciliation: We reconcile your bank statements with your accounting records to ensure accurate recording of transactions, identify discrepancies, and maintain an up-to-date view of your cash position.

Credit Card Reconciliation: Our team compares credit card statements with your financial records to verify the accuracy of transactions, detect any unauthorized charges, and reconcile outstanding balances.

Cash Reconciliation: We reconcile your cash accounts, such as petty cash or cash on hand, to ensure proper tracking of cash inflows and outflows, identify discrepancies, and maintain accurate cash balances.

Customer Reconciliation: We reconcile your customer accounts, verifying outstanding balances, payments, and credits to ensure accurate customer account information and resolve any discrepancies.

Vendor Reconciliation: We reconcile your vendor accounts, reviewing outstanding balances, payments, and credits to ensure accurate vendor account information and resolve any discrepancies.

Tax Reconciliation: Our team reconciles your tax records with financial statements to ensure compliance with tax regulations, identify potential errors, and maintain accurate tax reporting.

Inter-company Reconciliation: We reconcile transactions and balances between inter-company entities to ensure accurate recording and eliminate any discrepancies or inconsistencies.

Fixed Asset / Inventory Reconciliations: We reconcile fixed asset and inventory records with physical counts or other sources to ensure accurate valuation, proper recording, and control over assets.

Business-specific Reconciliation: We provide tailored reconciliation services based on the specific needs of your business, ensuring that critical areas are reconciled accurately and efficiently.

Other Reconciliations: We handle various other reconciliations, including prepaids, accruals, provisions, and any specific reconciliations unique to your business requirements.

Our comprehensive range of reconciliation services ensures that your financial records are accurate, discrepancies are identified and resolved promptly, and you have a clear and reliable view of your financial position