Reconciliation of accounts
Account reconciliation is the process of comparing transactions you have recorded using internal record-keeping for financial accounts against monthly statements from external sources—such as a bank, credit card company, or other financial institution—to ensure that your account records agree with each other.
Why Reconcile Your Accounts?
Comparing transactions and balances is important because it avoids overdrafts on cash accounts, catches fraudulent or overcharged credit card transactions, explains timing differences, and highlights other negative activity such as stolen or incorrectly recorded income and expense entries.
This will save your company from paying overdraft fees, help catch improper spending and serious issues such as embezzlement before they get out of control, and keep transactions error-free.
Our services include
- Collecting relevant account data like invoices
- Checking account balances, correcting these balances
- Finding discrepancies
- Controlling policy to prevent discrepancies
- And more
Afficient has simplified many of our existing functions and I’m excited to know that there is much more time saving and efficiencies to come ... our business becoming so automated has been a great time saver for me.
