Fix Errors in Account by Outsourcing Bank Reconciliation Services

Though a business stands up on the successful pillars of great ideas and synchronization of its employees, but, we cannot deny this fact that a strong foundation of any business is its well management of accounts. When it is an important aspect of running up a successful business, it is obvious that it requires 100% determined efforts to. In a huge majority of cases, imbalanced balance sheets disclose the concern of your accounts department. Well, to get rid of this, bank reconciliation service is there for you. Now, the question arises what is bank reconciliation? Continue with your reading to figure out it.

People who do not belong to accounting field might not be aware of the term ‘Bank Reconciliation.’ This might not even affect anyhow on your accounts, but yes, when you are an entrepreneur, then you need to wake up to the realities of accounting world and should have enough knowledge about it.

Bank Reconciliation?

Bank reconciliation is a process where the differences of your organization’s accounts and bank account’s statement are matched. In most of the cases, it rarely matches. The reason behind it is, deduction of bank fee and other taxes from your bank account which usually are not visible on your organization’s account. Being an entrepreneur, you might have encountered such circumstances in your business, but have you ever paid attention to it?

Bank Reconciliation Services

In case, you do not facilitate your business with bank reconciliation services, see how it can get affected.

• When you are not concerned about your account management, nobody is going to look at it seriously, not even your accounts department. Mismatched accounts leaves a mark of bad impression on your business.

•  Your hard-earned money might get misused either by your department or vendors.

• You never get to know about the bank fee or other kind of deductions made by the bank.

•  The rate of interest gets credited to the bank account, but does not appear in the organization’s account.

I think these factors are enough to open your eyes and let you know about the importance of bank reconciliation services. In case, you do not want to invest your money over setting up an accounting department for you, go for outsourcing such services.

See how outsourced bank reconciliation services give you and your business endless leverages.

1. Improvises your account management- Bank reconciliation helps you obtaining a better access over your accounts. This ultimately brings efficiency in your working and handling accounting issues.


2. Transparency between your bank statement and organization account status- In the bank reconciliation process, both the accounts (organization’s account and bank account) are managed in a synchronized manner. This leaves no scope for mismatched accounts.


3. Accounts department can look into other accounting issues- When bank reconciliation will be managed by the outsourced expert, your accounting department becomes free to handle other accounting issues. Eventually, this brings proficiency in your business. 


4. Reduced paper work- Outsourced accounting expert does not need to perform any paperwork as they are highly professional workers who adopt the finest and latest tools which reduces the paperwork and gives you better resources to keep a record of your accounts.


5. Expert’s services- Outsourced employees hold the expertise of knowledge which makes them an expert in their field. Due to this, you always get benefited with expert services. This isn’t just bringing you quality work, but also, helps you getting facilitated with secured services. 


6. Work done in a set time frame- Outsourced services let you have your work done within a set time frame. All you need to do is mention a fixed time epoch during which you expect to have your work done. Such matters are required to be discussed on a prior stage to execute the work criteria with ease. 


7. Discloses bank fee and taxes- When your outsourced employee will go through the bank and organization account with details which includes- (noting down the transaction history, keeping an eye over the expenses, etc.) along with this, the outsourced bank reconciliation process helps you witnessing the actual bank fee and different taxes debited by the bank.


8. Cost-effective procedure- As outsourced employees are not your full-time employees, so you can get their services at quite reasonable prices.

Hope this article might help you overcome your account management issues. In case, your mind is still bombarded with endless queries about it. Feel free to contact us, we would be more than happy to sort out your accounting issues. 

Reconciliation of Accounts: Do You Really Need It?

Are you an entrepreneur OR Running an organization OR Witnessed some unwanted changes or miscalculations in your accounts?

If all these questions are relating your situation, then it can be an alarming time for you to pay attention towards your accounts. Checking out the accounts of your whole organization is really not a piece of cake. You might need to walk a mile extra to analyze the defaults and then make corrections in it.

Well, every organization has their own accounting department to deal with such matters. Before we move further start grasping knowledge over how to reconcile accounts, I suggest to take a look at the literal meaning of ‘Reconciliation of accounts’ and ‘Accounts reconciliation services'.

What is reconciliation of accounts?

The term  ‘Reconciliation of accounts’ is enough to make you understand that it relates to the affairs of accountancy. Basically, it is an accounting procedure where two different sets of accounting records (balances and accounts) are analyzed.

Generally, every nook and cranny expense of an organization  is kept in the accounts book, so the actual amount and exact expenses made can be looked for whenever required. When this account book holds the details of every major or minor expense of an organization or individual, then it should relate to each other at the end of the accounting period.

But apparently when things don’t go right in the expected manner, then putting your nose in between the accounting matters becomes a must.

Well, now when we have gathered enough information over reconciliation of accounts, now its time to know what ‘Accounts reconciliation assistance’ is all about?

If your accounting manager committed minor mistakes it can hit hard on your pocket. Always keeping an eye on the expenses of the organization can save you from going through such stressful circumstances. The basic motive of conducting accounting reconciliation assistance is to thoroughly check out the accounts book.

It is acknowledged as a verification procedure which is generally seen executed by highly experienced accountants only. In order to safeguard your financial condition, reconciliation after a particular time of span is a must to conduct thing.

Some scholar accountants always suggest to perform the reconciliation procedure over your balance sheet on a regular basis can help you wave off your worries at later stages of financial reporting. With the help of account reconciliation software, this process can be performed with greater ease.

Here is a list of a few of best accounting software which are recommended and used by almost every accountant. Take a look.

•      Pro tax

•      Sage Line 50

•      Peachtree

•      Quicken

•      IRIS

•      Xero

•     Quickbook

•     Netsuite

 By documentation reviewing- While practicing this process, initially the previous accounting documents are paying attention to. In general, this activity is acknowledged as ‘data collection.’ With this, analyses of the previous financial year documents are also executed. If done manually, this process can consume your never ending time, so it is wise to go for any above mentioned account reconciliation software that helps you get a better and faster access over data collected.

The analytic review- Here in this process two important aspects (previous information and estimated transactions) helps you completing the account analyzing procedure. Taking help of the previous year financial statements can really sort out things for you. Once all the data required is collected, then the next step is to perform the comparison activity among (financial and non-financial data information) which ultimately lets you have the clear results in front of you.

• Helps detect accounting blunders that can cost you hard if not detected at the right time.

•  Lets you have an overview of your whole year spending and savings too.

Usually, there are two different ways that are used to in order to conduct the reconciliation procedure. 

To perform this kind of analyses your estimation power should be good, as you need to estimate the last transactions on your account to make the balance sheet accurate. The estimation basically is made in accordance with the previous transactions. 

Is it really important to have a reconciliation of accounts done? What are its benefits?

Whichever is the method of reconciliation, the basic aim is to find out the faults and then correct them up. 


Want to reconcile bank account and credit card statements? We have a highly qualified and experienced team that specialized in reconciliation process. For more information please contact us at info@cogneesol.com.