A fundamental account process, reconciliation ensures that the money spent matches the money leaving an account at the end of a financial term. It involves checking every transaction and making sure that it adds up to the ending account balance. There are two different methods to reconcile an account: reviewing documents and reviewing analytics. Document review comprises of checking the amount for each transaction and determining whether the amount matches the actual expenditure. On the other hand, in an analytics review, the actual amount is estimated based on previous account activity levels. Outsourcing reconciliation services is one way to go about this process for maximum efficiency and results.
Neolotex offers top-quality bank reconciliation outsourcing services and accounting outsourcing services to financial intuitions. Our account reconciliation team is known to be highly efficient and effectively identifies errors, inconsistencies, fraudulent activity, and reconciles the final balance. This not only helps avoid any loss and unnecessary legal issues but saves you a lot of precious time to focus better on your major business goals. We follow some strict guidelines to ensure accuracy in the process like establishing a standard definition for the process, set up a quality control team, perform a separate reconciliation for each balance sheet account, facilitate faster identification of errors through timely reconciliations, and more.