Account Reconciliation Services from Outsource2india

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 O2I?

• Reduce administrative and accounting expenses
• Streamlined procedures using automated reports and online tools
• Leverage accounting expertise of best-in-class accountants
• Achieve regulatory compliance with laws such as Sarbanes-Oxley Act.
• Access state-of-the-art Account Reconciliation software
• Increase financial controls with accurate and timely information
• Improve fraud protection

Outsource2india's Account Reconciliation Services

The O2I 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-of-breed 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 Write-Up Services, Accounts payable services, Accounts receivable services and Account Reconciliation Services. Some of the software packages frequently used at O2I are:

• Pro Tax
• Sage Line 50
• Quicken
• MYOB
• Peachtree
• IRIS
• Lacerte

Data Security Initiatives at Outsource2india 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, Outsource2india has built-in confidentiality agreements in the SLA 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
• Virtual Private Network protection (VPN)
• 24x7 uninterrupted power supply
• Encrypted file servers
• Password protected systems
• Biometric Access

Benefits of O2I's Account Reconciliation Services:

Outsource2india's clients worldwide have improved their internal financial reporting and leverage the high quality of account reconciliation services offered by O2I.

Some of the advantages of outsourcing account reconciliation to O2I 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
• Account reconciliation services that work within the client's existing financial systems
• Updated systems and processes allow faster, accurate tracking of transaction and accounting data.

Do you want to outsource your Financial Analysis Services to O2I? Read more about Outsourcing Financial Analysis Services to O2I.

Find out how outsourcing financial reporting services to O2I can help you take informed decisions about your future.

Please contact us for further information about O2I's Account Reconciliation Services and Pricing details.

Pricing

Pricing is a critical factor to consider before outsourcing. Our pricing model allows you to keep your costs in control.

Pricing Structure

Case Studies

Read Case Studies to find out how we helped our clients with Financial Services.

Read more

Tell us your requirements and get a free quote.