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O2I offers professional account reconciliation services for small and medium businesses, corporate houses and large organizations including MNCs. Our expert services can help prevent fraud, avoid legal issues and help you focus better on your main business goals. Account reconciliation, defined as the act of confirming whether the actual account balance matches the corresponding bank statement, is crucial to the financial health of large corporations and organizations. By verifying the accuracy of each account, the account reconciliation team identifies errors and inconsistencies requiring correction, and reconciles the final balance accordingly.
Depending on their size, structure and business goals, establishments often require different account reconciliation services. In order to fulfill this need, O2I provides its diverse range of global clients with 3 kinds of account reconciliation services:
O2I's full account reconciliation services take care of the client's entire financial reconciliation needs. The client provides us with data on checks issued. We then use our automated system to match this information against the checks clearing the client's account. After this is completed, the client receives a full reconciliation report, including checks paid, outstanding items and exceptions. The client can choose to receive the reports via email or FTP.
O2I's partial account reconciliation service involves only reconciliation for items requested by the client. Items paid are sorted according to the client's instructions, and a detailed summary of account activity and information on paid checks and stopped items is sent to the client.
We also provide clients with the choice of using our deposit reconciliation service. This allows clients to gain access to a detailed listing of deposits by logging into a single checking account.
All our account reconciliation services are inclusive of:
With more than a decade of experience in offering outsourcing services, O2I has perfected its methods when it comes to account reconciliation. We follow the following guidelines to ensure the accuracy of the account reconciliation process:
Choosing Outsource2india as your outsourcing partner enables you to enjoy a wide range of benefits that few other outsourcing providers can supply. Our major differentiators are:
At O2I, we use only the best-in-class accounting software for our account reconciliation services. We are familiar with various accounting applications such as Pro Tax, Sage Line 50, Quicken, MYOB, Peachtree, IRIS and Lacerte.
O2I maintains its high standard of quality by hiring only trained accountants with prior experience in the field of account reconciliation services. All our accounting professionals are adequately trained in the required software and can provide electronic or manual accounting as desired by the client.
At O2I, we take our clients' data security very seriously. We ensure the confidentiality of your company's internal information with Non-disclosure and Confidentiality Agreements, secure web servers and VPN (Virtual Private Network) protection. We also maintain maximum security at our service centers with encrypted file servers, password protected systems and biometric restricted access to registered users only.
Accounting compliance is extremely vital, as every transaction has to be completed within the laws and regulations of the respective country. At O2I, we constantly keep ourselves updated with the accounting laws and regulations of specific governance bodies. Our regulatory compliance with laws such as the Sarbanes-Oxley Act helps us increase financial controls with accurate and timely information.
We provide streamlined quality control procedures using automated reports and online tools to ensure high levels of accuracy. Every financial document and transaction goes through stringent scrutiny and is rechecked twice to ensure accurate tracking of transaction and accounting data.
Outsourcing your account reconciliation services helps you save significantly when compared to setting up and maintaining an in-house team. In addition to reducing administrative expenses, outsourcing helps you enhance protection against fraud, and gain a faster, more convenient way of tracking accounting and transaction data.
Outsourcing your account reconciliation services to O2I can help you gain high quality services at cost-efficient prices. We also offer a wide range of finance and accounting services, including bookkeeping services, financial statement preparation and inventory recording analysis.
Contact us to find out more.