In the balance of life, accounting is the equilibrium that keeps everything in check.
Olivia Martinez

With accounts reconciliation, one can check whether the actual account balance matches the corresponding bank statement. It is a crucial process to ensure the financial health of any organization. Depending on the structure and size of the business and business goals, businesses often need various account reconciliation services. So, it is essential to conduct periodic accounts reconciliation to avoid more significant future chaos. But it is not as simple as it sounds. Accounts reconciliation is a time-consuming process. It is not possible to control and maintain your accounts regularly as you are occupied mainly by core business functions, but this leads to a variance in the actual account balance and bank statement. And so, outsourcing your account reconciliation process might be the answer to this problem.

Accounts Reconciliation Services We Offer

1. Bank & Credit Card Reconciliation

We are expert in bank and credit card reconciliation services provider and has helped numerous companies with their bank and credit card reconciliation needs. We understand that bank and credit card reconciliation is a time-consuming process that is prone to errors and can cost valuable money and time if not done correctly and, therefore, we pay the utmost attention to detail when we undertake these projects. Outsourcing credit card and bank reconciliation services to a professional credit card and bank reconciliation services provider is a wise decision, as you can save on time, effort, cost, and resources.

When you outsource bank / credit card reconciliation services to us, we conduct a detailed check to verify your internal financial records and transactions to detect discrepancies, if any, and to reconcile the same. Also, since the reconciliation process provides details of your outstanding checks and any deposits in transit, we can help you conduct the requisite credit control activities.

Here is a list of the credit and bank reconciliation services that we offer –
  • Reconciliation of your bank statements with your internal financial records
  • Reconciliation of any credit card statements sent out to customers with your internal records
  • Reconciliation of your General Ledger with vendor and buyer invoices
  • Credit control services that help you monitor your customers’ accounts for any late payments – facilitates follow-up activities to recover overdue payments and improves your cash flow
  • Partial reconciliation
  • Full reconciliation

2. Intercompany Reconcilation Services

When you outsource Inter Company reconciliation services to us, we conduct a detailed check to verify your internal financial records and transactions to detect discrepancies, if any, and to reconcile the same.

The account reconciliation process typically follows these steps:

  • Comparison of account balances between various independent systems
  • Verification of statements and reports for accuracy, investigating discrepancies were identified
  • Taking action to correct these discrepancies

3. Customer & Vendor Reconcilations

Customer & Vendor reconciliation is a crucial financial practice that ensures the accuracy of an organization’s balances owed by customers and owed to vendors. This process involves comparing the organization’s accounts receivable and payable documents with the invoices and statements provided by customers and vendors. Doing so confirms that the amounts recorded by both parties match.

We ensure you that by identifying disparities between invoices, vendor invoices and actual expenses, customer-vendor reconciliation safeguards your company from financial risks, ensuring that you receive and pay only what you owe and owed by customers and maintaining financial accuracy.

4. General Account Reconcilation

General account reconciliation, also known as GL reconciliation, is the process of comparing a company’s general ledger accounts to external documents to ensure accuracy and consistency of financial data.

Here are some reasons why general accounts reconciliation is important:
Financial integrity: It helps ensure that financial statements accurately reflect a company’s financial status and health.
Fraud prevention: It can help identify fraudulent activity such as duplicate checks, unauthorized credit card activity, or altered invoices.
Audit efficiency: It can simplify the audit process by ensuring that financial statements are ready for audit at any time.
Informed decision-making: It helps ensure that leadership has error-free and up-to-date information to make better decisions.

T Squad provides best general accounting reconciliation accounting services to grow financial accuracy, prevent errors, and ensure compliance and customized solutions.