Chesapeake System Solutions is the provider of T-Recs Enterprise and T-Recs Enterprise for Banking, an account reconciliation
workflow software that helps manage general ledger activities, ledger matching, journal entry as well as review and approval processes.
For example, organizations +should standardize account reconciliation
policies, processes, and templates across the entire company.
During the typical month-long account reconciliation
process, for instance, accountants and controllers can leverage the software to evaluate, approve, and complete the reconciliations.
is an underappreciated, yet crucial, process to help ensure an organisation's financial integrity.
Four years later, National Life looks at the account reconciliation
process as being both painless and reliable,
It is true that the more complex an organization--one with multiple and remote locations, foreign currencies and disparate source systems, for example--the greater the benefit of going beyond traditional accounting and finance systems and implementing account reconciliation
Congress established an Indian trust fund account reconciliation
requirement in 1987 in response to tribes' concerns that the Department of the Interior had not consistently provided them with statements on their account balances, their trust fund accounts had never been reconciled, and Interior planned to contract with a third party to manage the accounts.
A company bank account reconciliation
clerk who becomes aware that a cheque to MRQ has not been promptly processed would not be authorized to address problems with MRQ; more important, the clerk may not even recognize the significance of a late-processed payment by MRQ and may not communicate with the appropriate tax department personnel.
Solution Allows Paperless Balance Sheet Account Reconciliation
, Adds Visibility and Control to Compliance
But despite all the automated systems and routines that have been developed over the years, there's still one basic step that verifies all is well--the month-end account reconciliation
has released the latest module in its OneClose suite, Account Reconciliation
, which the company says eliminates material weaknesses and deficiencies created by reconciliation problems, trims associated labor costs by up to 40 percent and boosts the accuracy of financial results.
Balance sheet account reconciliation
is an underappreciated internal control over financial re porting.
The webinar is designed to inform customers, whether operating in an environment of only SAP[R] solutions or applications from multiple vendors, of the importance of the account reconciliation
process as a critical step on the road to achieving balance sheet integrity.
Frequent maintenance lets CPAs reduce the level of audit work targeted at account reconciliation
and spend more time on critical activities such as client control systems and risk analysis.
With respect specifically to fraud detection, efforts could include financial statement analytics, forensic analysis of unusual transactions, computer hacker or system stress testing through creation of mock transactions, thorough review of balance sheet account reconciliation
and enhanced whistleblower/compliance procedures.