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Account Reconciliation

To establish and maintain high standards of accuracy, integrity and completeness in financial records and reporting.

Account Reconciliation Process is fundamental to ensuring the balance sheet is properly stated

Therefore, it is important to have a comprehensive understanding of the Account Reconciliation Process

Account Reconciliation plays a significant role in helping businesses maintain financial integrity and make informed decisions. Here are several ways in which account reconciliation can benefit your business:

  • Accuracy and Error Detection
  • Fraud Prevention
  • Financial Integrity
  • Compliance
  • Decision-Making Support
  • Cash Flow Management

What is the purpose of account reconciliation?

  • Ensure general ledger transactions are timely & accurately reported in the correct entity.
  • Ensure the general ledger balance sheet amounts are accurate & reflect proper amounts.
  • Identify, document, track and explain transactional differences between the General Ledger (G/L) and Sub-Ledger Balances and/or independent sources
  • Identify and guard against fraudulent activity and reduce losses.
  • The account reconciliation process can lead to root cause analysis on many operational defects, proactively highlight financial exposure, and better connect operations & finance.

How can MBG help you in Account reconciliation?

  • Ensures transactions are reported timely & accurately on the General Ledger
  • Provides a basis for meaningful analysis for Shareholders
  • Required by policy & consistent with accounting rules
  • Ensures ending balances are correctly explained
  • Avoids fraudulent activity and reduces losses
  • Ensures integrity & completeness in financial records and reporting

 

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