Monday, July 14, 2008

Accounts reconciliation services

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Accounts reconciliation services

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.

There is only one company in India which predominantly works on Quick books (Quick books is an American accounting package which is used widely in USA by majority of SME segment or (small and medium scale Enterprise) to maintain their books of account) i.e. cosmic IT services Pvt. Ltd. which is in this US SME market from 2003 successfully handling 6000 plus SME clients through their network of CPA firms.

Cosmic has developed it's own work flow management system to handle the paper flow process and provided Accounts reconciliation service to it's end clients in USA.

http://www.cosmicitservices.com/

To know more about quick books one can visit http://quickbooksgroup.com/forums and

http://quickbooks.intuit.com/product/about-quickbooks/small-business-financial-software.jsp


Benefits of Outsourcing Accounts reconciliation services:-
• Cost-effective accounting services
• Best-of-breed infrastructure and technology
• Proficiency in a wide range of bookkeeping software
• Experienced, skilled and trained accounting workforce
• Quick turnaround time