Reconciling bank accounts and credit card reconciliation often are tiresome, lengthy and complex processes; and likewise, will make you bothered at some point. Without reconciliation of bank accounts, you have the possibility of overdrawing from your account or possibly underestimating your cash. Accurate reconciliation is essential to keep a track of your existing finances and obtain a distinct point of view of where your company stands monetarily. As a small or a medium scale entrepreneur, you may presently be multi-tasking, which may not give you plenty of time or assets to ensure correct reconciliation.
Outsourcing account reconciliation services is a smart choice because it is feasible to scale back on precious time, energy, costs and resources. We at Cogneesol provide professional bank account reconciliation and credit card reconciliation services to small, medium or large businesses, corporate firms as well as start-ups. Our professional solutions assist in preventing scams; steer clear of legal challenges and enables businesses to focus better on their primary business goals. By validating the accuracy of account transactions, our in-house team detects errors and makes necessary modifications and reconciles the total balance from that point forward.
Full and partial account reconciliation
Reconciling your bank records with the credit card statement
Reconciliation of vendor invoices with your general ledger
Reconciling bank statements with the records managed by your company
Cheque sequencing services
Review of checks deposited, issued, cleared, cancelled.
Creating bank account reconciliation reports
Credit card reconciliation services: Enhance cash flow, track unsettled payments & overdue payments
Reconciliation of credit card or bank accounts taking a toll on you? We at Cogneesol can help you manage your cash flow, keep an up-to-date tally of your finances, and identify, resolve & track discrepancies. Contact us today and get started with your Free Trial, without any obligations.Start your free trIAl
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Bank reconciliation refers to the process which helps in determining the reasons behind the disparity between the balance displayed in the company’s records and the balance shown in the statement offered by the bank. These differences could occur due to various reasons like delay in presentation of checks sent by the organization to the bank, not recording a bank transaction in the company accounts or any errors in recording information by the bank or the company.
This process involves going through the complete statements of the bank and the company to find out the reasons behind the difference. The required adjustments are done in the cash book. Accounting software like QuickBooks, NetSuite, Quicken, Xero, and Sage etc. can help in performing this task easily.
Credit card reconciliation refers to the process in which the information mentioned in the credit card statements is matched with the company’s internal monetary records. This step is carried out to determine the accuracy of the credit card statements and making the necessary adjustments.
This process involves going through the entire credit card statement which includes both payments through credit card made by the company to suppliers and credit card payments by customers to the company. The corrective measures are taken after determining the reasons behind differences with the company’s internal statements. The errors are generally fixed by making journal entries related to transactions. Accuracy is of great importance in this process to ensure the validity of the financial data of the company.